The Southwestern Community College Board of Trustees, the president of the College, and the vice president of Administrative Services are the primary agents of control over the College’s financial resources. The North Carolina General Statutes define the authority for financial control as a responsibility of the Board of Trustees (1). The Board periodically reviews the fiscal operations of the College in each and all budget areas and reviews all other financial activity (2). The president is required to present an annual report to the Board of Trustees concerning the development and operation of the college (3). The vice president for Administrative Services is charged with administering the financial programs of the College (4). Quarterly reports on the financial status of the College are presented to the Board of Trustees.

Financial processes at the College are governed by specific procedures. Most procedures are maintained within the Administrative Services area; some are formalized in the College’s Policies and Procedures Manual; many are ultimately governed by state policies. The areas governed by specific procedures include:

Regular financial audits affirm that the college is exercising appropriate control over its financial resources (13, 14, 15, & 16).

Physical Resources

The College assures appropriate control over its physical resources through regular physical inventories of equipment, central store supplies and other departments with inventory on hand. Results of the equipment inventory audit are reported to the N.C. Community College System (NCCCS) Office annually. Maintenance personnel continuously monitor facilities for potential maintenance issues. Each year the College submits a deferred maintenance report to the NCCCS (17). The College is diligent in its control over all resources as evidenced by its excellent audit history from the State Auditor.