Statutes > Virginia Statutes > Title 23 - EDUCATIONAL INSTITUTIONS. > Chapter 4.10 - Restructured Higher Education Financial and Administrative Operations Act (23-38.88 thru 23-38.121) > 23-38.106 - Records of financial transactions.

23-38.106 - Records of financial transactions.

§ 23-38.106. Records of financial transactions.

The governing body of a covered institution shall adopt a system ofindependent financial management that includes bookkeeping and accountingprocedures that have been prescribed for governmental organizations by theGovernment Accounting Standards Board.

(2005, cc. 933, 945.)