YEAR 7 REPORT FINAL - page 61

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thereby incur long term debt. Risk for property, liability and other insurance policies are
managed by the state’s Office of Risk Management.
2.F.2 Resource Planning and Development
Planning and development includes realistic budgeting, enrollment management, and
responsible projections of grants, donations, and other non-tuition revenue sources. The
budgeting process is a year-round function.
Administration anticipates the ongoing budget to remain the same or increase slightly from
year to year. Although the official funding letter generally comes in mid to late April, the
upcoming budget is planned based on a reasonable estimate. Planning for grant funding is
less predictable. Often final grant applications are not submitted until May after funding
levels are available and communicated. For example, Carl D. Perkins Vocational and
Technical Education Act, provides several grants throughout campus. Amounts are generally
known by late April/May and staffing and activity levels are adjusted for the forthcoming
fiscal year. Adult Basic Education receives a state grant that covers activities and personnel
for the fiscal year. The Foundation provides small grants throughout campus for worthy
student-centered projects.
Line item requests go to the State Division of Professional-Technical Education (PTE) each
year in May, which then are prioritized with other submissions and forwarded to the SBOE
for approval. These line item requests are submitted to the Governor each September and
then forwarded to the legislature with a recommendation of support or non-support. The
legislature considers the line item requests and includes them in funding for the following
fiscal year budget allocation.
2.F.3 Financial Planning Policies Guidelines, Processes
Historically, budget development consisted primarily of receiving a budget amount from
PTE. The VP for Finance, the Controller, and the Assistant Controller craft a budget based
on historical needs of programs in combination with allocated dollars from the State. The
budget managers for divisions and departments review the projected budget amounts to
see if needs are met. Adjustments may then be met after justification for more funds has
been given if available. Budgets are approved through PAC.
If a needed project requires a larger funding source, a request process will implemented to
identify priorities. This will include identifying the sources to address the needs, including
the State capital request process, State and PTE line item requests, Division of Public Works
(DPW) priorities and grants to acquire the needed resources.
2.F.4 Timely and Accurate Financial Information
Timely and accurate financial information is gained through use of an accounting system
based on FUND software developed by Cougar Mountain Software. It uses generally
accepted accounting principles and procedures established by the Government Accounting
Standards Board (GASB). Internal controls are considered effective. Annual independent
audits by a firm contracted by the State Board of Education have confirmed the adequacy of
controls and accurate representation of financial data.
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