RESOLUTION

CONCERNING

THE CONNECTICUT STATE UNIVERSITY SYSTEM POLICY

REGARING BEST PRACTICES BASED ON THE

SARBRANES-OXLEY ACT OF 2002

July 22, 2005

WHEREAS,   The Sarbanes-Oxley Act of 2002 (SOX) is legislation passed to protect shareholders and the general public from accounting errors and fraudulent business practices, and

WHEREAS,   SOX does not apply to non-profit institutions and governmental institutions, including public and private higher education, and

WHEREAS,   Many higher education institutions, both public and private, are pursuing the installation of "best practices" which adopt in a modified fashion certain provisions of SOX, and

WHEREAS,   The National Association of College and University Business Officers (NACUBO) has put forth recommendations for institutions of higher education concerning best practices based on SOX, and

WHEREAS,   CSU supports the implementation of best practices to ensure the highest degree of integrity in its financial reporting and ethical standards, therefore be it

RESOLVED,   That the Board of Trustees for the Connecticut State University System formally adopt the attached policy regarding best practices based on the Sarbanes-Oxley Act of 2002.

A Certified True Copy:

Karl J. Krapek
Vice-Chairman