§ 115D-58.14 – Purchasing flexibility.
115D-58.14. Purchasing flexibility. (a) Community colleges may purchase supplies, equipment, and materials from noncertified sources that are available under State term contracts, subject to the following conditions: (1) The purchase price, including the cost of delivery, is less than the cost under the State term contract; (2) The cost of the purchase shall not exceed […]
§ 115D-58.15 – Lease purchase and installment purchase contracts for equipment and real property.
115D-58.15. Lease purchase and installment purchase contracts for equipment and real property. (a) Authority. – Notwithstanding any other provision of law to the contrary, the board of trustees of a community college may use lease purchase or installment purchase contracts to purchase or finance the purchase of equipment or real property as provided in this […]
§ 115D-58.16 – Audits.
115D-58.16. Audits. (a) Each community college shall be subject to a financial audit a minimum of once every two years. Community colleges may use State funds to contract with the State Auditor or with a certified public accountant to perform the audits. The colleges shall submit the results of the audits to the State Board […]
§ 115D-58.11A – Flood insurance.
115D-58.11A. Flood insurance. (a) The board of trustees of each institution, in order to safeguard the investment in institutional buildings and their contents, shall insure and keep insured to the extent of not less than eighty percent (80%) of the current insurable value, as determined by the insurer and the insured, of each of its […]
§ 115D-58.12 – Liability insurance; tort actions against boards of trustees.
115D-58.12. Liability insurance; tort actions against boards of trustees. (a) Boards of trustees may purchase liability insurance only from companies duly licensed and authorized to sell insurance in this State or from other qualified companies as determined by the Department of Insurance. Each contract of insurance must, by its terms, adequately insure the board of […]
§ 115D-58.13 – Vending facilities.
115D-58.13. Vending facilities. Moneys received by an institution on account of operation of vending facilities shall be deposited, budgeted, appropriated, and expended in accordance with the provisions of this Article. (1983 (Reg. Sess., 1984), c. 1034, s. 170.)
§ 115D-58.2 – Allocation of revenue to the institution by the local tax-levying authority.
115D-58.2. Allocation of revenue to the institution by the local tax-levying authority. (a) The local tax-levying authority of each institution shall provide, as needed, funds to meet the monthly expenditures, including salaries and other necessary operating expenses, as set forth in a statement prepared by the board of trustees and in accordance with the approved […]
§ 115D-58.3 – Provision for disbursement of State money.
115D-58.3. Provision for disbursement of State money. The deposit of money in the State treasury to the credit of the institution shall be made in monthly installments, and additionally as necessary, at such time and in such manner as may be convenient for the operation of the community college system. Before an installment is credited, […]
§ 115D-58.4 – Provisions for disbursement of local money.
115D-58.4. Provisions for disbursement of local money. All local public funds received by or credited to an institution shall be disbursed on checks signed by the two officials of the institution who shall have been designated by the board of trustees. The officials so designated shall countersign a check only if the funds required by […]
§ 115D-58.5 – Accounting system.
115D-58.5. Accounting system. (a) Each institution shall establish and maintain an accounting system consistent with procedures as prescribed by the Community Colleges System Office and the State Controller, which shows its assets, liabilities, equities, revenues, and expenditures. (b) Each institution shall be governed in its purchasing of all supplies, equipment, and materials by contracts made […]