Financial & Administrative Services
The mission of Financial & Administrative Services is to provide support services for the college in
the areas of procurement, accounts payable and receivable, financial reporting, cashiering, payroll,
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
Policies and 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" and Comptroller's Directive 1-08, Required Implementation
of Agency Risk Management and Internal Control Standards (ARMICS).
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.
- 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 good 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 and published on the Department of Accounts (DOA) website.
- Any observed weaknesses in internal control should be brought to the attention of the Vice President of Financial and Administrative Services.
- The College will conduct an anonymous ARMICS Survey among select employees of the college annually for the sole purpose
of identifying any internal control weaknesses. The report shall be evaluated by college administration and any corrective
action deemed necessary will be taken to improve internal controls.
- The college shall certify assessment of internal controls each fiscal year, no later than June 30th, to the Department of
- 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.
- Each Department Head or Division Dean charged with budget management and tracking shall be granted access
to the Administrative Information System (AIS).
- Each Department Head or Division Dean shall verify the accuracy of information recorded within the AIS
system and promptly report any discrepancies to Financial Services.
- The reliability of AIS reporting 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 Financial Services for processing.
- The Financial Services Unit will review accounts on a regular on-going basis, and seek resolution of any questionable transactions.
- Responsibility to Promote Operational Efficiency by 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 Human Resource Office is responsible for the development of broad training programs. Specific job training and
assignment of job responsibilities are the responsibility of the Department Head and/or Division Dean.
- 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 college adherence to VCCS and Commonwealth of Virginia Policy and internal control standards.
- The appropriate Department Head and/or Division Dean must make a written response to any findings of inadequate internal
controls and take prompt corrective action as recommended.
- 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
Monday - Friday: 8:00AM - 5:00PM
The Office of Financial & Administrative Services is located in Fishburn Hall Rm F212 and can be reached by phone at 540-857-7201.
P.O. Box 14007
Roanoke, VA 24038