115D-54. Preparation and submission of institutional budget. (a) By a date determined by the State Board, trustees of each institution shall prepare for submission a budget request as provided in G.S. 115D-54(b) on forms provided by the State Board of Community Colleges. The budget shall be based on estimates of available funds if provided by […]
115D-55. Budget management. (a) Approval of Budget by Local Tax-Levying Authority. – By a date fixed by the local tax-levying authority, the budget shall be submitted to the local tax-levying authority for approval of that portion within its authority as stated in G.S. 115D-54(b). On or before July 1, or such later date as may […]
115D-56. Final adoption of budget. Upon notification of approval by the State Board of Community Colleges, the board of trustees shall adopt a budget resolution as defined in the budget manual as adopted by the State Board of Community Colleges, which shall comply with the resolution of the State Board and the appropriations of the […]
115D-57. Interim budget. In case the adoption of the budget resolution is delayed until after July 1, the board of trustees shall authorize the president, through interim provisions, to pay salaries and the other ordinary expenses of the institution for the interval between the beginning of the fiscal year and the adoption of the budget […]
115D-58. Amendments to the budget; budget transfers. (a) The State Board of Community Colleges shall adopt rules and regulations governing the amendment of the budget for an institution. The board of trustees may amend the budget at any time after its adoption pursuant to the rules and regulations of the State Board. (b) If the […]
115D-58.1. Federal contracts and grants. The board of trustees of any institution may apply for and accept grants from the federal government or any agency thereof, in order to carry out the institution’s mission. In exercising this authority, the board of trustees may enter into and carry out contracts with the federal government or any […]
115D-58.10. Surety bonds and related insurance. The State Board of Community Colleges shall determine what State employees and employees of institutions shall give bonds or be insured for the protection of State funds and property and the State Board is authorized to place the bonds, determine adequate insurance coverage, and pay the premiums thereon from […]
115D-58.11. Fire and casualty insurance on institutional buildings and contents. (a) The board of trustees of each institution, in order to safeguard the investment in institutional buildings and their contents, shall: (1) Insure and keep insured each building owned by the institution to the extent of not less than eighty percent (80%) of the current […]
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. (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. 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-58.14. 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. (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. (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-58.2. 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. 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. 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. (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 […]
115D-58.6. Investment of idle cash. (a) Definitions. – As used in this section, the following definitions apply: (1) Cash balance. – The amount equal to all moneys received into institutional fund accounts minus all expenses and withdrawals from those accounts in an official depository of the institution as designated by the local board of trustees […]
115D-58.7. Selection of depository; deposits to be secured. (a) Each board of trustees shall designate as the official depositories of the institution one or more banks, savings and loan associations or trust companies in this State. It shall be unlawful for any money belonging to an institution, other than moneys required to be deposited with […]