Standard 19.13
19.13 Institution utilizes the results of these activities for financial planning.
Compliance:
The Institution uses the reporting from the Business Manager to make decisions on a routine basis for purchases, activities, and obligations for the Institution. Spending priorities are guided by the Strategic Business Plan (SBP) and available resources. Examples of this include dispensation of scholarships, the hiring of faculty/staff as positions become available, and general expense management according to the established budget. Financial projections during previous fiscal years enabled the administration to enact a lay-off, salary reductions and pay-freezes in the past to assist in balancing the budget and improving the financial position of the Institution.
Documentation:
Exhibit: 2014 and 2015 Audits
Exhibit: Board Minutes available in College Office
Exhibit: Monthly Financial Report (Example)
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