3.10.4 Control of Finances

The institution exercises appropriate control over all its financial resources.

 Compliance           ___  Partial Compliance          ___  Non-Compliance

Narrative:

South Louisiana Community College (SLCC) adheres to all Louisiana Community and Technical College System Board of Supervisors (LCTCS) Policies related to financial resources (LCTCS Policy # 5001 (1); 5003 (2); 5005 (3); 5007 (4); 5008 (5); 5009 (6); 5010 (7); 5011 (8); 5012 (9); 5013 (10); and 5015 (11).

The Vice Chancellor of Administration and Finance, who reports to the Chancellor, oversees the business, financial, and physical functions of the institution. Financial resource management responsibility for all locations is centralized under the Vice Chancellor of Administration and Finance.

After approval of the budget by the Chancellor, it is then submitted to the LCTCS office and the Louisiana Board of Regents for Higher Education (BoR) for final approval.

Accounting system controls are in place to ensure all expenditures are compared to the budget for sound spending practices and compliance. The system controls prevent budgetary spending violations as part of daily business activities. SLCC department heads review budgetary spending and request re-allocation of funds based upon shortages or overages.

The Vice Chancellor of Administration and Finance prepares the financial statements in accordance with state law and within the regulations of the LCTCS and the BoR.  At the end of each fiscal year, an annual financial report is prepared in compliance with state government accounting reporting standards.

The Business Office has internal controls in place that ensure segregation of duties.  The controls govern the Business Office staff in all classes of transactions, including:  cash, revenue, and expenditures.  SLCC follows financial and budget policies established by the LCTCS.

Fixed assets and property controls (12) are carried out in accordance with established procedures which include required annual physical property inventories with remittance to the Louisiana Property Assistance Agency.

Documentation:

Supporting Documents:

     •  SLCC Fixed Asset and Property Control Procedures
     •  SLCC Certification of Annual Property Inventory, 2010