Section III - Business & Financial Matters


Sound Fiscal Management Practices

To ensure sound fiscal and management practices.

The Randolph Community College Board of Trustees adopts the following policy as stated
in the SBCC 1A 200.4. The policy states Randolph Community College’s guidelines to
assure sound fiscal and managerial practices:

  • uses their funding prudently and consistently with the approved budget
  • demonstrates stewardship of the State financial resources by effectively executing RCC’s budget to ensure that the percentage of State budget operating funds remaining does not exceed five percent or five times the system wide percentage, whichever is higher
  • ensures that institutional fund accounts do not have a negative balance at the end of the fiscal year unless such an instance exists for a planned reason such as an anticipated reimbursement. If any institutional fund account has a negative balance at year-end, the negative fund balance after the posting of all accrual entries shall be reviewed. In the event the negative balance is not due to a planned reason, RCC shall develop a plan to rectify the negative balance, and the information shall be reported to the Board of Trustees at its first scheduled meeting of the new fiscal year
  • tracks expenditures consistent with the North Carolina Community College System’s Chart of Accounts, as outlined in the NC Community College System Accounting Procedures Manual
  • provides financial reports to the Board of Trustees at intervals determined by the Board of Trustees
  • maintains a system of internal controls as prescribed by G.S. 143D-7
  • ensures accounts are not overdrawn by confirming the bank accounts are reconciled and any discrepancies and a plan for resolution are identified within 30 business days from the end of the prior month. In the event that RCC fails to comply with this requirement more than once during a fiscal year, such information shall be reported to the Board of Trustees at its first scheduled meeting following the month RCC failed to comply.
  • submits complete and accurate financial statements to the North Carolina Office of the State Controller by the prescribed deadline
  • ensures audits are conducted consistent to G.S. 115D-20(9) and G.S. 115D-58.16
  • addresses any findings identified in audits, compliance reviews, SACSCOC reviews, or other monitoring reviews
  • seeks to fill leadership and other supervisory positions in a timely manner with individuals of high competence
  • monitors staff turnover by providing an employee vacancy report for information to RCC’s Board of Trustees at least biannually


Adopted: 11/15/2018