- Alaska Statutes.
- Title 37. Public Finance
- Chapter 10. Public Funds
- Section 88. Department of Administration Authorized to Make Advances to the University.
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AS 37.10.088. Department of Administration Authorized to Make Advances to the University.
- (a) During any fiscal year the Department of Administration may make advances to the University of Alaska against verified
receivables from appropriations for grants and contracts from federal or private sources of the university and upon
condition that the university reimburse the fund for these advances from funds received by the university from federal
or private sources. The advances may not exceed 80 percent of the verified receivables from grants and contracts
appropriated from federal or private sources.
- (b) The total of advances in a fiscal year may not exceed 10 percent of the total of grants and contracts from federal and
private sources appropriated to the university for that fiscal year. The amounts advanced in a fiscal year shall be
repaid in full to the department within 120 days following the close of that fiscal year. If the repayment is not made
on a timely basis, the department may withhold amounts due from state fund appropriations for the university.
- (c) The commissioner of administration shall submit a quarterly report of all advances and reimbursements under this
section to the Legislative Budget and Audit Committee.
- (d) The department shall establish the procedure for making advances to the university and for securing reimbursement from
Article 04. RECOVERY OF MONEY OR PROPERTY ILLEGALLY PAID OR DIVERTED
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