HI SB2971

Extends the University of Hawaii's exemption from state accounting and financial management system requirements until June 30, 2017 (previously set to expire June 30, 2016).

Permits University of Hawaii to maintain a separate accounting system compatible with both state requirements and generally accepted accounting principles for universities, including use of the Kuali financial system.

Allows University of Hawaii to conduct its own preaudit of payments $10,000 or more and sample audits of smaller payments, rather than undergoing state comptroller preaudit.

Repeals the requirement for the University of Hawaii Office of the Vice President for Community Colleges to submit annual reports to the legislature on construction academy program status and achievement.

Takes effect July 1, 2525, with Part I (accounting system extensions) effective June 29, 2016.