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7.08    Compliance and Reporting

A.      Financial Reports

1.      The executive officer of each Regent institution shall, make a report to the Board, setting forth such observations and recommendations for appropriations for the ensuing budget period as in the executive officer's judgment are for the benefit of the institution.  (Iowa Code §262.24)

2.      The business officers for each institution shall report to the Board in such detail and form as it may prescribe:

a.      The funds available each fiscal year from all sources for the erection, equipment, improvement, and repair of buildings.

b.      Interest on endowment and other funds, tuition, state appropriations, laboratory and janitor fees, donations, rents, and income from all sources affecting the annual income of the support funds of said institution.

c.      How the funds so received were expended, giving under separate heads the cost of instruction, administration, maintenance and equipment of departments, and the general expense of the institution.

d.      The number of professors, instructors, fellows, and tutors, and the number of students enrolled during each year, stating separately the number of students attending short courses.

e.      The amount of unexpended balances of departments remaining in the hands of the treasurer and the amounts undrawn from the state treasury on June 30 of each year.

f.        The report for the Iowa State University of Science and Technology shall also show the receipts of the experiment station from all sources for each fiscal year, and how the same were expended.  (Iowa Code §262.25)

3.      The Board shall, at the time provided by law, report to the Governor and the Legislature such facts, observations, and conclusions respecting each of such institutions as in the judgment of the Board should be considered by the Legislature.  Such report shall contain an itemized account of the receipts and expenditures of the Board, and also the reports made to the Board by the executive officers of the several institutions or a summary thereof, and shall submit budgets for appropriations deemed necessary and proper to be made for the support of the several institutions and for the extraordinary and special expenditures for buildings, betterments, and other agreements. (Iowa Code § 262.26)

B.    Claims Activity Reports

      1. Each Regent institution shall prepare and submit periodically to the Executive Director a Claims Activity Report of pending and resolved litigation, tort and contract claims; administrative agency complaints; workers’ compensation claims, Faculty and Professional and Scientific staff grievances and disciplinary cases, including formal ethical complaints and investigations; and internal grievances/claims and investigations of merit employees (Policy Manual §1.05D).

      2. Each Regent institution shall also report promptly to the Executive Director on the receipt, initiation, change in status and settlement of all significant litigation; tort and contract claims; administrative agency complaints; internal discrimination claims; Faculty and Professional and Scientific staff grievances and disciplinary cases, including formal ethical complaints and investigations; and internal grievances and investigations of merit employees.

C.     Gifts and Grants

1.      The Board shall accept and administer trusts and may authorize nonprofit foundations acting solely for the support of institutions governed by the Board to accept and administer trusts deemed by the Board to be beneficial.  Notwithstanding the provisions of Iowa Code §633.63, the Board and such nonprofit foundations may act as trustee in such instances.  (Iowa Code § 262.9(8))

2.      The chief executive officer of each institution is authorized to accept and approve all gifts, grants, and service contracts except gifts of real estate.  Gifts, grants, and service contracts are to be accepted only if supportive of the mission of the institution. 

3.      Each institution, on or before the 15th day of each month, shall send the report of gifts and grants that was received during the preceding month to the Executive Director for transmittal to the director of the Department of Management and the director of the Legislative Fiscal Bureau.  The members of the Board of Regents shall receive an annual report detailing amounts, sources, and purposes of these gifts and grants.  The Board Office shall retain one copy of all reports for its files.  The institution will make this report in the form currently used to comply with Iowa Code §8.44.

4.      Each university, on or before the 15th day of the month following the end of the quarter, shall send, electronically to the Board Office, the detail of gifts and grants for the quarter for transmittal to the designated individual of the Legislative Fiscal Bureau.  The Board Office shall retain one copy of all reports for its files.

D.     Policy on Competition with Private Enterprise

1.      681 IAC 9.4 implements Iowa Code Chapter 23A, which restricts government entities from competing with private enterprise, unless specifically authorized by statute, rule, ordinance, or regulation.

2.      The Board has adopted a policy that Regent institutions shall not engage in competition with private enterprise unless the activity will assist in the education, research, extension, or service mission of the institutions.

3.      To fulfill their missions effectively, institutions under the control of the Board occasionally provide goods and services which enhance, promote, or support the instructional, research, public service, and other functions to meet the needs of students, faculty, staff, patients, visitors, and members of the public participating in institutional events.

4.      Each institution has established written policies regarding competition with private enterprise.  These policies ensure that: 

a.      Activities provided by the institutions are consistent with Board policy.

b.      Processes are identified to handle inquiries about activities carried out by the institution.

c.      There is a means for community businesses to interact with the institutions including discussion of complaints. 

5.      Annually, a report will be provided to the Board of institutional activities which may compete with private enterprises, including any formal complaints related to competition with private enterprise, during the past calendar year. 

E.     Traffic and Parking Regulations

1.      Iowa Code §262.68 authorizes the Board to establish speed limits for all vehicles on the institutional roads and streets.

2.      Iowa Code §262.69 authorizes the Board to make rules for the policing, control, and regulation of traffic and parking of vehicles and bicycles on the property of any institution under its control.

3.      All traffic and parking regulations shall be subject to Board approval prior to enforcement.  Changes in existing regulations, general or specific, shall be brought to the Board annually for approval.

4.      If any change in traffic and parking regulations include an increase in monetary sanctions, notification of students is to be consistent with §8.01 of this Policy Manual.

5.      General traffic and parking regulations for each university shall be filed in accordance with Iowa Code Chapter 17A, Iowa Administrative Procedure Act.  (Regulations are in 681 IAC 1-4.)

F.     Records Management and Examination of Public Records

1.      Records Management

a.      Iowa Code §305.15 requires the Board of Regents to adopt rules for their employees, agencies, and institutions for records management.  The Board's rules are in 681 IAC 10.

2.      Examination of Public Records (Iowa Code Chapter 22)

The following language excerpts and paraphrases key statutory provisions applying to the Board and Regent institutions:

a.      "public records" include all records, documents, tape or other information, stored or preserved in any medium.

“Public records” also include all records relating to the investment of public funds including but not limited to investment policies, instructions, trading orders, or contracts, whether in the custody of the public body responsible for the public funds or a fiduciary or other third party.

b.      Every person shall have the right to examine and copy public records and to publish or otherwise disseminate public records or the information contained therein as provided by law. 

c.      Such examination and copying shall be done under the supervision of the lawful custodian of the records or the custodian’s authorized deputy.  The rules adopted by the Board are in 681 IAC 17.

d.      Those public records which shall be kept confidential unless otherwise ordered by a court, by the lawful custodian of the records, or by another person duly authorized to release information are detailed in Iowa Code § 22.7.

G.      Administrative Procedure Act

1.      The Board of Regents operates in compliance with the Iowa Administrative Procedure Act, pursuant to Iowa Code Chapter 17A.

2.      Each Regent institution establishes institutional procedures to administer Iowa Code Chapter 17A, subject to Board approval as necessary.

3.      When a timely request for making an oral presentation in regard to a rule is presented to the Board as provided by Iowa Code §17A.4, the Executive Director will set a time and place for the presentation.  The time will be not less than 20 days after notice is published in the Iowa Administrative Bulletin.  The notice will state whom the Executive Director has designated to conduct the presentation, the subject matter, and the location.

a.      In addition to the rules adopted by the Board in 681 IAC 19, the person in charge of a public hearing may, in his/her discretion, announce and invoke any or all of the following rules for orderly conduct and the proper decorum:

1)      Request that those present sign an attendance roll giving their names and addresses and representative status, if any;

2)      Request that those requesting to make oral presentations, including those entitled to make oral presentations, sign a roster, giving their names and addresses and representative status, if any;

3)      Permit oral presentations from anyone present or by a spokesperson for those present, including those not otherwise entitled to make an oral presentation;

4)      Limit individual oral presentations to a fixed time;

5)      Fix the time for the entire public hearing;

6)      Establish and amend the agenda and the order of oral presentations;

7)      Cause unruly or disorderly persons to be ejected;

8)      Make and enforce other reasonable regulations for the good order and the proper decorum for the conduct of the public hearing. 

H.     Fire Protection Contracts

1.      The Board of Regents shall have power to enter into contracts with the governing body of any city, town, or other municipal corporation for the protection from fire of any property under the control of the Board, located in any such municipal corporation or in territory contiguous thereto, upon such terms as may be agreed upon.  (Iowa Code §262.33)

2.      New contracts or renewal of contracts shall be brought to the Board for approval.  Annual payments as specified in a multi-year contract previously approved by the Board shall be made by the institution involved without further Board approval. 

I.     Conflict of Interest - Sales from Employees, Officers, and Board Members (Iowa Code Chapter 68B)

      Employees, officers, and members of the Board of Regents shall comply with Iowa Code Chapter 68B, "Conflicts of Interest of Public Officers and Employees" and Chapter 4 of the Regents Policy Manual.

J.    Investment Activity

1.      The Board shall collect the highest rate of interest, consistent with safety, obtainable on daily balances in the hands of the treasurer of each institution.  (Iowa Code 262.9[11])

2.      Demand deposit accounts and other similar accounts can only be established at banks approved pursuant to Iowa Code Chapter 12C and previously approved by the Board.  Proposed changes in the Investment relationships shall be reviewed by the Audit/Compliance and Investment Committee and approved by the Board. (Iowa Code §12C.2) 

3.      A deposit of public funds in a depository pursuant to this chapter shall be secured as follows (Iowa Code §12C.1.3):

a.      If a depository is a credit union, then public deposits in the credit union shall be secured pursuant to Iowa Code §§ 12C.16 through 12C.19 and 12C.23 and 12C.24.

b.      If a depository is a bank, public deposits in the bank shall be secured pursuant to Iowa Code §§ 12C.23A and 12C.24.

K.    Post-Issuance Compliance Policies for Tax-Exempt Obligations

1.      General Policy

a.      The Board's objective is to ensue that tax-exempt obligations retain tax-exempt status pursuant to post-issuance requirements which include the following:

      • Tracking proceeds of a debt issuance to ensure dollars are spent on qualified tax-exempt purposes.
      • Maintaining detailed records of all expenditures and investments related to tax-exempt funds.
      • Monitoring that the financed project is used in a manner consistent with applicable legal requirements.
      • Providing required disclosure information on an annual basis.

b.      Each university shall adopt specific internal policies and procedures (copies of which shall be filed with the Board Office) with respect to matters involving: tax exempt debt issuance; proper use of tax exempt proceeds and bond financed assets; arbitrage and rebate compliance; record retention; advance refundings; and continuing disclosure obligations.

2.      Compliance Coordinator

a.      The vice president for finance at each university shall identify the coordinator of post-issuance compliance for tax-exempt obligations (the "Coordinator") who shall be accountable for post-issuance compliance at his/her particular university.

b.     The Coordinator will ensure such records are maintained as necessary to meet the requirements of this policy.

c.     The Coordinator will consult with the Regents bond counsel, rebate consultant, financial advisor, IRS publications and other resources as necessary to understand and meet the requirements of this policy.

d.   With the assistance of bond counsel, the Coordinator will monitor that training and information is obtained to adequately update all pertinent university staff regarding new developments and/or requirements for tax-exempt obligations.