HI HB1162

Removes the June 30, 2016 sunset date that limited University of Hawaii's authority to maintain a separate accounting and financial management system, making the authorization permanent.

Affirms the University of Hawaii's express authority to operate an accounting system compatible with both State of Hawaii accounting requirements and generally accepted accounting principles for universities.

Allows the University of Hawaii to continue using the Kuali Financial System without the requirement to integrate into the state's centralized accounting system.

Maintains University of Hawaii's ability to preaudit payments of $10,000 or more and sampling of smaller payments, while continuing to provide bi-monthly payroll feeds and financial reports to the state.

Updates multiple sections of Hawaii Revised Statutes (Sections 40-1, 40-2, 40-4, 40-6, 40-58, and 40-81) to eliminate the temporary authorization language and establish permanent separate accounting authority for the University of Hawaii.