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Our Mission

The mission of Financial & Administrative Services is to provide support services for the college community in the areas of procurement, accounts payable and receivable, financial reporting, cashiering, payroll, investment management, inventory of physical assets, budgeting and budgetary control, risk management and insurance and accounting services with appropriate internal controls to ensure that all sources of funds--federal, state and local--are properly accounted.

Policies & Procedures

The purpose of this statement is to set forth VWCC policies and procedures for maintenance of adequate internal controls within the accounting and administrative system of the college, and to ensure compliance with State Comptroller's Directive 1-87, "Maintenance of Adequate Internal Controls".

Objectives

Internal controls include organizational plans and procedures, which are designed to accomplish the following objectives:

• Safeguard assets.
• Verify the accuracy and reliability of accounting data and other management information.
• Promote operational efficiency.
• Ensure adherence to prescribed policies and procedures.

Policies

• Management is responsible for the promulgation of policies and procedures directed toward the establishment of good internal controls.
• Department heads and directors are responsible for implementing policies and procedures for conducting their business activities in a manner consistent with food internal controls.
• The College will strive to gain and maintain appropriate understanding of authoritative literature that addresses the subject of maintaining adequate internal controls, which will include a review of the contents and recommendations found within the Internal Control Guidance Manual, published by the State Comptroller.
• Any observed weaknesses in internal control should be brought to the attention of the Dean of Financial and Administrative Services.
• The College will each year, include a general internal control statement as an integral part of the letter formally transmitting its annual financial statements.
• The College will avoid undue duplication of the efforts by coordinating internal control reviews with those performed by internal and external auditors.
• At least every four years, an internal control review will be performed by external auditors, internal auditors, or by management of all financial and administrative systems.

Procedures

• Responsibility to Safeguard Assets.
• Appropriate physical safeguards must be employed to protect all assets.
• Appropriate procedural safeguards must be in place to protect cash and cash convertible items.
• Responsibility to Verify the Accuracy & Reliability of Financial Data.
  • The VCCS’S Accounting System procedures monthly reports for all budget accounts. These reports are distributed to budget managers in the early part of each month.
  • It is the responsibility of budget managers to verify promptly the accuracy of all reports received. Any discrepancy should be reported immediately to the Business Office.
  • The reliability of the monthly reports is dependent on the timely recording of all transactions. Vouchers, travel expense reimbursements, purchase orders, billings, receipts, personnel/payroll transactions, receiving reports, and any other financial transactions must be forwarded promptly to the Business Office for processing.
  • The College Business Office will review accounts on a regular basis, and seek resolution of any questionable transactions.
• Responsibility to Promote Operational Efficiency Through Organization & Training.
  • Organization plans must be designed to segregate duties so that no one employee controls all phases of a transaction.
  • New employees should be trained adequately for the responsibilities to help assure efficiency and accuracy.
  • The Personnel Office is responsible for he development of broad training programs. Specific job training and assignment of job responsibilities are the responsibility of the division or department head.
• Ensure Adherence to Prescribed Policies & Procedures.
  • The VCCS Internal Audit Department is an integral part of the internal controls system. This Office will monitor and evaluate internal controls as part of its annual audit plan. Weaknesses in internal controls will be addressed in the internal audit reports.
  • The appropriate division or department head must make a written response to any findings of inadequate internal controls and take prompt corrective action as recommended.
  • Selected college departments will be required to complete an internal control questionnaire annually.
  • Internal and external audit reports, management comments, and internal progress reports will be reviewed with the Finance Committee of the Local Board.
  • The College’s policies and procedures are the primary means of establishing internal controls. In addition to conforming to certain State and Federal regulations, these controls allow the college to fulfill the responsibility of prudent management. All individuals who deal with financial and administrative matters must be familiar with and adhere to these policies and procedures. Failure to adhere to the College’s policies and procedures may be considered misconduct, as stated in the State’s Standard of conduct policy.