SACS Compliance Certification Report (PDF) - South Florida State ...

FS 1011.84, Procedure for Determining State Financial Support and Annual Apportionment of State Funds...Trustees | Budget Workshop 2010-2011 (Page 11)3.10.2Financial Resources: Submission of financial statementsThe institution provides financial profile information on an annual basis and other measures of financialhealth as requested by the Commission. All information is presented accurately and appropriately andrepresents the total operation of the institution.JudgmentCompliant Non-Compliant Not ApplicableNarrativeSouth Florida Community College (SFCC) provides financial profile information on an annual basis andother measures of financial health as requested by the Commission. All information is presentedaccurately and appropriately and represents the total operation of the institution. The college hascompleted and submitted to the Commission on College its most recent Institutional Profiles for FinancialInformation. (Attached are the 2009 Profile and the 2010 Profile with the respective IPEDS reportsappended.)SFCC annually submits the Financial Profile and Indicators Report and the General and Enrollment ProfileReport to the Southern Association of Colleges and Schools Commission on Colleges (SACS-COC).The SACS-COC has not requested additional financial information from SFCC. SFCC also submits theIntegrated Postsecondary Education Data System (IPEDS) Financial Report to the U.S. Department ofEducation National Center for Education Statistics. The data contained within the IPEDS Finance Form isindependently checked each year by the Florida Department of Education staff against the college’saudited financial statements (Financial Audit FYE 2006, Financial Audit FYE 2007, Financial AuditFYE 2008, Financial Audit FYE 2009) before final submission. The information presented in thefinancial indicators section of the annual SACS finance survey is obtained from the most recentlycompleted audited financial statements of the college and appropriately represents the total operation ofthe institution.The college's annual financial report presents a consolidated report of institutional financial operations inall budgetary categories and for all budget entities. To ensure the accuracy and integrity of its annualreports, the college’s accounting policies conform with accounting principles generally accepted in theUnited States of America applicable to public colleges and universities as prescribed by the GovernmentAccounting Standards Board (GASB). The National Association of College and University BusinessOfficers (NACUBO) also provides the college with recommendations prescribed in accordance withgenerally accepted accounting principles promulgated by GASB and the Financial Accounting StandardsBoard (FASB). The college has elected to report as an entity engaged in business-type activities. Inaddition, the college's financial system adheres to the State of Florida Accounting Manual forCommunity Colleges.The aforementioned financial statements and other documentation reflect the financial condition andoverall operation of the college; and otherwise meets or exceeds all federal, state, and local governmentrequirements for reporting financial information, fiscal responsibility and accountability, and overallfinancial health.Sources2009 Financial Profile with IPEDS Report2010 Financial Profile with IPEDS ReportFinance | State of Florida Accounting Manual for Public Community Colleges - June 2008Financial Audit FYE 2006South Florida Community College Page 161 / 202