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3.2.2 The legal authority and operating control of the institution are clearly defined for the following areas within the institution’s governance structure: (Governing board control)
184.108.40.206 fiscal stability of the institution
✔ Compliance Partial
Fayetteville Technical Community College (FTCC) is in compliance with this comprehensive standard. The North Carolina General Statutes and the Bylaws of the Board of Trustees of FTCC clearly place the responsibility for financial stability of the College with the Board of Trustees.
North Carolina General Statute § 115D-14 provides for the creation of a board of trustees for each community college as a corporate body and empowers each board to “exercise such rights and privileges as may be necessary for the management and administration of the institution in accordance with the provisions and purposes of (the law governing community colleges).” Related laws specifically task each board of trustees with the responsibility of preparing and submitting a budget for the review of the State Board of Community Colleges and by the appropriate County Board of Commissioners. (General Statute§ 115D-54 and § 115D-55.)
Upon acceptance of the budget by the SBCC and upon appropriation by the Cumberland County Board of Commissioners, the Board of Trustees of FTCC is required to approve a final budget for the College. (General Statute § 115D-56.) State law also permits the Board of Trustees to amend the final budget as necessary, in accordance with the rules of the SBCC. (General Statute § 115D-58(a).)
The Bylaws of the Board of Trustees of the Board of Trustees (BOT) of FTCC specify the Board's responsibilities to establish the College mission and policies. The Board also provides direction to the College President for the management, administration, development, and operation of the College.
BOT Bylaws provide for the establishment of a finance committee responsible for making recommendations to the full Board on matters related to the fiscal policies and budget of the College. The President of the College has full responsibility for the operation of the college within the policies and budget established by the Board of Trustees.
The Board of Trustees is responsible for the budget and the fiscal stability of the Institution. The BOT receives budget information at regularly scheduled Board meetings. The Board reviews the College's financial records and statements for accuracy.
State law requires the North Carolina State Auditor to conduct audits of the College’s financial records at least once every five years, and current policy provides for a full financial audit every other year (General Statute § 147-64.6A.)
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