Disbursement of College Funds

302.02

Disbursement of College Funds

1. The College Treasurer is responsible for the management of tax revenue, certifications and claims of taxes, and investments of college funds. The Treasurer ensures compliance with all applicable state laws, Board policies, and internal financial controls. Additionally, the Treasurer is responsible for preparing and submitting a monthly financial report to the Board of Trustees and overseeing all disbursements of college funds. The Treasurer is further responsible for the oversight of disbursements made through the college's credit card programs and for ensuring compliance with college purchasing procedures and reconciliation protocols.
2. All disbursements made by the Treasurer are submitted to the Board of Trustees for its approval at the next regularly scheduled Board meeting. Disbursements made under the Treasurer's discretionary authority (Section 3) are submitted for Board ratification at the next Board meeting following the disbursement.
3. The Treasurer may, in their discretion, disburse funds prior to Board approval for the following categories.
   1. Routine and Recurring Payments:
      1. All expenditures under $5,000;
      2. Payroll and related withholding payments;
      3. Investments permitted by law; and
      4. Utility bills (e.g., water, electricity, gas, sewer, waste disposal, telephone).
   2. Student and Employee-Related Payments:
      1. Approved travel advances and reimbursements (per travel policy);
      2. Student aid and stipends under the recognized financial aid programs; and
      3. Refunds to students, staff, faculty, or retirees (per refund policies);
   3. Contracted and Time-Sensitive Payments:
      1. Honoraria and personal services fees for previously authorized contracts;
      2. Bills eligible for early payment discounts; and
      3. Bills subject to late penalties if unpaid before the next Board meeting;
   4. Emergency or Urgent Payments:
      1. Other urgent obligations that, in the Treasurer's discretion, must be paid to protect the college's interests; and
      2. Any payments under this provision are expressly subject to Board ratification at the next Board meeting.
4. The Treasurer may authorize disbursements for purchases made through the college’s authorized credit card program, provided the following:
   1. All charges are supported by itemized receipts and proper documentation;
   2. Expenditures comply with Board-approved purchasing policies and allowable cost guidelines;
   3. Transactions are reviewed and approved by designated approvers within each department prior to reconciliation;
   4. Reconciliations are submitted to the Business Office for audit and reporting; and
   5. Disbursements for payment of credit card balances are included in the Board ratification report at the next regularly scheduled meeting.

Revised: 12-16-1991, 12-21-1998, 08-26-2013, 07-28-2025
Cabinet Reviewed: 04-23-2024, 02-25-2025, 12-16-2025