D-300.1 Fiscal Management

The College is committed to principles of sound fiscal management and will provide responsible stewardship of available resources. The College adheres to commonly accepted auditing standards as criteria for its fiscal management procedures. The President/District Director delegates the authority to the Vice President of Finance and College Operations/CFO to oversee the College’s fiscal management and manage the College purchasing processes.

The Vice President of Administrative Services shall:

• Provide for responsible stewardship of available resources.

• Provide for safeguarding and managing college assets to ensure ongoing effective operations; maintenance of adequate cash reserves; implementation and maintenance of effective internal controls; determination of sources of revenues before making short-term and long-term commitments; establishment of a plan for the repair and replacement of equipment and facilities.

• Provide an organizational structure that incorporates a clear delineation of fiscal responsibilities and Employee accountability.

• Provide that the appropriate administrator keeps the District Board current on the fiscal condition of the College as an integral part of policy and decision-making.

• Provide for the development and communication of fiscal policies, objectives, and constraints to the District Board, Employees, and Students.

• Provide an adequate management information system that gives timely, accurate, and reliable fiscal information for planning, decision-making, and budgetary control.

• Provide appropriate fiscal policies and procedures and adequate controls to ensure that established fiscal objectives are met.

• Provide a process to evaluate significant changes in the fiscal environment and make necessary, timely, financial, and educational adjustments.

• Provide short-term and long-term goals and objectives, as well as broad-based input coordinated with college educational planning.

• Follow procedures for determining grant allowability of costs under the most current version of the Education Department General Administrative Regulations (EDGAR) Subpart E Cost Principles.

• Implement the requirements of Title 2 Code of Federal Regulations Part 200.305 governing payments.