51吃瓜网视频

Policy 3.4.1

Policy 3.4.1

SUBJECT: BUDGETARY CONTROL

The financial records of 51吃瓜网视频 Baptist University shall be kept as nearly as practicable in accordance with the recommendations set forth by the Financial Accounting Standards Board Statements 116 and117 and in accordance with Generally Accepted Accounting Principles (GAAP). All accounting records and procedures shall be subject to the approval of the chief financial officer.

The Office of the Chief Financial Officer shall be the central office for accounting control for all financial transactions of the institution. The chief financial officer shall confer with departmental and administrative officials and instruct them concerning the records of financial transactions to be kept by the departments.

Each person directly responsible for a department or other administrative unit (hereinafter called "department head") shall keep an account of funds and property for which he/she is responsible, as detailed as necessary to supplement the business office records.

All expenditures must be in accordance with the approved institutional operating budget. Except in compliance with policy 4.1.1 (Purchasing Policy and Procedures), no commitment for the expenditure of university funds may be made.

Statements of departmental or other administrative unit accounts shall be prepared monthly by the chief financial officer and shall be sent to the department heads that will compare their records with those of the chief financial officer and report any differences promptly.

A person in each department or other administrative unit may be designated by the department head, with the approval of the chief financial officer, to sign vouchers, requisitions, etc.

Reports to permit adequate disclosure and review of financial information by university trustees, administrators, and budget directors are prepared by the business office. The content, format, and timing of such reports will be approved by the chief financial officer.

The principles and practices of College and University Accounting, AICPA and Federal Government Systems are used to satisfy the requirement to account properly for the diverse resources of the university. The FASB accounting concept organizes and manages resources in accordance with activities or objectives as specified by government regulations, donor request, or the Board of Trustees.

The checks and balances used by the university include:

• self-balancing set of accounts
• separate accounts maintained for each account group
• budgets used to control revenue and expenditures
• separate bank accounts used for different account groups
• proper segregation of duties among accounting personnel
• periodic review of accounting information and reports

An annual audit will be performed by an auditing firm named by the Board of Trustees.

Contact for Interpretation: Chief Financial Officer

This policy statement supersedes all previous policy statements on this subject.

Revisions:

-          08/14/2017 - Revision


-          03/29/2007 - Review

-          06/15/2004 - Revision

-          09/04/2001 - Reissue as 3.4.1

-          09/04/2001 - Revision-title change

-          09/04/2001 - Review

-          08/19/1997 - Revision-layout change

-          05/27/1992 - Inception as policy 3.4.3

Printable Policy 3.4.1

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