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TO AMEND ARTICLE 1, CHAPTER 101, TITLE 59 OF THE 1976 CODE OF LAWS, RELATING TO COLLEGES AND INSTITUTIONS OF HIGHER LEARNING GENERALLY, BY ADDING SECTION 59-101-182, TO REQUIRE COLLEGE AND UNIVERSITY BOARDS OF TRUSTEES TO HAVE A GOVERNANCE COMMITTEE AND AN AUDIT COMMITTEE, AND TO PROVIDE COMMITTEE MEMBERSHIP REQUIREMENTS AND DUTIES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 1, Chapter 101, Title 59 of the 1976 Code is amended by adding:
"Section 59-101-182. (A) The board of trustees for any state-supported college or university must have a governance committee and an audit committee. Each member of the board must serve on either committee at any given time and must rotate annually for the duration of his term of service on the board of trustees. Each member of the board must rotate between the governance and audit committees, at any given time, during the pendency of his term of appointment, notwithstanding the prohibition of serving upon the governance committee within one year prior to the legislative screening of that respective member.
(B) The governance committee is responsible for providing recommendations to the General Assembly regarding the needs of the board's composition to encourage diversified and qualified membership. When a member is eligible for reappointment, this committee is responsible for providing information about a member's attendance, demeanor, involvement, and professionalism to any joint legislative committee created pursuant to Section 2-20-10.
(C) The audit committee must annually provide the board of trustees and the General Assembly with the college or university's financial statements. This information must include reports from each budgetary unit within the institution, which provide detailed budgets, actual sources and uses of funding to-date, and a comparison of that information to the prior year."
SECTION 2. This act takes effect upon approval by the Governor.
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