Budget Control Policy
302.01 Budget Control Policy
The budget is a tool used in implementing the philosophies and objectives of the College. It is prepared by the administration of the College and submitted to the Board of Trustees for its approval. The College budget requires that institutional resources be allocated on an organizational unit basis by function and object so that appropriations and expenditures may be controlled and reported by the person directly responsible for the financial management of the budget.
The financial integrity and responsibility of the College require that College personnel shall underwrite expenditures only in those functions or objects specifically assigned to them by the budget. Obligations should be incurred only as a result of legal requirements, Board of Trustees policies, and specific Board approval. The Board approves the budget on an annual basis and budget changes must be approved on a specific individual change basis. Any expenditure committed for an object and/or a function by College personnel not directly responsible for that function and not cleared in advance by a budget transfer, shall be considered a personal expenditure of that individual and shall not be considered as an obligation of the College.