POL 2.050 Accounting Standards and Audits

Purpose 

The purpose of this policy is to establish systems of accounting and external auditing  requirements for the College. 

Accounting Systems 

The President or designee shall develop and implement a chart of accounts, systems of  accounting and financial reporting, and procedures necessary to ensure that all funds  received and disbursed by the College are administered in accordance with college policies, operating procedures, applicable laws and regulations, and accounting principles generally  accepted in the United States of America. 

The fiscal year for the College shall be the twelve-month period beginning on the first day of  July each year and ending on the last day of June in the succeeding calendar year. 

Business Office personnel shall be responsible for the administration of the accounting  system. 

External Audit The financial statements of the College shall be subject to an external audit each fiscal  year by a firm of certified public accountants recommended by the President or designee  and approved by the Board. Such audit report will be made directly to the Board of  Trustees per Article XII section 5 of board bylaws.

August 11, 1983
Revised September 18, 2014
Revised September 12, 2024