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Board Policies
Chapter 7 - General Finance Provisions
Click here for a PDF copy of this policy.

7.3 Financial Administration

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. Effective financial administration will facilitate 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 Annual Budget 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.

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Related Documents:

Policy 1D.1 - Office of Internal Auditing Procedure 7.3.1 Accounting and Payroll Procedure 7.3.2 Auxiliary Operations Procedure 7.3.3 Credit Cards Procedure 7.3.4 Cost Allocation 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 Policy 7.4 - Financial Reporting To view any of the following related statutes, go to the Revisor's Web site (http://www.revisor.leg.state.mn.us/). You can conduct a search from this site by typing in the statute number. 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:

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.