Board Policies for Financial Issues
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- 4001 Financial Responsibilities of the Board (approved 1.23.12)
- 4002 Purchasing (approved 1.23.12)
- 4003 Travel (approved 1.23.12)
- 4004 Meeting Refreshment Reimbursement (approved 1.23.12)
- 4005 Outside Vendors (approved 1.23.12)
- 4006 Refund Policy (approved 1.23.12)
- 4007 Investment Policy (approved 1.23.12)
- 4008 Transfer of Funds (approved 1.23.12)
- 4009 Naming Opportunities (approved 1.23.12)
- 4010 Contracts for Services (approved 1.23.12)
- 4011 Red Flags Rule (approved 1.23.12)
The financial and business policies and practices of the community colleges shall comply with article 126 of the Education Law, the Code of Standards and Procedures for the Administration and Operation of Community Colleges under the Program of State University of New York prescribed by the State University trustees, and a manual for community college business offices, and such other instructions as may be appropriate and necessary from time to time as prescribed by the Chancellor of State University or designee.
Pursuant to article 126 of the Education Law and §602.1 and §604.2 of the Code of Standards and Procedures for the Administration and Operation of Community Colleges, the Trustees shall approve and implement budgets, establish tuition and fees (within legal limits) and have the records and accounts of the college audited annually by a certified public accounting firm.
All expenditures of College funds must be authorized and purchased according to College procedures. Unauthorized expenditures will not be reimbursed and are strictly the responsibility of the individual. Exceptions require approval of the supervising Cabinet member and the Vice President of Administrative Services. The College will obtain necessary supplies, equipment and services at the best value while upholding a high standard of ethics. The administration is responsible for establishing purchasing procedures at MVCC in accordance with all applicable laws and regulations governing MVCC, the State of New York and the County of Oneida, as outlined in the approved procedure, found at (link) or in the Business Office.
The College will provide travel money for its employees for the purposes of conducting College business or attending conferences and meetings relevant to their jobs. Travel approval and reimbursement shall conform to approved procedure, found at (link) or in the Business Office.
According to SUNY Community College Regulation 602.4, the cost of food, beverages and entertainment for College social functions is not allowable for State aid and support by student tuition revenues; expenses relating to refreshments and meals are allowable only for the purpose of conducting official College business. Therefore, refreshments served at meetings and formal training sessions of the College, at College expense, must conform to approved procedure, found at (link) or in the Business Office.
Individuals or organizations who wish to sell products or services to College employees may do so only under established procedures, found at (link) or in the Business Office.
The College’s tuition refund policy shall be consistent with Section 484B of the Higher Education Act and NYS Code for Community Colleges Section 602.11 “Refund of Tuition and Fees” and any subsequent amends thereto shall be in conformance with Federal Title IV and state guidelines.
The following investment policy applies to all monies and other financial resources available for investment on behalf of the Mohawk Valley Community College General Fund.
The objectives of Mohawk Valley Community College's investment policy are four-fold:
1. Investments will be made in conformance with all applicable Federal,
State of New York, and other legal requirements.
2. Investments shall be made in a prudent manner so as to safeguard the
funds of the College and minimize risk.
3. Investments shall be sufficiently liquid so as to allow funds to be available
as required to meet obligations of the College.
4. Funds of the College shall be invested in such a manner to insure a
competitive rate of return.
C. Delegation of authority
The Board of Trustees of Mohawk Valley Community College delegates to the Chief
Fiscal Officer the responsibility and authority to adhere to the Investment Policy and
related to procedure found at (link) or in the Business Office.
The Administration will establish a procedure for executing the transfer of funds within the budget. All transfers above $30,000 will be reported at regular meetings of the Board of Trustees. The specifics relating to this policy can be found at (link) or in the Business Office.
This Policy establishes general guidelines for the proposed “naming “of physical or non-physical assets of Mohawk Valley Community College in recognition of philanthropy or significant contribution for the benefit of the college.
1. The naming of a physical or non-physical asset of Mohawk Valley Community College is considered one of the highest honors that the college can bestow because of its permanence. The Board of Trustees, upon their own action or recommendation of the College (and the MVCC Foundation where appropriate), is responsible for naming the physical assets of the College. In all cases the proposed naming must reflect the mission of MVCC and be consistent with the interests of the College an institution of higher learning.
2. The naming of a physical or non-physical asset of MVCC may be appropriate when a significant gift is received for the benefit of the College, directly or through the MVCC Foundation, with the intention to honor the character, service or other positive merits of the donor or the donor’s honoree.
3. The naming of a physical or non-physical asset of MVCC may be appropriate when a non-monetary contribution is deemed significant by the MVCC Board of Trustees.
4. A physical or non-physical asset may be named on behalf of a living or deceased individual or legal entity. Buildings, campus grounds or other physical facilities will not be named for individuals currently employed by the University or the State of New York, Oneida County or MVCC unless a donor other than the honoree provides a sufficient gift (as per the approved naming guidelines) in honor of that individual.
5. The naming of a physical or non-physical asset in recognition of a donor or a donor’s honoree implies a promise to that donor that the name will not be modified or appended by the College and that the asset will be permanently maintained for its foreseeable useful life. If change is unavoidable, that an alternative means of recognizing the donor or honoree will be determined by the joint approval of the Board of Trustees and the College President.
6. All combinations of gifts, pledges and irrevocable deferred gift arrangements are acceptable forms of philanthropy to support naming commitments. With respect to deferred gifts, while the naming commitment may be immediate, the required deposit amount shall be increased in order to reflect the immediate honor bestowed by the naming despite the delay in the MVCC Foundation receiving gift.
7. To support the naming of a non- physical asset (e.g. center, institute, program, academic unit) through the establishment of an endowment, the amount of the endowed gift should be sufficient to generate annual earnings (at a rate not less than 5%) that would be necessary to sustain the non-physical asset on a permanent basis.
8. To support the naming of annual term funds for faculty support, financial aid or other funding priorities, the donor should commit to providing an annual gift at least equivalent to the income from an endowment fund required to sustain the non-physical asset for a fixed period, typically three to five years.
9. Situations may occur that would warrant removal of a name from a physical or non-physical asset at MVCC. At any future time, an inquiry by the Board of Trustees may determine that the parameters under which the naming was bestowed have changed and the naming no longer is consistent with MVCC’s mission as an institution of higher learning. The responsibility and authority to remove a name must be exercised jointly by the Board of Trustees and the College President.
Such naming shall conform to approved procedure, found at (link) or in the President’s Office.
The Board of Trustees of Mohawk Valley Community College will periodically review the College’s roster of service providers, including, but not limited to, those that provide legal, insurance, financial services, audit, and consulting services. As appropriate, and as contracts expire, the Board may request that a formal RFP (request for proposal) be issued for future contracts of these services.
The College’s Identity theft prevention program is in accordance with the Federal Trade Commission’s Red Flags Rule, which implements Section 114 of the Fair and Accurate Credit Transactions Act of 2003. The administration is responsible for the establishment of procedures for the prevention of identity theft, found at (link) or on file in the Business Office.