CT SB00240

Amends Section 10a-38 of Connecticut General Statutes to allow up to $20,000 of the annual Connecticut Independent College Student Grant Program appropriation to fund compliance audits of participating institutions.

Grants the Office of Financial and Academic Affairs for Higher Education authority to conduct compliance audits of independent colleges and universities participating in the grant program.

Requires participating independent institutions to submit annual audit results from an independent certified public accountant beginning with fiscal year ending June 30, 1989, and biennially thereafter.

Makes independent colleges and universities found not in substantial compliance with program provisions ineligible to receive funds for the following fiscal year and thereafter until compliance is determined.

Takes effect July 1, 2012.