Report to the 2002 Legislature on Transfers to the
University of Hawai‘i Commercial Enterprises Revolving
Fund,
Act 193, SLH 2001
November 2001
Act
193, SLH 2001 amended Section 304-8.41, Hawai‘i Revised Statutes, by: (a) authorizing the University, for the
period July 1, 2001 to June 30, 2004, to transfer all funds at its disposal
with the exception of general funds, into the UH Commercial Enterprises
Revolving Fund to finance the establishment of new enterprises; and (b)
requiring that the University report annually to the Legislature on all funds
transferred into, and all expenditures from, the revolving fund.
Pursuant
to the unfunded appropriation authorized by Act 204, SLH 2001, the University
of Hawai‘i transferred $586,666 from the UH Tuition and Fees Special Fund into
the UH Commercial Enterprises Revolving Fund for the purpose of paying specific
claims against the University. As of
October 31, 2001, $202,028 of the transferred sum was expended on judgments
against the UH and settlements of claims.
Any other expenditures pursuant to Section 304-8.41 are reported separately under a Summary of University of Hawai‘i Special, Revolving and Trust Funds for the Fiscal Year Ended June 30, 2001, as prescribed by a duplicate reporting requirement under HRS Sections 304-7 and 304-8.