Accounting and Finance

Policy Number: III.01
Policy Level: Operating Policy

Originally Issued: October 10, 2013
Reviewed:  November 11, 2016
Reviewed:  February 17, 2020

Policy Owner: VP for Financial Affairs
Policy Implementation: VP for Financial Affairs, Business Manager
SACSCOC  Standard:  13.1

I. Policy Statement and Purpose

The University has been entrusted with public funds to fulfill its mission of education, research, and service. All University faculty and staff under the leadership of the Board of Trustees and the University administration are obligated to ensure that University funds are used only for mission-related purposes and are accounted for in compliance with accepted financial accounting practices and procedures, University policies, and state and federal requirements.

The responsibility for sound financial management resides with every employee who spends University funds or has financial responsibilities as part of their job. Therefore, it is imperative that such employees are familiar with and conform to financial management policies and procedures, such as the University policies related to fiscal concerns established by the Board of Trustees, related Administrative and Financial Operating Policies, and accounting directives/procedures issued by the Office for Financial Affairs.

The institution has sound financial resources and a demonstrated, stable financial base to support the mission of the institution and the scope of its programs and services.

II. Financial Accounting Practices and Procedures

Athens State University’s financial accounting practices and procedures follow the generally accepted accounting principles of Fund Accounting as prescribed by the National Association of College and University Business Officers (NACUBO), the American Institute of Certified Public Accountants (AICPA) and the Financial Accounting Standards Board (FASB). All employees are expected to follow the University’s practices and procedures as detailed in the Office for Financial Affairs Practices and Procedures Manual.

III. Responsibility for this Operating Policy

Policy Owner
As part of the initial approval of this policy by the President and subsequent to the original dissemination of the policy, the President has assigned the Vice President for Financial Affairs as the policy owner for the ongoing evaluation, review, and approval of this policy. Subsequent reviews and revisions to this policy must be in accordance with approved operating policy procedures and processes.

This policy will be reviewed every three years or more frequently as needed by the Policy Owner.  Revisions will be reviewed/reaffirmed by the Cabinet and approved by the University President.  This policy will be updated/published in the University’s Policy Library.

Responsibility for Responsibility for Policy Implementation
The President has assigned the responsibility of implementing this policy to the Vice President for Financial Affairs and the University Business Manager.