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:
- Job descriptions of the executive director and management.
- Compensation comparability studies of the executive.
- Quarterly financial statements.
- Capital improvement plans.
- Operating budgets.
- Strategic plan.
- Agendas and minutes of the open meetings of the board.
- Quarterly contracting reports required by § 42-90-1.
- Regulations adopted by the quasi-public corporation.
- Enabling legislation.
- Mission statement.
- Board members.
- Organizational chart.
- By laws of the quasi-public corporation.
- All reports and audits required by this chapter.
This item is not applicable. There are no staff employed by the corporation.
This item is not applicable. There are no executives employed by the corporation.
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.
This item is not applicable. The corporation has no capital assets.
The Corporation’s actual expenditures for operating year July 1, 2021 – June 30, 2022 totaled $104,515 and includes the following categories: financial services and advisory, accounting services, trustee services, debt management services, and administrative staff support.
Category |
Amount |
Financial Services and Advisory |
$ 23,400 |
Accounting Services |
$ 26,839 |
Trustee |
$ 15,000 |
Debt Management |
$ 36,250 |
Administrative Staff Support |
$ 3,026 |
Total |
$ 104,515 |
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
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
The corporation complies annually as mandated in the statute. Click here to review:
R.I. Gen. Laws Section 42-90-1
This item is not applicable.
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
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.
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
This item is not applicable. There are no staff employed by the corporation.
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.
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)