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

Surplus or excess daily funds earn interest equivalent to the federal funds rate in the college's mainchecking account. Additional investments of surplus cash are made into the Local GovernmentInvestment Pool (LGIP) that is managed by the Florida State Board of Administration and the SpecialPurpose Investment Account (SPIA) that is managed by the State of Florida Treasurer. All funds areinvested in accordance with SFCC's investment policy, DBOT Policy 4.15, and SFCC AdministrativeProcedure 4150.Internal Control and Independent Auditor Report on Internal ControlThe college has appropriately segregated non-compatible functions including human resources, payroll,procurement, receiving, cash control and other fiscal duties. Functional users of financialsoftware programs do not have access to program code. When segregation of duties has not beenachieved due to staffing constraints, appropriate compensating controls have been implemented to offsetor mitigate any inherent risks. The Auditor General's auditor's report has indicated no findings or issueswith respect to the college's system of internal control for several years as stated in the referenced auditreports contained in standard 3.10.1.The cumulative effect of SFCC's unqualified audit opinions, segregation of non-compatible duties, robustsystems of internal control, integrated administrative software, defined inventory control and physicalsecurity measures, structured budgeting process and spending reviews, direct accountability andreporting of adminsitrative services to the president and competency of business office staff, clearlysupport that SFCC exercises appropriate control over all its financial resources.SourcesDBOT PoliciesDBOT Policy 2.07, PropertyDBOT Policy 4.04, Purchasing ContractsDBOT Policy 4.15, Investment of Surplus FundsDBOT Policy 4.18, Travel and Per DiemDBOT Policy 5.20, Professional ServicesSFCC Administrative ProceduresSFCC Administrative Procedure 2050, Cash DisbursementsSFCC Administrative Procedure 2074, Responsibility for College Property and Property RecordsSFCC Administrative Procedure 4040, Purchasing of Goods and ServicesSFCC Administrative Procedure 4090, Cash Collection and Receipting ProcedureSFCC Administrative Procedure 4150, Investment of FundsSFCC Administrative Procedure 4180, Travel ReimbursementSFCC Administrative Procedure 5200, Consultant Employment2010 Mid-Year Budget ReviewFS 280, Security for Public DepositsOrganizational Chart - Administrative ServicesTrustees | Budget Workshop 2010-2011 (Page 11)3.10.5Financial Resources: Control of sponsored research/external fundsThe institution maintains financial control over externally funded or sponsored research and programs.JudgmentCompliant Non-Compliant Not ApplicableNarrativeSouth Florida Community College Page 167 / 202South Florida Community College (SFCC) maintains financial control over externally funded programs.The college does not have externally funded research.