Report to the 2003 Legislature on Transfers to the

University of Hawai‘i Commercial Enterprises Revolving Fund,

Act 193, SLH 2001

November 2002

            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. 

            As stated in prior year’s report to the Legislature, pursuant to the unfunded appropriation authorized by Act 204, SLH 2001, the University of Hawai‘i transferred $586,666 in September 2001 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 December 31, 2001, the total transferred sum of $586,666 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, 2002, as prescribed by a duplicate reporting requirement under HRS Sections 304-7 and 304-8.