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FINANCIAL ACCOUNTING SYSTEM

 

 

POLICY: III-1-2

DATE OF ADOPTION: July 16, 1998

REVISION DATE(S):   

LEGAL REFERENCE:  

 

 

The following policy shall govern the financial accounting system of Seminole State College :

 

I.  Accounting:

 

The College shall maintain an adequate accounting system to provide for the accounting of the source of all receipts and for the types of all expenditures.  The operating funds are based upon the annual budget appropriations for current operating expenses adopted by the Board.

 

II.  Reporting:

 

The budget appropriations and expenditures shall be available at all times to the SSC Board of Regents and the administration for planning and evaluation of the operation of the various aspects of the College.

 

For each fund, a report of expenditures and receipts in comparison with the budgetary appropriations and anticipated income shall be presented to the Board.

 

III.  Auditing:

 

An independent auditing firm to audit College financial records will be selected by the Board at least once every three years.

 

An internal audit of the accounts of the College shall be performed on a regular basis.  An annual audit will be conducted in accordance with Oklahoma Statutes as applicable.

 

IV.  Interfund Transfers:

 

In order to prevent deficit cash balances, interfund transfers may be authorized by the president or his/her designee.  Interfund transfers may be made only from accounts which are unrestricted in nature or between funds that have a common relationship and are not in violation of any known state or federal statutes.  Appropriate accounting entries will be made to the General Ledger recognizing the inter-fund transfers.