7.3 Financial Administration
Chapter 7 - General Finance Provisions
Part 1. Policy Statement
It is the policy of the Board of Trustees to provide sound financial administration to safeguard the resources of the State of Minnesota, the system, the colleges and universities and the constituencies they serve and preserve long term viability of the colleges, universities and system as a whole. Effective financial administration will facilitate planning, forecasting, monitoring and improving managerial performance and evaluating the financial effects of management decisions.
Part 2. Responsibilities
The Board of Trustees is responsible for overall systemwide financial management assurance. The chancellor, in consultation with the Board, is responsible for overall systemwide financial management. The president is responsible for assuring financial administration for a college or university in conformance with Board policies and system procedures.
System procedures will provide for the assurance that:
- financial records are complete and safeguarded;
- financial information is accurate, reliable and useful for management reporting; and
- financial management methods support short term and longer term system and college and university strategic objectives.
The system's accounting guidelines will be based on the standards and guidelines of the Governmental Accounting Standards Board (GASB), the National Association of College and University Business Officers (NACUBO), Minnesota Statutes, Board policies and system procedures.
Records will be subject to internal, legislative and external audits as required by Minnesota Statutes, Board policies, and as needed by universities and colleges in pursuit of their mission and goals.
The Board of Trustees delegates authority to the chancellor to develop guidelines for institutional scholarship and grant programs administered by the colleges and universities.
Part 3. Accountability/Reporting
The Board of Trustees will be periodically updated on the administration and financial management of the system on an exception-based reporting basis and advised of any recommended policy changes.
- Policy 1D.1 Office of Internal Auditing
- Procedure 7.3.1 Accounting and Payroll
- Procedure 7.3.2 Auxiliary Operations
- Procedure 7.3.3 Purchasing Cards
- Procedure 7.3.4 Cost Allocation
- Procedure 7.3.5 Revenue Fund Management
- Procedure 7.3.6 Capital Assets
- Procedure 7.3.7 Impairment of Capital Assets
- Procedure 7.3.12 Scholarships
- Procedure 7.3.13 Surplus Personal Property
- Procedure 7.3.16 Finance Exception Reporting
- Procedure 7.3.17 Electronic Payments
- Guideline 220.127.116.11 Guideline for Payment Card Acceptance, Processing and Security
- Policy 7.4 Financial Reporting
- Governmental Accounting Standards Board (GASB)
- National Association of College and University Business Officers (NACUBO)
- Minnesota Statute 136F.526, Audits
- Minnesota Statute 136A.1313, Financial Aid Audits
- Minnesota Statute 135A.30, Minnesota Academic Excellence Scholarships
- Minnesota Statute 136F.72 Funds
Date of Implementation: 06/21/00,
Date of Adoption: 06/21/00,
Date & Subject of Revisions:
01/29/15 - Amended Part 1 to include preserving long term viability and planning and forecasting.
08/06/09 - policy was reviewed by Laura King's office. No amendments were made.
06/18/03 - changes "MnSCU" to "system", updates State Office of Technology's website address
There is no additional HISTORY for 7.3 at this time.