Sec. 602.14. Internal business practices

(a) Subject to appropriate Federal, State and local laws and regulations, policies and practices relating to the following activities are matters for local college trustees' determination. This list includes but is not limited to:

(1) internal business and financial policies and practices;

(2) faculty-student association policies and activities;

(3) student activity programs and fees;

(4) equipment and supplies inventory and utilization control;

(5) administration of Federal and State grants and student financial aid programs;

(6) the admission of out-of-state and foreign students;

(7) participation in interstate and international consortia;

(8) purchasing;

(9) disbursement;

(10) attendance;

(11) payroll;

(12) cash control;

(13) investment procedures; and

(14) employees' salaries and benefits.

(b) For purposes of guidance, the State University trustees shall provide the colleges with appropriate guidelines made available by the State Comptroller relating to such activities as cash control, equipment inventory control and utilization, and time-attendance and payroll.