Business, Management, and Financial

Budget

The college budget shall be prepared by the President in cooperation with selected college employees and shall reflect the college’s educational goals.

The President shall follow the adopted budget.

The college shall fund the operating budget according to approved fiscal and budgetary procedures required by the State of Kansas.

Budget Forms.  Budget forms used shall be those prepared and recommended by the Kansas State Board of Regents.  Budget summary documents shall be prepared on forms provided by the Kansas State Board of Regents.

Priorities.  The board will establish priorities for the college on a short-term, intermediate and long-range basis.

Deadlines and Schedules.  Deadlines and time schedules shall be established by the board.

Encumbrances.  An encumbrance shall be made when a purchase is made or when an approved purchase order is processed.  All encumbrances shall be charged to a specific fund.  All necessary encumbrances shall be made by the President.

Recommendations.  Recommendations of the President and professional staff concerning the college’s educational program and related budget figures will be presented to the board prior to submission of the tentative draft budget.  All President and staff recommendations will be presented to the board no later than the regular board meeting in July.

Preliminary Adoption Procedures.  A preliminary draft of the college’s budget will be submitted by the President to the board on or before August of each year.

Hearings and Reviews.  The board shall conduct budget hearings according to state law.

Management of College Assets/Accounts.  The President shall establish and maintain accurate, efficient financial management systems to meet the college’s fiscal obligations, produce useful information for financial reports, and safeguard college resources. The President shall ensure the college’s accounting system provides ongoing internal controls. The President shall review the accounting system with the board.

Fraud Prevention and Investigation.  All employees, board members, consultants, vendors, contractors and other parties maintaining a business relationship with the college shall act with integrity and due diligence in duties involving the college’s fiscal resources. The President shall develop internal controls that aid in the prevention and detection of fraud, financial impropriety or irregularity. Each member of the management team shall be alert for any indication of fraud, financial impropriety or irregularity within his/her area of responsibility.

Reporting Fraud.  An employee who suspects fraud, impropriety or irregularity shall promptly report those suspicions to the immediate supervisor and/or the President. The President shall have primary responsibility for any investigations, in coordination with legal counsel and other internal or external departments and agencies as appropriate.

[Reviewed May 2021]