N.J. Admin. Code § 11:21-2.10 - Financial administration

Current through Register Vol. 54, No. 7, April 4, 2022

(a) The Board shall maintain the books and records of the Program so that financial statements can be prepared to satisfy the Act. Further, these books shall satisfy any additional requirements of the Board and outside auditors.
1. The receipt and disbursement of cash by the Program shall be recorded as it occurs.
2. Non-cash transactions shall be recorded when assets or liabilities should be realized by the Program in accordance with generally accepted accounting principles.
3. Assets and liabilities of the Program, other than cash, shall be accounted for and described in itemized records.
4. The net balance due to or from the Program shall be calculated for each carrier and confirmed as deemed appropriate by the Board or when requested by the respective carrier. These balances should be supported by a record of each individual carrier's financial transactions with the Program. These records include:
i. Any adjustments to assessments as explained in this Plan;
ii. Adjustments to the amount due to/from the Program based upon corrections to carrier submissions;
iii. Interest charges due from a carrier for late payment of amounts due to the Program; and
iv. Other records required by the Board.
5. The Board shall maintain a general ledger which balances are used to produce the Program's financial statements in accordance with generally accepted accounting principles. The balances in the general ledger shall agree with the corresponding balances in subsidiary ledgers or journals.
6. The Board's fiscal year shall begin on July 1 and end on June 30.
7. Assessments shall be paid when billed. If the assessment is not received by the Board within 45 days of the invoice date, the carrier shall pay interest on the assessment from the invoice date at the rate of 1.5 percent per month except if the carrier is granted a deferral.
(b) All funds of the Program shall be deposited in, and all disbursements made from, the General Treasury in accordance with procedures established and approved by the Department of Treasury, Office of Management and Budget, and all financial records shall be kept in a form acceptable to the Office of Management and Budget.
1. Funds of the Program shall be deposited into a dedicated account within the General Fund.
2. Moneys shall be credited from the General Fund, with the approval of Director of the Division of Budget and Accounting to the Program's bank accounts upon request by the Board through the Department.
3. The Executive Director shall make such requests for funds as directed by the Board and shall deposit all moneys received from the Treasury in a Board bank account.
(c) A bank checking account and interest-bearing investment accounts shall be established separately in the name of the Program and shall be approved by the Board.
1. The Board shall authorize individuals to sign checks on behalf of the Board.
2. All cash and other assets shall be invested in accordance with the investment policy developed and approved by the Board as permitted by applicable law. All investment income earned shall be credited to the Program and shall be applied to reduce future assessments of members for the Program administrative expenses.

Notes

N.J. Admin. Code § 11:21-2.10
Amended by 48 N.J.R. 2360(a), effective 11/7/2016

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