2.14 Fiscal and Management Practices
Created 1 July 2018
The College implements and adheres to sound fiscal and management practices in accordance
with State Board of Community 1A SBCCC 200.4 rules governing such practices. These
include:
- Prudent and consistent expenditures within the state budget.
- Effective execution of the institutional budget to ensure that the percentage of State current operating funds remaining unexpended does not exceed 5% or five times the system-wide percentage, whichever is higher.
- Maintenance of institutional funds to ensure that accounts do not have negative balance at the end of the fiscal year unless such an instance occurs for a planned reason, such as an anticipated reimbursement.
- Effective expenditure tracking that is consistent with the NCCCS Chart of Accounts (see NCCCS Accounting Procedures Manual).
- Planned submission of financial reports to the local board of trustees as determined in session.
- An effective system of internal controls as prescribed in the general statute of NC (G.S. 143D-7).
- Reconciled bank accounts with planned methods for reconciliation within 30 days from the end of the prior month.
- Completed, accurate financial statements submitted to the NC Office of the State Controller per stated deadlines.
- Audits conducted in accordance with G.S. 115D-20(9) and G.S. 115D-58.16.
- Institutional addressing of any findings identified in audits, compliance reviews, SACSCOC reviews, or other monitoring reviews.
- Timely completion of qualified replacements to fill leadership and other supervisory positions.
- Staff monitoring of turnover by providing an employee vacancies report for information to the local board of trustees at least biannually.