7.1 Financial Administration
Related Minnesota State Board Policy: 7.3 Financial Administration
Purpose: Sound financial administration safeguards the resources of the State of Minnesota and Normandale Community College, a member of Minnesota State Colleges and Universities, and the constituencies served. Further, effective financial administration preserves the long-term viability of the college and will facilitate planning, forecasting, monitoring and evaluation of the financial effects of management decisions.
Part 1: Responsibilities
The president is responsible for assuring financial administration for the college in conformance with board policies and system procedures. The president delegates the responsibility for financial operations and adherence to system financial procedures to the Vice President of Administration.
Minnesota State accounting guidelines will be based on the standards and guidelines of the Governmental Accounting Standards Board (GASB), the National Association of College and University Business Officers (NACUBO), Minnesota statutes, board policy, and other applicable authorities such as, but not limited to, the Internal Revenue Service (IRS) and the United States Department of Education (USDOE).
Records will be subject to internal, legislative, and external audits as required by Minnesota statutes, federal law, board policies, and as needed by the college in pursuit of its mission and goals.
Part 2: Financial Governance
To assure stewardship of resources, Normandale Community College will establish necessary procedures and guidelines under this policy to address specific accounting and financial management activities.
Policy History: New
Department Owner: Administration (Finance)
Date of Adoption: November 1, 2023
Date of Implementation: November 1, 2023
Date and Subject of Revisions:
Next Review Date: 2027