Administrative Regulations - Business & Fiscal Affairs - AR6300

​AR 6300 Fiscal Management

 

References:

     Education Code Sections 84040(c)
     Title 5 Section 58311
     ACCJC Accreditation Standard III.D.9 (formerly III.D.2)
     2 Code of Federal Regulations Parts 200.302(b)(6)-(7), 200.305, and 200.400 et seq.

The accounting system and procedures related to revenue and expenditure classification, chart of accounts and general ledger maintenance, financial record keeping and reporting shall be in accordance with Budget and Accounting Manual for California Community Colleges and are updated by changes brought about by new Governmental Accounting Standards Board (GASB) statements and legislative action.

The Orange County Department of Education, Rancho Santiago Community College District Board of Trustees, Chancellor's Office of the California Community Colleges, and other federal, state and local agencies for the categorical and specially funded programs set reporting requirements and timelines which directly affect the accounting system and procedures.

The District is committed to principles of sound fiscal management and to provide for responsible stewardship of available resources.  The District adheres to commonly accepted accounting and auditing standards as criteria for fiscal management to:

  • Provide for safeguarding and managing District assets to ensure ongoing effective operations; maintenance of adequate cash reserves; implementation and maintenance of effective internal controls; determination of sources of revenues prior to making short-term and long-term commitments; establishment of a plan for the repair and replacement of equipment and facilities.
  • Provide for an organizational structure that incorporates a clear delineation of fiscal responsibilities and staff accountability.
  • Provide that appropriate administrators keep the Board current on the fiscal condition of the District as an integral part of policy and decision-making.
  • Provide for development and communication of fiscal policies, objectives and constraints to the board, staff and students.
  • Provide for an adequate management information system that gives timely, accurate and reliable fiscal information for planning, decision making and budgetary control.
  • Provide for appropriate fiscal policies and procedures and adequate controls to ensure that established fiscal objectives are met.
  • Provide a process to evaluate significant changes in the fiscal environment and make necessary, timely, financial and educational adjustments.
  • Provide both short term and long term goals and objectives, utilizing multi-year projections of revenues and expenditures, and broad based input coordinated with District educational planning.
  • Provide a method for determining allowability of costs in accordance with EDGAR Second Edition Supart E Cost Principles.
  • Implement the requirements of 2 Code of Federal Regulations Part 200.305 governing payments.

As approved by California law, the district shall have a Revolving Cash Fund at the maximum level of one hundred thousand dollars ($100,000).

The Vice Chancellor of Business Operations/Fiscal Services and the Assistant Vice Chancellor of Fiscal Services are the designated custodians of said fund. The signature of one of the custodians is required on claims for replenishment of said fund.

The Vice Chancellor, Business Operations/Fiscal Services and staff are responsible for the development, implementation, and review of Rancho Santiago Community College District's accounting system and procedures.

 

Responsible Manager: Assistant Vice Chancellor, Fiscal Services

Revised  November 2, 2015  (Previously AR3200)
Revised  July 10, 2017