Official State of Rhode Island website

State of Rhode Island Tobacco Settlement Financing Corporation

Quasi-Public Corporations Act

The Tobacco Financing and Settlement Corporation complies with the Quasi-Public Corporations Accountability and Transparency Act (R.I. Gen. Laws § 42-155-6) as follows:

 

  1. Job descriptions of the executive director and management.

    2. This item is not applicable. There are no staff employed by the corporation. 

     

  2. Compensation comparability studies of the executive.

    3. This item is not applicable. There are no executives employed by the corporation.

     

  3. Quarterly financial statements.

    4. The corporation issues annual financial statements, which are independently audited each year by a third-party accounting firm and distributed to the Governor, State Controller, Office of the Auditor General, Speaker of the House of Representatives, Senate President, the Secretary of State, and the Corporation’s board members. 

     

  4. Capital improvement plans.

    5. This item is not applicable. The corporation has no capital assets.

     

  5. Operating budgets.

    6. The Corporation’s actual expenditures for the operating year July 1, 2023 – June 30, 2024, totaled $116,030 and include the following categories: financial and advisory services, accounting services, auditing services, trustee services, debt management services, and administrative staff support.

    Category Amount
    Financial Services and Advisory  $23,410
    Accounting Services  $23,511 
    Auditing Services  $14,000 
    Trustee  $15,000 
    Debt Management  $37,000
    Administrative Staff Support  $3,109
    Total  $116,030 

     

  6. Strategic plan.

    7. Goals, mission, and operational plan are defined in R.I. Gen. Laws § 42-133, Tobacco Settlement Financing Corporation Act. Click here to review enabling statute: R.I. Gen. Laws Section 42-133

     

  7. Agendas and minutes of the open meetings of the board.

    8. Annual board meeting agendas and minutes can be found on the Secretary of State Open Government website. Click here to access the Secretary of State Open Government website: Open Government Center - Rhode Island

     

  8. Quarterly contracting reports required by § 42-90-1.

    9. The corporation complies annually as mandated in the statute. Click here to review:

    State of Rhode Island Transparency Portal - Consultant Reporting

     

  9. Regulations adopted by the quasi-public corporation.

    10. This item is not applicable.

     

  10. Enabling legislation.

    11. Please reference R.I. Gen. Laws § 42-133, Tobacco Settlement Financing Corporation Act. Click here to review enabling statute: R.I. Gen. Laws Section 42-133

     

  11. Mission statement.

    12. The Tobacco Settlement Financing Corporation was authorized, created, and established under the Tobacco Settlement Financing Corporation Act, pursuant to R.I. Gen. Laws § 42-133-2 to acquire, manage and dispose of the state’s tobacco settlement receipts.

     

  12. Board members.

    13. A list of the Corporation’s board members can be found on the Secretary of State Open Government website. Click here to access the Secretary of State Open Government Center: Open Government Center - Rhode Island

     

  13. Organizational chart.

    14. This item is not applicable. There are no staff employed by the corporation. 

     

  14. By laws of the quasi-public corporation.

    15. The corporation adheres to the enabling statute, R.I. Gen. Laws § 42-133, Tobacco Financing Settlement Corporation Act and complies with the State of Rhode Island’s Open Meetings Laws, R.I. Gen. Laws § 42-46. 

     

  15. All reports and audits required by this chapter. 

The corporation posts all annual reports and audits on the Tobacco Settlement Financing Corporation website. Click here to review annual reports and audits: Accountability & Transparency | Tobacco Settlement Finance Corporation (ri.gov)