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Accounting and Controlling of Funds

Section: IV. ADSV-400
Approved By: Dr. Pamela J. Transue, 4/19/12
Last Review: 4/17/12
Last Revision: 4/17/12
Prior Revisions: 6/27/11
Initial Adoption: unknown

Policy

It shall be the policy of the College to require that accounts be established for any financial activity conducted on behalf of the College and any inconsistencies in the conduct of the College Business be immediately reported to the Board.

Purpose

The purpose of this policy is to ensure that the financial accounting system provides that all funds which are received and disbursed by the College are received and disbursed in accordance with Board Policies, State Laws, Policies and Regulations of the Office of Financial Management, State Board for Community and Technical Colleges, and the State Budget and Accounting Act.

To Whom Does This Policy Apply

This policy applies to all employees at the College.

References

SBCTC Fiscal Affairs Manual http://apps.sbctc.edu/FAM/Default.aspx?PolicyNumber=10.10.10.b&SearchString=&SearchType=#10.10.10.b

State Administrative and Accounting Manual (SAAM) http://www.ofm.wa.gov/policy/default.asp

Definitions

None

Procedure

The community and technical colleges in the State of Washington employ a set of common administrative systems to manage their fiscal affairs. They are the FMS Management System (FMS), Payroll, Personnel Management System (PPMS) and the Fixed Asset (FAE) system. These systems were developed and are maintained specifically for this purpose and are interfaced to the human resource, student and financial aid systems. The core financial systems were developed to comply with the accounting and reporting requirements established by the Office of Financial Management (OFM).

To allow the data from the colleges to be easily rolled up into a single entity, the system has determined that much of the chart of accounts coding is established at the system level. There are however, significant options for colleges to utilize optional coding fields to further define and classify its revenues and expenditures.

Budget Managers that require a new account number will complete an Accounting Create Form. The Director of Financial Services will review the request and assign the appropriate account number in accordance with SBCTC and OFM guidelines.

The Director of Financial Services will review the Chart of Accounts on a biennial basis and ensure that accounts are current, compliant or deleted.

At the end of each year the College’s accounts shall be closed, a report of the College’s accounts shall be closed, and a report of the College’s financial status will be published.