Business and Finance

Business and Finance Policies ( 401)

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’s 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’s 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’s 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.

PURPOSE OF THE POLICY AND GENERAL STATEMENT OF PROCUREMENT/BIDDING

The purpose of the Procurement/Bidding policy is to ensure the College operates and procures goods and services in accordance with all State bidding requirements and implements accurate and appropriate internal accounting control systems.

The Board of Trustees has designated the President, CFO, and Purchasing Manager as the contracting agents of the College and delegated the authority to make awards in the best interest of the College in accordance with the provisions of N.J.S.A. 18A:64A-1 et seq., and other applicable State and Federal public contracting laws and as may be limited by other College policies. No other individual has authority to enter into purchase contracts or, in any way, obligate the College for procurement indebtedness, unless specifically authorized to do so in writing by the Board of Trustees. Any such purchase commitments are considered unauthorized and may not be honored for payment. 

 

N.J.S.A. 18A:64A-25.1, et seq.: County College Contracts Law

N.J.S.A. 18A:18A-1, et seq.: Public School Contracts Law

N.J.A.C. 9A:12-1.1 et seq.

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’s 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.

 

 


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’s 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’s 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 the Cash Management policy is for the Office of CFO to invest College's Cash in
areas approved by the Board of Trustees. The Finance Committee of the Board of Trustees shall
monitor the goals and objectives relating to the College's Portfolio.


GENERAL STATEMENT OF CASH MANAGEMENT
The College shall invest excess cash balances in the form of U.S. Treasury bills or notes,
certificates of deposit, repurchase agreements, or other investments such as U. S. Government
agency instruments, corporate stocks and bonds, and commercial paper. All insured money
market investments shall be made at official depositories approved by the Board of Trustees.

On an average monthly basis, the College's portfolio's fixed income component should be not
less than 50 percent.