Departmental Record Keeping
NOTICE TO READER:
Segments of this document in bold, italic print represent policy which can be changed only by authorization of the VMI Board of Visitors. All other segments represent procedures which may be changed by authorization of the Superintendent.
TABLE OF CONTENTS
75000 Departmental Record Keeping
75100 Departmental Reconciliation Procedures
75200 Departmental Record Retention
75000 Departmental Record Keeping [Return to top]
All Institute departments shall maintain a file of all their financial transactions. Departments shall keep separate files for each account. Departments shall conduct monthly reconciliations between departmental records and Colleague financial reports; this is an important part of the internal control over the Colleague Finance System.
75100 Departmental Reconciliation Procedures [Return to top]
As discussed in Section 25000, Financial Reports, department heads and Colleague budget officers have access to Entrinsik reports that will allow them to retrieve budget balances, encumbrance information as well as revenue and expense information for the accounts for which they are responsible. They can also create their own Entrinsik reports in a PDF format or they can export these reports to Excel to allow further analysis of data.
Each department head and/or Colleague budget officer is responsible for reconciling the departmental records for each account for which they are responsible, to the Entrinsik reports they access or create from the data maintained in Colleague for that account. Transactions should be reviewed to verify amounts agree, data descriptions are correct, and vendor names are the same. Ourstanding encumbrance balances should be reviewed to assure the correct amount is reflected. Additionally, department heads and/or Colleague budget officers must monitor the budget balance available to assure adequate funding exists to cover all remaining needs for the balance of the fiscal year.
For pool bond funded capital projects for which the Construction Office must use GCPay to submit, review and approve construction contractor's CO-12 forms, and architectural and engineering (A/E) invoices, it is incumbent upon the Director of Construction to ensure invoices reflected in GCPay are processed for payment in the appropriate Colleague accounts.
For any errors or omissions noted during their review of account activity, the department head or Colleague budget officer shall contact the Institute Budget Offider or appropriate individuals within the Comptroller's Office to make the appropriate corrections to their accounts. If you are unsure who to contact, you may e-mail your question to firstname.lastname@example.org and the appropriate personnel will respond.
Departments shall keep the reports and documents concerning their financial activities for a period established by Institute, and by government regulations, in no case less than three years. Departments shall store those records not required for current operations, in a secure and accessible area. As described in Section 45000, Disbursements, all records related to small purchase charge cards shall be retained by the department for five years in accordance with state regulations.
All records are subject to examination by the Office of the Comptroller and the Auditor of Public Accounts.