System of Accounting

I. Policy Title: System of Accounting

II. Who does this policy affect?

Board of Trustees

III. Purpose

The purpose of this policy is to provide the responsibilities for financial accounting and reporting requirements, and to establish internal controls to ensure that funds are expended and recorded appropriately.

IV. Policy Statement

It is the policy of the Board of Trustees that a chart of accounts be established in accordance with the requirements of the Manual for Uniform Financial Reporting for Michigan Public Community Colleges for the accounting of all College funds.

The President shall be responsible for the proper accounting of all College funds. The President shall also ensure that expenditures are budgeted under and charged against those accounts which most accurately describe the purpose for which such monies are to be or have been spent.

V. Definitions

N/A

VI. Responsible Party for Policy Interpretation/Review

President of the College
Vice President of Financial Services

VII. Related Documents

M.C.L. 389.143

VIII. Policy History:
a. Adopted by Board: February 20, 1995
b. Previous Policy Section: Finances; Previous Policy No. 2800
 
Reviewed/Updated

April 17, 2023 – Approved by Board of Trustees

March 20, 2023 – Reviewed by Policy Committee and placed in new format

This policy supersedes and replaces any and all policies related to this subject