Policy No. 600

Adopted: 04/23/96
Revisions Approved: 9/23/08; 6/26/24

 

Accounting and Finances

I. Accounting and Finances:

(a) The accounting system and reports of Atlantic Cape Community College shall be maintained in accordance with Chapter 5 of the most recent edition of College and University Business Administration published by the National Association of College and University Business Officers, and any subsequent revisions thereof except where otherwise specified in the Accounting Standards. Atlantic Cape Community College shall adopt a system of accounts consistent with the standards and guidelines of the American Institute of Certified Public Accountants (AICPA). Costs borne by the State and county on behalf of the college shall not be reflected on the financial statements and related reports of the college.

(b) As required by N.J.A.C. 9A:1-1.7(c) and the Single Audit Act of 1984 as amended, not later than December 31, Atlantic Cape Community College shall annually file with the Office of the Secretary of Higher Education and with the Office of Management and Budget, and the Department of the Treasury, a copy of its audited financial statements and management letter(s) (if issued). Atlantic Cape Community College shall also file with the foregoing agencies an audit of student enrollment by November 1. These audits shall be conducted by a certified public accountant of New Jersey. The financial audit shall be in accordance with auditing standards generally accepted in the United States of America (GAAS), the Industry Audit Guide for Audits of Colleges and Universities, as amended by AICPA Statement of Position (SOP) 74-8, Financial Accounting and Reporting by Colleges and Universities, and as modified by applicable Financial Accounting Standards Board (FASB) pronouncements issued through November 30, 1989, and as modified by all applicable Governmental Accounting Standards Board (GASB) pronouncements cited in Codification Section Co5, Colleges and Universities. The enrollment audit shall be in accordance with the Accounting Standards, the New Jersey Administrative Code, and standards established by the American Institute of Certified Public Accountants.

"Accounting Standards" refers to the auditing and accounting standards for State support. These accounting standards are recommended by the Council of County Colleges for use by the Department of Treasury pursuant to N.J.S.A. 18A:64A-22 & 29.

(c) The audit engagement shall require that the lead and reviewing audit partners will rotate off the audit engagement every five years.

 

Procedures:

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