|
|
 |
 |
 |
 |
 |
 |
 |
|
|||||||||||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||
300.01 The College Fiscal Year The fiscal year of the College is from July 1 through June 30. Reviewed:
April 8, 1999 300.02 Establishment of Monies The following categories of monies shall be established: College monies (consisting of the Operating Fund, Working Cash Fund, Bond and Interest Fund, and Auxiliary Enterprise Fund), restricted purpose monies, and student agency monies Reviewed:
April 8, 1999 300.04 Deferred Tuition Payment Plan The Board recognizes the need to provide financial assistance to students enrolled at the College. The College will provide a Deferred Tuition Payment Plan to defer part of the student’s tuition and fees to academically and financially qualified students. Adopted:
July 10, 1986 The Office of the President shall prepare or cause to be prepared the annual budget in accordance with goals and instructions of the Board. The President shall submit a tentative budget to the Board for review, evaluation, and recommendations annually prior to the first day of June. The document will include current year revenues and expenses, if available, and projected revenues and expenses for the budgeted year. Upon approval of the tentative budget by the Board at a duly called or special meeting, the Secretary of the Board shall cause a notice of the availability of the tentative budget for public inspection, and a public hearing by publication in a newspaper of general circulation in the College district at least thirty (30) days prior to the time of such hearing. During this period, the budget shall be conveniently available for public inspection, in accordance with Illinois Compiled Statutes, Chapter 110, Section 805/3-20.1. The public shall also be given an opportunity to comment on the tentative budget at the public hearing. Revised:
April 8, 1999 From time to time, transfers of appropriate amounts of monies from one budget account to another may be made, subject to the recommendations of the Vice President of Administration and approval of the College President. When the total amount of such funds in the aggregate exceeds 5% of the annual operating budget, the transfers shall receive prior approval of the Board. The approved budget may not be exceeded in the aggregate by more than 10% without following procedures set forth in Section 805/3-20.1 of the Illinois Public Community College Act. Reviewed:
April 8, 1999 301.04 Annual Financial Statement The President will cause the staff of the Business and Accounting Office to prepare the annual financial statement. It will be presented to the Board of Trustees at a regular or special Board meeting. The annual financial statement will be published in one newspaper generally circulated in the district in accordance with state law. The annual financial statement must be published prior to November 15 annually. Adopted:
April 8, 1999 The President shall recommend for the Board’s approval an independent certified public accountant experienced in municipal accounting to audit the accounts and student records of the College district annually. The Controller shall be responsible for filing copies of the audit with proper authorities as prescribed by law. Additionally, the auditor shall: 1. make such examination quarterly and a final statement at the close of the fiscal year, of the balance sheets of the district and the related statements of transactions in the various funds, including records relative to all activity and other accounts; 2. conduct such examination in accordance with generally accepted auditing standards, and include such tests of the accounting records, and utilize such other auditing procedures as are necessary; 3. render an opinion on the financial statements prepared as of the close of the fiscal year; 4. make such recommendations to the Board concerning its accounting records, procedures, and related activities as may appear necessary or desirable; and 5. perform other related services as may be requested by the Board. Adopted:
April 8, 1999 302.02 Fixed Asset and Capitalization Policy The Fixed Asset and Capitalization Policy satisfies the mandates of the Governmental Accounting Standards Board (GASB) Statement No. 34 to ensure compliance with Generally Accepted Accounting Principles (GAAP). This policy is designed to provide a guideline for the financial management of South Suburban College’s capital assets.
Adopted:
September 11, 2003 Bid Procedure: The Board will award all contracts for the purchase of supplies, materials or work to the lowest responsible bidder considering conformity with specifications, terms of delivery, quality and serviceability after due advertisement, in accordance with the requirements set forth in the Illinois Compiled Statutes, Chapter 110, Section 805/3-27.1. Competitive bidding shall not be required for those contracts specifically exempted from competitive bidding by the Statute. Each bidder must receive at least three (3) days notice of the time and place of such bid opening. For the purposes of this section, due advertisement includes, but is not limited to, at least one public notice, at least ten (10) days before the bid date in a newspaper published in the district, or if no newspaper is published in the district, in a newspaper of general circulation in the area of the district. (Source: P.A. 82-295, Eff. Sept. 6, 1990) The President and the Vice President of Administration are authorized by the Board to sign contracts subject to prior approval of the Board. All contracts should be initialed by the appropriate Vice President before being forwarded to the Vice President of Administration for signature. This policy shall apply, except in cases specified by State law which require the signature of the Chair or Secretary of the Board, or designee, or the President of the College. Contracts for performances require the submission of an approved contract and completed purchase order prior to the date of the performance. The Board will assume no obligation for payment for goods or services except upon duly authorized purchase orders. Revised:
The President and the Vice President of Administration, or their designee, are the agents of the College authorized to order supplies, materials, and/or equipment and to obligate the College for all auxiliary services. These functions will be performed according to Board policy, purchasing procedures, and Illinois Compiled Statutes, Chapter 110, 805/3-27.1 which sets forth the requirements for the use of competitive bidding by community colleges. Revised:
April 8, 1999 When a bona fide, unanticipated emergency situation occurs which could not have been reasonably anticipated and threatens:
Adopted:
Revised:
303.03 Paying for Goods and Services The Board will authorize payment of all goods and services when:
Adopted:
April 8, 1999 304.01 Disposition of Equipment Equipment certified by an administrator to be obsolete or worn out may be sold by the College upon authorization of the Board. Equipment sold by the College must be disposed of by auctioning to the highest bidder, if feasible. The results of all such transactions will be reported to the Board. Adopted:
April 8, 1999 305.02 Record Keeping and Business Records All business records will be kept secure by the administration. The records storage areas and all files containing business records will be locked at all times when not in use. Records will be kept according to state law. Additionally, the Vice President of Administration will receive and maintain a copy of all contracts entered into by any department within the College. Adopted:
April 8, 1999 A vendor is defined as a company or individual (other than College employees) who provides goods or service for the College. Any and all vendors (except those qualified by the State of Illinois Purchasing Contract) shall comply with this policy. Companies or individuals desiring to sell goods and/or services to the College shall, from time-to-time, be required to furnish information and complete forms relative to state and federal law. This information shall be kept on file in the Business and Accounting Office. Information to be furnished shall include, but not be limited to:
A vendor list will be prepared and reviewed annually. Adopted:
April 8, 1999 306.02 Communications on Behalf of Vendors Personnel of the College shall not communicate with vendors of the College on College stationery for the purpose of providing the vendor with a testimonial to be distributed to other persons. No testimonial or other such representation shall be made with respect to equipment, supplies, or services received by the College without first having been approved by the President or appropriate Vice President. Adopted:
April 8, 1999 307.01 Overnight Retention of Monies Monies collected or received shall not be held overnight in any department of the College except for the Bookstore, Business & Accounting Department, and the Treasurer’s Office, unless prior authorization is requested and received in writing from the Vice President of Administration. The Bookstore, Business & Accounting Department and the Treasurer’s Office will be equipped with appropriate security measures. The Vice President of Administration, or his designee, is responsible for the security of all monies held overnight in the College. Adopted:
April 8, 1999 308.01 Definition of Monies and Funds 1. College monies shall consist of:
2. Restricted Purpose Monies shall consist of those funds that are restricted to use that consist, generally, of State and Federal findings for specific purposes and scholarships and memorials. 3. Student Agency Monies shall consist of those funds collected for the general student body and are subject to the control of the Student Government within the guidelines set by the Board. Adopted:
Reviewed:
308.02 Financial Obligations to the College The Office of Business and Accounting Services is charged with the responsibility of collecting all financial obligations owed to the College. A student who has an outstanding bill cannot register, be considered for graduation, or receive requested transcripts or grades until the past due obligation(s) are paid in full. Adopted:
Revised:
Reviewed:
309.01 Banks and Financial Institutions All banks and financial institutions must be approved by the Board of Trustees before doing business with the College. Adopted:
April 8, 1999 310.0 Ethics in Contracting and Purchasing No employee, officer or agent of the College shall participate in the selection, award or administration of any contract, work or business in which he or she is in any manner financially interested, either directly in his or her own name or indirectly in the name of another person, association, trust or corporation. This includes when the employee, officer or agent of the College, or a member of his or her immediate family, or his or her partner, or an organization in which he or she is involved has a financial or other interest in the selection, award, or administration of the contract. Any contract selected, awarded, administered or otherwise executed in violation of this policy is void. Any employee, officer or agent of the College who violates this policy is subject to discipline, up to and including termination. Exceptions to this policy will be allowed when the employee, officer or agent of the College’s direct or indirect interest is nominal, which is an amount less than 1% or $250.00, and the direct or indirect interest is disclosed to all relevant College officials and the Board of Trustees prior to the selection, awarding, administration or execution of the contract, and the contract is selected after a bidding process if the value of the contract exceeds $1,500.00. Under no circumstances may an employee, officer or agent of the College solicit for the selection, awarding, administration or execution of a contract in which he or she is directly or indirectly financially interested. Adopted:
February 13, 2003 |
|
||||||||||||||||||||||||||||||||||||||||||||||||||
| |
|||||||||||||||||||||||||||||||||||||||||||||||||||
| |
|||||||||||||||||||||||||||||||||||||||||||||||||||
| |
|||||||||||||||||||||||||||||||||||||||||||||||||||
| |
|||||||||||||||||||||||||||||||||||||||||||||||||||
| |
|||||||||||||||||||||||||||||||||||||||||||||||||||
| |
|||||||||||||||||||||||||||||||||||||||||||||||||||
| |
|||||||||||||||||||||||||||||||||||||||||||||||||||
