3.10.4 Control of finances
The institution exercises appropriate control over all its financial resources.
Judgment of Compliance
Compliance
Narrative of Justification
Bennett College’s financial control is maintained with General Accounting Policies and Procedures, developed and implemented by Business and Finance. Guiding all financial transactions, these procedures comply with all relevant guidelines and regulations. The financial resources of the College are controlled and managed to include all tangible assets. The College was successful in improving its financial image to ensure effective navigation of its philanthropic landscape.
The College provides adequate control over its financial assets by implementing sound and prudent internal control procedures. These internal controls form the basis for protecting and safeguarding the finances of the university. The following are procedures that are in place to safeguard financial assets:
- The financials of the College and annual budget are prepared with the Board of Trustees approval (Board of Trustees Finance Committee)
- Internal controls are properly documented and reviewed by external auditors
- Adequate segregation of duties in Business and Finance.
- Budget to spending monitoring monthly by the Department of Finance.
- Online monitoring of spending versus budget.
- Multiple banks so as not to have all assets with one institution. Segregation of unrestricted versus restricted resources is the policy.
- Multiple professional money managers for investment portfolios.
- Committee review of all potential new hires
- Presidential review, approval and signing of all contracts regardless of size.
Specific attention is paid to liquid cash resources. Policies and procedures for cash handling are spelled out in the Business Office’s Cash Disbursements Policy. Any deviation from these procedures can result in disciplinary action to include termination.
Additionally, the disbursements from the endowment are governed by the Investment Policies and Guidelines of the College. The funds to be spent from the endowment are reviewed by the investment committee of the Board of Trustees before they are disbursed.
In addition to policies and procedures that are in place to oversee the appropriation of financial resources, the senior accounting staff (CFO, Controller, and Senior Accountant) includes capable individuals that ensure that the policies are being properly carried out.
Supporting Documents
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