The University of North Georgia is in compliance with this comprehensive standard.
As part of the University System of Georgia, University of North Georgia (UNG) maintains control of financial resources in compliance with Section 7 (Business and Finance) of the University System of Georgia Board of Regents Policy Manual and with their Business Procedures Manual.
The Senior Vice President for Business & Finance is responsible for sound budget and management practices. After budget requests have been reviewed by the members of the President’s Cabinet, the Senior VP for Business & Finance compiles the institutional budget based on available funds. The budget is then submitted for review and approval to the UNG President and then to the University System of Georgia Board of Regents.
All income is receipted by UNG cashiers and is credited to the appropriate revenue accounts. Other mechanisms for protection include periodic unannounced review of cash handling procedures at various locations on campus and separation of duties when posting receipted amounts to the general ledger.
UNG procedures for expenditures conform to Section 6.1 of the USG Business Procedures Manual. All expenditures are controlled through a requisition/purchase order system, purchasing card program or check request process, which requires multiple approvals from appropriate supervisors, deans, directors and university administrators. All invoices are received by the Accounts Payable office and are paid after services are rendered, or after materials are received and documented via receiving report, and verified with approved purchase orders. As purchase orders are issued, the appropriate expenditure account is encumbered, invoices and verified, and documentation is attached. The invoice is posted to the appropriate expenditure account; therefore, current budget balances are available. Comptroller’s Office personnel monitor each disbursement made through a purchase order. A P-Card Coordinator reviews all expenditures made via the purchasing card program to ensure that the expenditure is appropriate and the expense will be posted to the correct account. Administrators and deans have primary responsibility for control of expenditures in their areas to ensure that expenditures do not exceed budget allocations. Appropriate personnel have access to track revenues, expenditures, encumbrances and budgets.
Records and activities of the institution are audited annually by the Georgia Department of Audits and Accounts. The past 3 years of audit reports for the former Gainesvlle State College (GSC) and North Georgia College & State University (NGCSU ) are presented for review (GSC - FY 2012, GSC - FY2011, GSC - FY2010, NGCSU - FY 2012, NGCSU -FY2011, NGCSU - FY2010). Because consolidation occurred in January 2013, which was in the middle of FY2013, data for the consolidated UNG are not yet available. UNG has an Internal Auditor, whose responsibilities are delineated in Section 7.10 of the University System of Georgia Board of Regents Policy Manual.
The University of North Georgia is supported by three charitable foundations: two foundations that are philanthropic in mission and one foundation that holds real estate assets for the institution.
The University of North Georgia Real Estate Foundation, Inc. serves as the institution's facilitator and holder of public-private capital projects. The Foundation is responsible for providing the institution with reports of external audits of their income and disbursement. Foundation audits are attached to the institutions’ Annual Financial Report and submitted to the University System of Georgia. This foundation has an independent board.
The University of North Georgia Foundation – Dahlonega, Inc. and the University of North Georgia Foundation – Gainesville, Inc. are externally funded and each operate with an independent board. They are responsible to UNG and exist to support the institutional mission through obtaining and stewarding fundraised assets. The Foundations are responsible for providing the institution with reports of external audits of their income and disbursement. Foundation audits are attached to the institutions’ Annual Financial Report and submitted to the University System of Georgia. The two foundations have initiated a process of consolidation that is scheduled to be completed by July 1, 2014.
Investments include financial instruments with terms in excess of 13 months, certain other securities for the production of revenue, land, and other real estate held as investments by endowments. UNG accounts for its investments at fair value. Changes in unrealized gain (loss) on the carrying value of investments are reported as a component of investment income in the Statement of Revenues, Expenses and Changes in Net Assets. The Board of Regents Legal Fund, the Board of Regents Balanced Income Fund, the Board of Regents Total Return Fund, the Board of Regents Diversified Fund, and the Georgia Extended Asset Pool are included under Investments.
UNG follows the procedures outlined in Georgia Board of Regents Business Procedures Manual. For cash management, the Bursar’s Office on each campus is the central location for cashiering of all institution funds. A computer-numbered receipt is generated for all transactions. Daily updates of receipt transactions are reconciled, and monthly bank reconciliations are performed. Internal controls are maintained for the receipt and disbursement of funds.
UNG exercises appropriate control over cash resources. All income is receipted by the institution’s cashiers and credited to the appropriate accounts. The administrative computing software has security procedures in place that only allow employees who are set up with a cashiering function to process receipts. Cashiers are required to close their cashiering sessions at the end of each business day. The BANNER Cashier report lists all transactions by date and amount for each cashier. This report provides the information necessary for performing reconciliations between the administrative computing software and the bank deposit. Upon reconcilement, the cashiers prepare the daily deposit for secure transport to the bank. The Comptroller’s Office reviews all daily payment registers and deposits on a daily basis in order to reconcile the institution’s cash balances to the banks.
A number of UNG student organizations receive funding from Student Activity Fees. These funds are maintained by the university and are administered in accordance with Board of Regents and State guidelines. All expenditures from student activity fee accounts must be approved by a student affairs administrator on the campus involved. Any revenue generated by student organizations from programs or activities funded by Student Activity Fees must be deposited into the group’s university account. Groups receiving funding from Student Activity Fees are generally not allowed to maintain private bank accounts.
Student organizations that do not receive funding from Student Activity Fees and groups that receive some funding, but generate most of their budget independently, must request permission from the Office of Student Involvement on their campus to establish or maintain a private bank account. Groups would be required to establish their own Federal ID Number with the IRS. The University's Federal ID Number may not be used.
All fundraising activities for student organizations and clubs are coordinated through the Vice President for Student Affairs. All funds collected by an organization with a university account are receipted by the Bursar’s Office and credited to the appropriate revenue account.