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Comprehensive Standard 3.2.2.2: The Fiscal Stability of the Institution
The legal authority and operating control of the institution are clearly defined for the following areas within the institution's governance structure:
Judgment of Compliance: The College certifies COMPLIANCE.
Narrative:
The Board approves the annual college budget under the provisions of NCGS 115D-Article 4A. The Board has delegated to the president the authority to transfer funds within the same fund (see NCGS 115D-58(c)). Transfers are reviewed by the Board at its next regular meeting and entered into the minutes. Financial policies designed to ensure accountability to the public and the fiscal stability of the college are mandated by the North Carolina General Statutes and the North Carolina Administrative Code. The Board-approved operating revenue of the college has been stable as shown in the following table:
Table 1: Operating Revenues, 1998-2004
|
Year
|
Operating Revenues *
|
% Change
|
Total Budget FTE
|
% Change
|
|
1998-99
|
16,657,032.
|
|
2868
|
|
|
1999-00
|
17,518,243.
|
5.2%
|
3024
|
5.4%
|
|
2000-01
|
18,751,625.
|
7.04%
|
3079
|
1.8%
|
|
2001-02
|
18,805,765.
|
0.3%
|
3058
|
-0.7%
|
|
2002-03
|
19,937,533.
|
6.0%
|
3252
|
6.3%
|
|
2003-04
|
21,189,337.
|
6.3%
|
3429
|
5.4%
|
|
2004-05
|
21,134,670
|
-.0%
|
3438
|
+.0%
|
The Finance Committee of the Board and the full Board review the budget and the monthly financial statements at each regularly scheduled meeting.
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