Accounting Department Board Approved

POLICY ON ACCOUNTS RECEIVABLE

Purpose
The purpose of this Policy on Accounts Receivable is to ensure the efficient and effective management of the collection of all Hudson County Community College (“College”) receivables and to establish a system of internal controls for managing the accounts receivable process.

Policy
Accounts receivable is a significant asset for the College. The College and its Board of Trustees (“Board”) are committed to efficiently and effectively managing the collection of all receivables to the College. Receivables include any obligation arising from consumer or financial transactions with the College including, but not limited to, student tuition, fees, continuing education open enrollment courses, as well as sales of products and services.
The Board delegates to the President the responsibility for developing procedures and a system of internal controls for managing the accounts receivable process, including procedures for addressing tuition and fees, payment options, payments, student billing, collections, administrative write-offs, requirements for placing holds on student records, refunds, form 1098-T and tuition statements. The Finance Office will be responsible for implementing the policy.

Approved: June 2021
Approved by: Board of Trustees
Category: Accounting
Subcategory: Accounts Receivables
Scheduled for Review: June 2024
Responsible Office(s): Finance

POLICY ON BUDGETING

Purpose
The purpose of this Policy on Budgeting is to outline the annual budgeting process. The College’s budget is prepared annually and is designed to allow the College to have financial control over the College’s income, while expenditures are estimated based on previous fiscal year expenses and any anticipated expenses for planned activities.

Policy
The College’s annual budget is reviewed and approved by the Board of Trustees. The budget may be based on tuition and fees, state appropriations, county appropriations and other income sources. The Board delegates to the President the responsibility to develop procedures and guidelines for the implementation of this policy. The Finance Office will ensure compliance with this policy in all relevant actions.

Approved: June 2021
Approved by: Board of Trustees
Category: Finance and Accounting
Subcategory: Budgeting
Scheduled for Review: June 2024
Responsible Office(s): Finance

POLICY ON FIXED ASSETS

Purpose
The purpose of this Policy on Fixed Assets is to meet legal requirements of Generally Accepted Accounting Principles (GAAP) established by the Governmental Accounting Standards Board (GASB).

Policy
The College and its Board of Trustees (“Board”) are committed to maintaining an accurate record of fixed assets. The College prepares financial statements consistent with Generally Accepted Accounting Principles (GAAP). Government regulations require recording and maintaining the records of assets including acquisition costs, depreciation and disposal of assets. All assets that meet the requirement of fixed assets will be considered long-term assets and will be managed per GAAP rules.
The Board delegates to the President the responsibility to develop procedures and guidelines for the implementation of this policy. The Finance Office will ensure compliance with this policy in all relevant actions.

Approved: June 2021
Approved by: Board of Trustees
Category: Accounting
Subcategory: Fixed Assets
Scheduled for Review: June 2024
Responsible Office(s): Finance

POLICY ON TRAVEL REIMBURSEMENT

Purpose
The purpose of this Policy on Travel Reimbursement is to establish Hudson County Community College’s (“College”) employee travel reimbursement policy guidelines for reasonable and necessary expenses incurred in connection with approved business travel.

Policy
The College and its Board of Trustees (“Board”) are committed to ensuring that staff and faculty members traveling on official College business exercise the same care in incurring expenses that a prudent person would exercise if traveling on personal business at their own expense. Expenditures for approved travel are reimbursable in accordance with College travel policies and procedures.
The Board delegates to the President the responsibility to develop procedures and guidelines for the implementation of this policy. The Finance Office will ensure compliance with this policy in all relevant actions.

Approved: June 2021
Approved by: Board of Trustees
Category: Accounting
Subcategory: Travel Reimbursement
Scheduled for Review: June 2024
Responsible Office(s): Finance

POLICY ON ACCOUNTS PAYABLE

Purpose
The purpose of this Policy on Accounts Payable is to ensure the security of Hudson County Community College’s (“College”) funds and the conduct of business according to the principles of accountability, completeness, timeliness and accuracy. Guided by these principles, the College endeavors to make timely payment to vendors of verified and approved invoices in an efficient manner, and to maintain complete and accurate records of accounts payable.

Policy
The College and its Board of Trustees (“Board”) are committed to supporting members of the local community and vendors conducting business with the College. This policy pertains to payments to vendors only. Accounts payable is a type of short-term debt, typically the amount owed by an organization to its suppliers or vendors for goods and services provided, for which payment is not made in advance. The College incurs obligations to suppliers and vendors for the purchase of goods and services used in the ordinary course of business.
The Accounts Payable Department is responsible for the auditing and processing of invoices and payments for the College. The Accounts Payable Department performs the following duties associated with this objective: 1) invoice receipt and electronic payments; 2) monitoring vendor credits and previous payments to vendors; 3) handling payment inquiries from vendors and the College community; 4) oversight of document matching; 5) ensuring appropriate approvals; 6) processing payments; and 7) archiving documents and payment history.
The Board delegates to the President the responsibility to develop procedures and guidelines for the implementation of this policy. The Finance Office will be responsible for implementing the policy.

Approved: June 2021
Approved by: Board of Trustees
Category: Accounting
Subcategory: Accounts Payable
Scheduled for Review: June 2024
Responsible Office(s): Finance

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