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.
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 – Threshold for bid requirement
$8,320 – Threshold for multiple bid
$6,240 – NJ Business Registration needed to order from Vendor
$2,000 – Public works certificate needed to perform work on public property.
-Includes; Conduction, demolition, alteration, repair work, painting/decorating
“NJ Start” 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’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.
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 Sussex County Community College (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. Cardholders are issued a single card embossed with his or her name and Sussex County Community College 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 Sussex County Community College 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 Sussex County Community College 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 Sussex County Community College. 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 Sussex County Community College, including buildings, land, equipment, vehicles, and technology assets.