FISCAL MANAGEMENT MANUAL - Illinois Community College Board

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Illinois Community College Board FISCAL MANAGEMENT MANUAL TABLE OF CONTENTS Introduction .................................................................. iv Section I: Fund Accounting ..................................................... 1 Page A. Principles of Finance For Internal Financial Records ........................... 1 B. GASB Audited Financial Statement Presentation ............................. 2 C. Codification System..................................................... 2 1. Fund Codes and Descriptions ......................................... 3 2. Program and Subprogram Codes and Descriptions ........................ 7 3. Type, Object, Subobject, and Detailed Subobject Codes and Descriptions ................................................... 12 Section II: Financial Reporting and Financial Requirements ........................ 36 A. Financial Reporting .................................................... 36 1. Annual Budget ................................................... 36 2. Certificate of Tax Levy............................................. 37 3. External Audit.................................................... 38 4. Annual Financial Report ............................................ 38 5. Community College Treasurer's Bond ................................. 38 6. Uniform Financial Reporting System Data Submission .................... 38 B. Requirements for Financial Transactions ................................... 38 1. Payment of Orders and Bills ......................................... 39 2. Bidding Policy ................................................... 39 3. College Investments ............................................... 39 4. Interfund Loans ................................................... 42 5. Permanent Interfund Transfers ....................................... 42 6. Permanent Residual Equity Transfers ................................. 43 7. Student Tuition and Fees ........................................... 43 i
Fiscal Management Manual ~ June 2009 TABLE OF CONTENTS (Continued) Page Section III: Guidelines for External Auditors ..................................... 45 A. ICCB Requirements and Recommended Statements ........................... 45 1. Order of Presentation ............................................ 45 2. Table of Contents............................................... 46 3. Auditor's Opinion............................................... 46 4. Compliance Report Based on the Audit of the General Purpose Financial Statements ............................................ 46 5. Report on Adequacy of Internal Control ............................. 46 6. Financial Section ............................................... 46 7. Notes to Financial Statements ..................................... 47 8. Supplemental Financial Statements ................................. 47 9. Supplemental Financial Information ................................ 47 10. Uniform Financial Statements ..................................... 47 11. Certificate of Chargeback Reimbursement ........................... 47 12. ICCB State Grants Financial Compliance Section ..................... 48 13. Federal Financial and Compliance Audit ............................ 50 B. Financial Compliance Audit Program for ICCB State Grants ................. 53 1. Audit Program Guide: Certified Credit Hour Claims (SU and SR) ........ 54 Introduction ............................................... 54 Audit Objectives and Compliance Determinations ................ 54 Rules and Regulations ...................................... 54 Illustrative Audit Procedures ................................. 59 2. Audit Program Guide: Workforce Development (Business/ Industry) Grants ................................................ 63 Introduction ............................................... 63 Audit Objectives and Compliance Determinations ................ 63 Policy Guidelines for Restricted Grant Expenditures and Reporting . . . 63 Illustrative Audit Procedures ................................. 63 3. Audit Program Guide: Retirees Health Insurance Grants ................... 65 Introduction ................................................. 65 Audit Objectives and Compliance Determinations................... 65 Policy Guidelines for Restricted Grant Expenditures and Reporting..... 65 Illustrative Audit Procedures.................................... 65 ii
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SUMMARY OF FISCAL YEAR 20 BUDGET BY
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