(a) Annually, in accordance with a time line, format, and process established by State Board rule, each CTE center shall report its costs and student enrollment, achievement, and performance measures to the Secretary. CTE center financial accounts shall be kept separately from those of the host high school in accordance with rules adopted by the State Board, which shall clearly delineate relevant costs and revenues.

(b) If a CTE center fails to file financial or student information required under this section within the timelines established by rule of the State Board, the Secretary may withhold funds due under this chapter and shall subtract $100.00 per business day from funds due the center under this chapter. The Secretary may waive the $100.00 penalty upon appeal by the center for good cause. (Added 1997, No. 138 (Adj. Sess.), § 14; amended 1999, No. 10, § 4; 2001, No. 63, § 164c, eff. July 1, 2002; 2013, No. 92 (Adj. Sess.), § 151, eff. Feb. 14, 2014.)