SACS at Fayetteville Technical Community College

comprehensive
standard 3.10.4

2.0 Core Requirements
2.1	2.2	2.3	2.4
2.5	2.6	2.7.1	2.7.2
2.7.3	2.7.4	2.8	2.9
2.10	2.11.1	2.11.2	2.12

3.0 Comprehensive Standards
3.1.1	3.2.1	3.2.2	3.2.2.1
3.2.2.2	3.2.2.3	3.2.2.4	3.2.3
3.2.4	3.2.5	3.2.6	3.2.7
3.2.8	3.2.9	3.2.10	3.2.11
3.2.12	3.2.13	3.2.14	3.3.1
3.3.1.1	3.3.1.2	3.3.1.3	3.3.1.4
3.3.1.5	3.4.1	3.4.2	3.4.3
3.4.4	3.4.5	3.4.6	3.4.7
3.4.8	3.4.9	3.4.10	3.4.11
3.4.12	3.5.1	3.5.2	3.5.3
3.5.4	3.6.1	3.6.2	3.6.3
3.6.4	3.7.1	3.7.2	3.7.3
3.7.4	3.7.5	3.8.1	3.8.2
3.8.3	3.9.1	3.9.2	3.9.3
3.10.1	3.10.2	3.10.3	3.10.4
3.10.5	3.11.1	3.11.2	3.11.3
3.12.1	3.13.1	3.14.1

4.0 Federal Requirements
4.1	4.2	4.3	4.4
4.5	4.6	4.7

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3.10.4 The institution exercises appropriate control over all its financial resources. (Control of finances)

✔ Compliance Partial Compliance Non-Compliance

Summary

Fayetteville Technical Community College (FTCC) is in compliance with this comprehensive standard. The institution exercises appropriate control over its financial resources as evidenced by the Financial Statement Audits issued by the North Carolina Office of the State Auditor. The College follows a Cash Management Policy in the handling of receipts and disbursements.

Narrative

The FTCC Office of Business and Finance prepares the College’s annual financial statements and submits to the Office of the State Controller by the last working day of every August. The College submits financial statements, along with additional required documents, to the Office of the State Auditor (OSA) by the last working day of every September. Prior to fiscal year 2001-02, OSA performed an annual audit of the College’s financial statements. Community colleges are now audited every other year, unless the auditors identify issues that may warrant annual audits.

The most recent audit performed by OSA is for the fiscal year 2008-09. There were no audit findings in the report. With the exception, fiscal year 2006-07, the College has had twenty years of audits with no findings. The fiscal year 2006-2007 audit included one financial statement audit finding. The finding has been addressed. The College received a response from the North Carolina Community College System Office on December 19, 2008, which stated that the College's response to the audit finding was acceptable and the matter could be considered closed.

The College follows the Cash Management Policy as outlined in the Administrative Procedures Manual, which is available online to all College personnel. The Cash Management Policy covers the timely deposit of receipts, investment with the State Treasurer, collections, the handling of Federal funds, and disbursements. All disbursements require the final approval of the Controller or Vice President for Business and Finance.

Supporting Documentation

#	Source	Location
1	Financial Audit Report: 2009	http://sacs.faytechcc.edu/Documents/ FSA_2009_6832.pdf

2	Financial Audit Report: 2007	http://sacs.faytechcc.edu/Documents/ FIN_2007_6832.pdf

3	Financial Audit Report: 2005	http://sacs.faytechcc.edu/Documents/ FIN_2005_6832.pdf

4	Review Report: 2004	http://sacs.faytechcc.edu/Documents/ FIN_2004_6832.pdf

5	Financial Audit Report: 2003	http://sacs.faytechcc.edu/Documents/ FIN_2003_6832.pdf

6	Review Report: 2002	http://sacs.faytechcc.edu/Documents/ FIN_2002_6832.pdf

7	Financial Audit Report: 2001	http://sacs.faytechcc.edu/Documents/ FIN_2001_6832.pdf

8	Audit Finding	http://sacs.faytechcc.edu/Documents/ FIN_2007_6832.pdf

9	Finding Addressed	http://sacs.faytechcc.edu/Documents/ FIN_2007_6832.pdf

10	NCCCSO Response to Fiscal Year 2006-2007 Financial Statement Audit Issues, December 19, 2008	http://sacs.faytechcc.edu/Link.html

11	Cash Management Policy	http://sacs.faytechcc.edu/Documents/ AdministrativeProceduresManual091215.pdf

12	Final Approval of the Controller or Vice President for Business and Finance	http://sacs.faytechcc.edu/Documents/ AdministrativeProceduresManual091215.pdf

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© 2009 Fayetteville Technical Community College
2201 Hull Road, Fayetteville, NC 28303
(910) 678.8400