HI HB540

Extends the University of Hawaii's authority to maintain a separate accounting and financial management system compatible with state systems until June 30, 2018 (previously June 30, 2016).

Adds new section 304A requiring the University of Hawaii to expend appropriations for their specific legislative purposes and submit a report to the legislature if funds are not used as directed.

Mandates the University of Hawaii return any unspent appropriated funds plus related recurring appropriations to the general fund during the following fiscal year if they were not expended for their intended purpose.

Updates multiple sections of Hawaii Revised Statutes (sections 40-1, 40-2, 40-4, 40-6, 40-58, and 40-81) to extend the June 30, 2018 sunset date for University of Hawaii accounting system exemptions.

Updates prior legislative acts (Act 58 of 2004, Act 124 of 2010, and Act 161 of 2010) to reflect the extended sunset date for University of Hawaii accounting provisions.