This rule is established by authority conferred upon the Ohio board of regents in Section 3345.51(C) of the Ohio Revised Code upon consultation with representatives of institutions of higher education. This rule shall only apply to capital projects which are locally administered pursuant to R.C. 123.17 and R.C. 3345.51.
(1) "Institution" means a state university, a state community college, and the northeastern Ohio universities college of medicine.
(2) "Capital project" means a project exceeding four million dollars in state capital appropriations dollars which consists of construction, reconstruction, improvement, renovation, enlargement, or alteration, or other structural, mechanical, electrical or telecommunications improvements, or the installation of heating, cooling, or ventilating plant or other equipment or material supplied therefore.
(C) Audit Requirements
(1) Each institution shall engage an Auditor to perform a biennial audit pursuant to R.C. 3345.51(C) to determine whether the institution has used its certification issued under Section 123.17 of the Revised Code appropriately.
(2) A minimum of ten percent of all capital projects administered by the institution in a given biennium which are locally administered pursuant to R.C. 123.17 and R.C. 3345.51 shall be audited. The auditor shall determine which projects to audit, but the projects should vary in size and complexity.
(3) The institution shall provide to the auditor all project records for projects which are audited.
(4) The audit shall evaluate whether the institution complied with all project requirements set forth in Chapters 9, 123 and 153 of the Revised Code in administering its capital improvement projects.
(5) Upon completion of the audit, the final report shall be supplied to the chancellor of the board of regents or designee and to the state architect or designee within thirty (30) days of the time the final report is received by the institution. Along with submission of the audit report, the institution may submit a letter explaining or refuting findings contained in the audit report.