The college will review uncashed checks to comply with state unclaimed property laws (N.J.S.A.
46:30B-1) and U.S. Department of Education regulations concerning federal funds (Federal
Student Aid Volume 5 - Managing Federal Funds - 2013 Blue Book). This policy applies to
Student Accounts and College Disbursements.
PURPOSE OF THE POLICY
The purpose of the Annual Budget policy is to ensure the Board of Trustees appropriately discharges its responsibility for the fiscal management of the College and to plan for the short and long-term financial needs of the College.
GENERAL STATEMENT OF ANNUAL BUDGET
The administration shall prepare an annual budget to guide the College鈥檚 fiscal activities. The proposed Budget shall be presented to the Board of Trustees at a public meeting to approve the submission of the requisite Budget to the Board of School Estimate.
PURPOSE OF THE POLICY
The purpose of the Financial Reporting policy is to provide the Board of Trustees and the public with the information relative to the financial operations of the College and the administration of the budget in order for Trustees to exercise their obligations of safeguarding the College鈥檚 assets and ensuring accurate financial reports.
GENERAL STATEMENT OF FINANCIAL REPORTING
The administration will prepare monthly financial statements in accordance with Generally Accepted Accounting Principles (GAAP) and actively maintain database systems to track, monitor, and respond to inquiries about the College鈥檚 financial operations. Administration shall present monthly financial statements at each scheduled monthly meeting of the Board of Trustees.
PURPOSE OF THE POLICY
The purpose of the Cash Receipts/Bank Depositories policy is to safeguard the College's cash assets by following the current Federal and State regulations.
GENERAL STATEMENT OF CASH RECEIPTS/BANK DEPOSITORIES
The Board of Trustees shall annually designate the College's bank depositories at its Reorganization meeting. The Chief Financial Officer/Vice President of the Administrative Services office shall ensure that all cash and revenue deposits are transmitted promptly into the proper depository account in accordance with State regulations.
401.6 Purchasing Policy
PURPOSE OF THE POLICY
The purpose of this policy is to ensure purchasing is in accordance with the public purchasing regulations.
GENERAL STATEMENT OF PURCHASING POLICY
To provide the procedures to be followed for ensuring transparency and accountability in the procurement of goods, works, or services using public funds and ensuring equitable treatment and free and fair competition.
$41,600 鈥� Threshold for bid requirement
$8,320 鈥� Threshold for multiple bid
$6,240 鈥� NJ Business Registration needed to order from Vendor
$2,000 鈥� Public works certificate needed to perform work on public property.
听听听听听听听听听听听听听听听听听听听听听听听 -Includes; Conduction, demolition, alteration, repair work, painting/decorating听听听听听听听听听听听听听听
鈥淣J Start鈥� is the website to determine if a vendor is on a Contract/Co-Op/Consortium
PURPOSE OF THE POLICY
The purpose of the Disbursement policy is to safeguard the College's cash assets.
GENERAL STATEMENT OF DISBURSEMENT
The College shall disburse funds only by following established accounting controls and approval processes. The CFO & Vice President of Administrative Services office shall establish such controls and processes and ensure that all disbursements made by the College adhere to said controls and processes.
PURPOSE OF THE POLICY
The purpose of the Tuition and Fees policy is to notify the students and public at large to the
timeframe for the establishment of the tuition and fees. In addition, these individuals may make
known their opinions on the topic at the appropriate time and ensure that the College鈥檚 budget is
adequately and appropriately funded.
GENERAL STATEMENT OF TUITION AND FEES
By presenting the annual budget, the Administration shall propose to the Board of Trustees its
recommendation to establish tuition and fees for the upcoming academic year. The Board of
Trustees shall, as part of the approval of the budget, establish the annual tuition and fees to be
paid by students.
听
听
Legal citations:
N.J.S.A. 18A:64A-12.
PURPOSE OF THE POLICY
The purpose of the Annual Audit policy is to ensure the highest degree of accuracy and
reliability upon the College鈥檚 financial documents and fiscal operations and to comply with all
related Federal, State, and County regulations.
GENERAL STATEMENT OF ANNUAL AUDIT
The Board of Trustees will annually appoint an Audit Firm of Record to audit all of the
College鈥檚 accounts and prepare its year-end financial statements and other such reports as
requested by the Board or Administration. The annual audit shall be presented to the full Board
of Trustees at a public meeting.
PURPOSE OF THE POLICY
The purpose of this policy is to establish the framework for the prudent management of investment funds鈥攂oth short-term operating funds and long-term reserves鈥攐f 猫咪社区. It ensures the security of assets, appropriate liquidity, and reasonable returns in compliance with all governing laws and fiduciary standards.
Scope
This policy applies to the investment of all financial assets and funds held by 猫咪社区, including:
Objectives
Investment Categories and Guidelines
5.1 Operating Accounts 鈥� used for operating expenses and payroll. Bank account balances must be covered by FDIC (under $250,000) and Governmental Unit Deposit Protection Act (GUDPA) (over $250,000).
5.2 Short-Term Investments (Typically less than 3 years)
Permissible Instruments:
Restrictions:
5.2 Long-Term Investments (Typically over 3 years)
Used for reserves and capital projects.
Permissible Instruments:
Allocation Guidelines:
Ethical Considerations:
6. Risk Management
7. Reporting and Monitoring
8. Custody and Safekeeping
9. Policy Review and Revisions
This policy shall be reviewed annually by the CFO and Finance Committee. Revisions must be approved by the Board of Trustees.
10. Exceptions
Any exceptions to this policy must be documented in writing and approved by the Board or its designated authority.
PURPOSE OF THE POLICY
The purpose of this policy is to establish procedures for the proper use, administration, and oversight of credit cards issued by 猫咪社区 (SCCC) to faculty and staff. These procedures ensure that all transactions are appropriate, authorized, and in compliance with state and institutional regulations while preventing misuse or fraud.
GENERAL STATEMENT OF THE CREDIT CARD POLICY
This policy applies to all faculty, staff, and administrators who have been issued a college credit card or who are responsible for processing credit card transactions.听 Cardholders are issued a single card embossed with his or her name and 猫咪社区 as designated buyer. Individuals are authorized to use a Purchasing Card only after attending a training session on proper use and procedures of the card. The Purchasing department will hold a card which can be used with vendors who only take credit cards or if open billing is not an option.
PURPOSE OF THE POLICY
The purpose of this policy is to establish guidelines for reimbursing meal expenses incurred by staff of 猫咪社区 while conducting official college business. This policy ensures accountability, fiscal responsibility, and compliance with applicable regulations
GENERAL STATEMENT OF EXPENSE REIMBURSEMENT POLICY
This policy applies to all employees of 猫咪社区 who are authorized to travel or conduct official business requiring meal reimbursement. The policy excludes meal costs already covered by per diem rates, conference registrations, or other pre-paid arrangements.
PURPOSE OF THE POLICY
The purpose of this policy is to establish guidelines for the acquisition, management, depreciation, and disposal of fixed assets owned by 猫咪社区. This policy ensures accountability, compliance with applicable regulations, and accurate financial reporting.
GENERAL STATEMENT OF THE POLICY
This policy applies to all tangible fixed assets acquired, used, or disposed of by 猫咪社区, including buildings, land, equipment, vehicles, and technology assets.