Procedure

The deposit of money in the State treasury to credit the College shall be made in monthly installments, and additionally as necessary, at such time and in such manner as may be convenient for the operation of the NC community college system. Before an installment is credited, the College shall certify to the Community Colleges System Office the expenditures to be made by the College from the State Current Fund during the month.

State funds expended by the college shall be disbursed through a disbursing account that
the State Treasurer has established for the college. The signature of college officials that
are authorized by the college’s president to sign vouchers issued on state funds shall be
maintained on file with the State Treasurer and the State Board. The State Treasurer will
furnish signature cards for this purpose.

The Community Colleges System Office shall determine whether the moneys requisitioned are due the College and, upon determining the amount due, shall cause the requisite amount to be credited to the College.  Upon receiving notice from the Community Colleges System Office that the amount has been placed to the credit of the College, the College may issue State warrants up to the amount certified.  Money in the State Current Fund and other moneys made available by the State Board of Community Colleges shall be released only on warrants drawn on the State Treasurer, signed by the President and the Chief Financial Officer.

Local Funds:

The deposit of money in the College’s local funds account shall be made in equal monthly installments based on the approved appropriations for the budget year. Additionally, as necessary, the Burke County Commissioners may approve an adjustment to the funds approved for the College for a specific issue or unknown expenditures. All local public funds received by or credited to the College shall be disbursed on checks signed by the President and the Chief Financial Officer.  The officials designated shall countersign a check only if the funds required by such check are within the amount of funds remaining to the credit of the College and are within the unencumbered balance of the appropriation for the item of expenditure according to the College’s approved budget.  Each check shall be documented by an invoice, statement, voucher or other basic information which indicates that the issuance of such check is proper.

Institutional Funds:

Institutional funds are deposited to the College’s special account with a local depository. Deposits are made as funds are made available to the College. Institutional funds are organized and accounted for using fund accounting. Funds consist of, but not limited to, grants, financial aid assistance for federal and state funds, student fees, self-supporting funds, and college clubs. All institutional funds received by or credited to the College shall be disbursed on checks signed by the President and the Chief Financial Officer.  The officials designated shall countersign a check only if the funds required by such check are within the amount of funds remaining to the credit of the College and are within the unencumbered balance of the fund for the item of expenditure.  Each check shall be documented by an invoice, statement, voucher or other basic information which indicates that the issuance of such check is proper.

Review/Updated: