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Fiscal Policy

Financial policies and the procedures to implement them provide evidence of sound fiscal accountability using standard accounting practices. Financial policies and procedures are consistent with the program's vision, philosophy, mission, goals, and expected child outcomes. Operating budgets are prepared annually, and there is at least quarterly reconciliation of expenses to budget. A system exists to review or adjust the budget if circumstances change, and it includes a yearly audit. Budgets are reviewed and amended as needed. Fiscal records (such as revenue and expenditure statements, balance sheets, banking reconciliation, etc.) are kept as evidence of sound financial management.

The professional team prepares the operating budget annually, and the director and associate director present this budget to the funding source, here the Fee Allocation Committee (FAC) of the St. Cloud State University student government. At least once the administrative team then presents this written budget verbally to the FAC, and stands ready to answer any questions regarding the budget.

The Office of Business Services provides monthly budget reconciliation, and the director likewise conducts paper-pencil reconciliation monthly.  This provides close monitoring of line item adequacy, and indicates where spending must be scaled back if necessary.  In the rare case where budgets need to be amended, the director makes such a request directly to the FAC.

Fiscal Policy, Appendix II-D


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