Expenditures (Policy 5.050)
|F.S. 1001.64; 1010.02; 1010.04; 112.061; FAC 6A-14.0734: .0765
|7/82; Rev. 7/92, 10/99, 5/04, 05/09, 03/10; 05/2013
|Date of Review:
|05/09; 08/11; 04/13
The President or designee shall establish procedures to implement the following general policies:
- The President or designee is authorized to approve purchases in accordance with Board Policy 5.020 and 6A-14.0734 FAC, including all items exempt from bid requirements.
- All purchases shall be made by requisition or with a College Purchasing Card.
- All bills are to be paid in accordance with approved invoices.
- Payments shall be made by auto-numbered checks signed by the President and the Executive Vice President/CFO. The President may authorize an additional check signer as needed. Facsimile signatures may be used. ACH payments and/or wire transfers will be utilized where appropriate. Proper internal controls will be adhered to for all payments.
- The Executive Vice President/CFO or designee is authorized to place stop orders and to issue duplicate checks in accordance with established procedures.
Investment of Funds
The President or designee is authorized to invest surplus funds in accordance with 6A-14.0765 FAC.
Payroll and Salaries
The President or designee shall develop procedures for the payment of employees in accordance with the Salary Schedule adopted by the Board.
The President or designee shall recommend annually to the Board necessary insurance to be carried by the College.
Travel and Subsistence of Personnel
The President or designee shall establish procedures to reimburse employees for authorized travel and subsistence expenses incurred during the course of duty consistent with Section 112.061 F.S.
The President or designee shall ensure that adequate bonds are provided for College personnel and Board members.
Petty Cash Fund
The Board authorizes the establishment of a petty cash fund that shall not exceed $2,500 per campus. This policy does not permit the use of these funds for equipment or cash purchases in excess of $50.00. The President shall designate a custodian of the petty cash fund and shall implement the necessary forms and procedures for use of the fund.