|Disbursement of Funds
||Approved Date 8-18-2015
Effective Date 8-18-2015
Revision No. 1.0
This policy establishes guidelines for the college to pay for goods and services that have been properly procured. This policy does not apply to payroll disbursements.
2.0 Revision History
||Added policy statements, definitions, and more detail to the procedures.
||Added a deadline of 45 days to submit receipts for reimbursement.
||Changed the minimum payment that the Board is required to approve from $500 to $10,000 to facilitate timely payment to vendors.
3.0 Persons Affected
3.1 Casper College Board of Trustees
3.2 All college employees
The policy of Casper College is to ensure the following.
4.1 The college has disbursement procedures that promote sound cash management and accounting principles.
4.2 The college’s disbursement procedures promote successful vendor relationships.
4.3 The college abides by all federal, state, and local laws when issuing disbursements.
5.1 Payment Date. The payment date is established once goods and services are received in acceptable condition along with a proper invoice. Exceptions to the payment date may include standard industry practices, advance payment, or contractual agreements.
5.2 Advance Payments. These are payments made prior to the receipt of goods and services and are allowed for expenditures normally prepaid as a standard industry practice or where prepayments are considered cost beneficial to the college. Typically, these expenditures are either non-contractual or contractual.
5.2.1 Non-contractual. Examples of non-contractual expenditures that may be considered for advance payment include organizational memberships, subscriptions, convention and educational services, certain mail order purchases, film acquisitions or rentals, and advertising expenses.
5.2.2 Contractual. Contractual advance payments are made where delivery, performance, or refund is assured based on written obligations. Contractual advance payments may include contracts, leases, or agreements for radio and television advertising, repair and maintenance contracts, computer hardware and software maintenance contracts, licensing agreements, specialized custom manufactured equipment, real property, equipment rentals, insurance premiums, and legal services.
5.3 Invoices. This is a vendor prepared document that typically includes the vendor’s name, address, contact name, phone number, invoice number, and invoice date; the college’s purchase order number, if applicable, and contact name; a description of the goods or services provided; and the amount due to the vendor.
6.1 Any employee who has responsibility for purchasing and managing resources is responsible for following payment procedures.
6.2 The vice president of administrative services (VPAS) as the appointed assistant treasurer of the Board of Trustees is responsible maintaining compliance with this policy.
7.1 Issuing Payment to Vendors
7.1.1 Vendors have on file or submit a current W-9 to the Accounting and Financial Management (AFM) Office prior to the processing of payment.
7.1.2 Employees submit an approved requisition order and a valid invoice or receipt to the AFM Office. Advance payments require an order form, registration form, or other documentation of the goods or services being procured.
7.1.3 The AFM Office reviews all invoices and supporting documents for accuracy and compliance with policy. AFM will contact the ordering school/department/individual or the vendor to resolve missing or erroneous documentation. Payment will be issued according to the payment date or the contract once the required documentation is received and validated.
7.2 Issuing Payment to Employees or Students
7.2.1 Employees submit an approved requisition order signed by their supervisor and a valid invoice or receipt to the AFM Office within 45 days from the receipt or invoice date. See the petty cash policy for requisitions of a $100 or less. Students seeking reimbursement for club purchases submit an approved requisition order signed by their club advisor and a valid invoice or receipt to the AFM Office within 45 days from the receipt or invoice date. See the petty cash policy for requisitions of a $100 or less.
7.2.2 The AFM Office reviews all invoices and supporting documents for accuracy and compliance with policy. AFM will contact the employee or the employee’s supervisor to resolve missing or erroneous documentation. Payment will be issued once the required documentation is received and validated.
7.3 The Board of Trustees approves the release of payments at their regularly scheduled monthly board meeting. Board approval is required for the release of all payments except for the following. The Board or the Board Finance Committee may request transaction summaries for any type of disbursement, including those that do not require board approval.
7.3.1 Payments of $10,000 or less
7.3.2 Tuition and fee, student housing, and food service refunds; financial aid disbursements; grant program payments to or on behalf of students; and other payments related to fees assessed students
7.3.3 Payments on behalf of organizations related to recognized student, employee, and department organizations funds
7.3.4 Payroll and related disbursements (i.e. tax deposits, insurance)
7.3.5 Employee and student travel
7.3.6 Advance payments
7.3.7 Speaker fees/honoraria fee
7.3.8 Employee recruitment expenses
7.3.9 Debt service payments
7.3.10 Utility payments
7.3.11 Unexpended grant funds to granting entity
7.3.12 Emergencies or extenuated circumstances with the approval of the VPAS