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Finance And Administration Policies

Travel Authorization and Reimbursement

Responsibility for Maintenance: Dean of Finance and Administration

I. Policy Statement
All travel authorization and reimbursement shall be managed in accordance with the procedures set forth in this policy.

II. Reason for Policy
The College follows The Commonwealth Accounting Policies and Procedures (CAPP) Manual that is written and published by the Department of Accounts (DOA) to provide authoritative guidance on the application of accounting policies, procedures, and systems pursuant to Section 2.2-803 of the Code of Virginia. This policy ensures compliance with the CAPP manual regarding travel authorization and reimbursement.

III. Applicability of the Policy
This policy governs all employee business-related travel and cost reimbursements. This also applies to reimbursable expenses of contracted work where the contract stipulates the payment of travel expenses.

IV. Related Policies, Procedures, and Documents

V. Contacts
Business Office
Dean of Finance and Administration
(804) 862-6100, ext. 8560
office.finance@rbc.edu

VI. Definitions
Business Travel Expenses: Reasonable and necessary expenses incurred while traveling on Richard Bland College business.

VII. Procedures
This policy describes general guidelines for authorization and reimbursement of business travel expenses.

Full travel policies, procedures, and forms are maintained at all times at: http://www.rbc.edu/administrative-offices/office-of-finance-and-administration/resources/ and http://www.rbc.edu/administrative-offices/office-of-finance-and-administration/finance-forms/

Business travel with estimated expenses equal to or greater than $1,000, or out-of-state travel, must be pre-approved by the President or an authorized designee. Business Travel with estimated expenses ranging from $100-1,000 must be pre-approved by the director or dean of the department responsible for those expenses. Failure to obtain such approvals may result in non-reimbursement of the resulting expenses.

Eligible expenses are processed through one of several processes – the procurement process, the Central BOA Visa Card, the BOA Visa IL Card, or out-of-pocket reimbursement.

A travel advance may be requested. These requests are reviewed and approved by the Dean of Finance and Administration.

Reimbursement of out-of-pocket business travel expenses incurred occurs through the travel expense reimbursement voucher process. The submitting employee must complete the form along with the additional documentation. The documentation is then reviewed and approved by the department manager and routed to the Finance Office. Reimbursement is processed through accounts payable.

For budgetary and quality control purposes, these procedures ensure that all business travel expenses always have at least one level of review (often multiple levels).


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Cash Controls and Management

Responsibility for Maintenance: Dean of Finance and Administration

I. Policy Statement
All cash controls and management shall be managed in accordance with the procedures set forth in this policy.

II. Reason for Policy
As part of the Richard Bland College (RBC) shared governance structure, the RBC committee reports to the William & Mary Board of Visitors.

This policy is intended to ensure that adequate finance procedures are maintained.

This policy provides the general guidelines for controlling cash items (checks, currency, and coin).

III. Applicability of the Policy
All College employees should be familiar with this policy.

IV. Related Documents

V. Contacts
Cash Controls and Management
Finance
Dean of Finance and Administration
(804) 862-6100, ext. 8560
office.finance@rbc.edu

VI. Definitions
Internal Controls Framework

  • Control Environment: sets the tone for the organization, influencing the control consciousness of its people. It is the foundation for all other components of internal control.
  • Risk Assessment: the identification and analysis of relevant risks to the achievement of objectives, forming a basis for how the risks should be managed
  • Information and Communication: systems or processes that support the identification, capture, and exchange of information in a form and timeframe that enable people to carry out their responsibilities
  • Control Activities: the policies and procedures that help ensure management directives are carried out.
  • Monitoring: processes used to assess the quality of internal control performance over time.

VII. Procedures
It is College policy to minimize the number of departments collecting cash items. Each collection point may have different requirements for cash item collection and may use different numbers of employees. However, there are several basic rules of control that must be followed. All College employees involved with cash item collection should both be aware of, and comply with, these rules.

The basic rules governing receipt of cash items are:

  • All cash items received must be recorded immediately and deposited as follows:
    • Deposit within 24 hours to Cashiers office is required for total receipts exceeding $100.
    • Weekly deposit is required for all receipts. Items must be properly secured—preferably in a departmental safe or in a locked file cabinet, desk, or cash box.
  • Cash items on hand and in the departmental account must be accurately stated and controlled by appropriate safeguards.
  • Departmental systems and procedures must provide adequate and appropriate controls over the receipt, storage, and deposit of cash items.
  • Only College employees, no volunteers or students, can handle cash.

Note: All cash operations are subject to review by the Board of Visitor’s internal (William & Mary) and the College’s external auditors. Therefore, ensure that all receipts can be related to a deposit, and that all deposits can be directly traced to supporting documentation.

Basic Controls for the Receipt of Cash Items

  • All cash collection locations must be approved by the Dean of Finance and Administration.
  • Ensure all rates used for pricing are approved in advance by the appropriate Dean or Director responsible for the area.
  • Ensure that responsibility for cash items from time of receipt to time of deposit is clearly defined and documented.
  • Only the minimum number of employees should handle cash from receipt to deposit.
  • Ensure proper separation of duties exists.
  • Cash item handling, record keeping, and reconciliations should be assigned to different people.
    • Pre numbered tickets should be used and reconciliation between beginning ticket and ending ticket for each event to cash collected. This must be auditable.
  • Issue a receipt for every currency transaction (and for checks, if possible) with either a College-approved, pre-numbered receipt or a cash register-generated receipt.
  • Ensure all transfers of cash items between persons—either within the office, between offices, or between the College and the bank—are documented (and signed by both persons, if possible).
  • Do not mail currency or coins to the College Cashiers Office. If locked bags are needed, contact the College Cashiers Office.
  • Do not make disbursements from undeposited receipts. Keep undeposited receipts intact.
  • Ensure the safeguarding of cash items. Cash storage guidelines are as follows:

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Amount StoredPreferredAcceptableUnacceptable
Less than $100Locked desk, locked file cabinet, or secured cash register while in useLocked boxNot Secured
More than $100Deposited with Cashier’s officeDeposited with Cashier’s officeLocked desk, locked file cabinet, locked box, or not secured
  • Access to undeposited cash items should be restricted to the minimum number of persons.
  • Deposit College funds only into appropriate College accounts, not into accounts such as: Personal bank accounts, College checking accounts not authorized by the Dean of Finance and Administration, or Petty cash accounts.
  • Keep College and personal funds separate.
  • Deliver deposits directly to the Cashiers Office. Intermediate stops, overnight layovers, and taking deposits home for next morning deposit are not allowed. Ensure employees are escorted when making large deposits ($500 or more).
  • Collect and report sales tax as appropriate.
  • Each individual department must document the entire departmental procedure for handling cash items for clarity and for training purposes. This document must be forwarded to the Finance Department for review.

Please adhere to the following policies and procedures in the administration of the petty cash fund. This policy will detail the authorized use of petty cash funds and restrictions on purchases.

  1. Petty cash funds must be held in a locked cash drawer or a locking cash box. The primary key to the locked storage should be held by the fund custodian. A secondary key to the box should be retained by the department head in the event of an absence of the primary custodian.
  2. The total amount of the petty cash fund must always be equal to the amount of cash on hand plus any unreimbursed amounts.
  3. Petty cash funds should always be kept away from any other financial transactions in the department. To discourage theft, avoid dispensing money from the cash box in the presence of persons requesting money. Petty cash funds should be counted on a daily basis if transactions to such have occurred.
  4. Locked box should be kept in a locked drawer, safe or filing cabinet. Funds must always be secured when the custodian leaves the office. Keys to the locked box should be kept in the possession of the custodian at all times and not left untended in desks or drawers overnight. The fund custodian and the department head can be held jointly liable for uninsured losses that occur as a result of failure to follow these procedures.
  5. In the event of a theft of the petty cash funds, the custodian should immediately notify the Department of Campus Safety and Police first, followed by the Dean of Finance and Administration and Internal Audit at the College of William and Mary.
  6. In the event of a departure of the fund custodian or department head assigned to a petty cash fund, the keys to the secure cash box must be returned to the appropriate departmental authority. The appropriate person should conduct a final count of the petty cash funds, and the maintenance form should be completed and signed before a new custodian assumes control of the funds. This same process should be used in the event of an extended absence by either the fund custodian or department head and again when the custodian returns to duty.

An employee who makes authorized purchases on behalf of the College may be reimbursed for the purchase. Please adhere to the following policies and procedures on the authorized use of your petty cash funds:

  1. Typical allowable transaction types include office supplies, lab supplies, local parking reimbursements, mailing services, copy services and photo services.
  2. All employee purchases must first be authorized by the Dean of Finance and Administration or his/her designee. The following types of transactions are not generally allowable:
    • Payment of sales or excise taxes on any purchases made in Virginia, as the College is a tax-exempt organization.
    • Cashing of any personal checks and/or personal loans.
    • Purchases required to be reported in a specific manner such as personnel services, travel expenses, payroll advances, and business meals. These types of expenditures need to be reimbursed through the Accounts Payable Office.
    • Meals or entertainment.
    • Alcoholic beverages or tobacco of any kind or any type of controlled substance.
    • Chemicals or other types of hazardous materials.
    • Donations, flowers, letterhead, business cards, or envelopes
    • Professional services.
    • Telephones or cell phones.
    • Weapons and ammunition
  3. Once the purchase has been made, the employee should submit the original receipt for the purchase to the fund custodian. This receipt should include the vendor’s name, the date of the purchase, the items purchased, the price per item, and the total price.
  4. The fund custodian should submit to the Accounts Payable Department a vendor payment request to replenish the fund. This process should be handled in a timely manner and should allow ample time for processing so that funds are not depleted before the reimbursement arrives. When processing the check request, ORIGINAL receipts must be attached to the Vendor Payment Request Form. Once processed, the Accounts Payable Department will return a check to the department for the amount of the request.

In the event that the department head determines that the petty cash fund is no longer desired, notification should be made to the Cashier’s Office. Final reimbursement requests should be processed and received from Accounts Payable. Once the checks have been received, the check along with any remaining cash on hand should be brought to the Cashier’s Office and receipted by the Cashier into the Banner fund. In the event of a shortage, the appropriate departmental fund must be charged to bring the balance to the full amount needed to close the fund.

Should you have any questions about these procedures, please contact the Dean of Finance and Administration.


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Purchases of Goods, Services, and Supplies

Responsibility for Maintenance: Dean of Finance and Administration

I. Policy Statement
All requests for goods, services, and/or supplies must comply with the Virginia Public Procurement Act (Virginia Code §§ 2.2-4300 et seq., found at http://law.lis.virginia.gov/vacode/title2.2/chapter43/), as well as applicable requirements from the Virginia Department of General Services.

II. Reason for Policy
To the end that public bodies in the Commonwealth obtain high quality goods and services at reasonable cost, that all procurement procedures be conducted in a fair and impartial manner with avoidance of any impropriety or appearance of impropriety, that all qualified vendors have access to public business and that no offer or be arbitrarily or capriciously excluded, it is the intent of the General Assembly that competition be sought to the maximum feasible degree, that procurement procedures involve openness and administrative efficiency, that individual public bodies enjoy broad flexibility in fashioning details of such competition, that the rules governing contract awards be made clear in advance of the competition, that specifications reflect the procurement needs of the purchasing body rather than being drawn to favor a particular vendor, and that the purchaser and vendor freely exchange information concerning what is sought to be procured and what is offered. Public bodies may consider best value concepts when procuring goods and nonprofessional services, but not construction or professional services. The criteria, factors, and basis for consideration of best value and the process for the consideration of best value shall be as stated in the procurement solicitation.

III. Applicability of the Policy
This policy applies to all employees of the College who purchase goods, services, and supplies for work-related purposes and/or with College funds.

IV. Related Documents

V. Contacts
Finance
Dean of Finance and Administration
(804) 862-6100, ext. 8560
office.finance@rbc.edu

VI. Definitions
“Goods” means all material, equipment, supplies, printing, and automated data processing hardware and software.

“Services” means any work performed by an independent contractor wherein the service rendered does not consist primarily of acquisition of equipment or materials, or the rental of equipment, materials, and supplies. 

VII. Procedures 

  1. Requests for the purchase of supplies and equipment from outside vendors are submitted to the Business Office on a Requisition for Purchases form.
  2. The appropriate supervisor must approve all requests.
  3. Purchase authorization must be obtained for all purchases above $50, or they become the employee’s personal responsibility.
  4. Provide complete information as required by the form.
  5. Items over $300 or involving travel require approval also by the Dean of Faculty and Chief Academic Officer. During times of particular financial stress, all expenditures must be approved by the appropriate budget supervisor (President, Dean of Faculty and Chief Academic Officer, and Dean of Finance and Administration).
  6. See the Business Office for additional information and purchasing policies.

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Delegations of Purchasing Authority

Responsibility for Maintenance: Dean of Finance and Administration

I. Policy Statement
This policy is structured to support the mission of Richard Bland College and to comply with the principals of the Virginia Public Procurement Act and are in compliance with the individually adopted, “Rules Governing Procurement of Goods, Services, Insurance, and Construction by a Public Institution of Higher Education of the Commonwealth of Virginia.

II. Reason for Policy
This policy is to ensure the existence and maintenance of sound financial management procedures regarding purchasing.

III. Applicability of the Policy
All employees must abide by this policy.

IV. Related Documents

V. Contacts
Business Office
Dean of Finance and Administration
(804) 862-6100 ext. 8560
office.finance@rbc.edu

VI. Definitions
Procurement: The acquisition of goods, services or works from an external source.

eVA: Virginia’s online, electronic procurement system. This web-based vendor registration and purchasing system allows state agencies, colleges, universities and many local governments to use eVA to conduct all purchasing and sourcing activities for goods and services.

VII. Procedures
Richard Bland College procurement and surplus property policies are governed by the Virginia Public Procurement Act and policies and procedures established by the Department of General Services, Division of Purchases and Supply, as stated in the Agency Procurement and Surplus Property Manual. The Procurement Manager is responsible for the procurement functions and reports to the Dean of Finance and Administration. Goods are procured through EVA – https://eva.virginia.gov/. Approval structures are maintained in eVA by Procurement Manager.

Procurement forms, including purchase requisition, are maintained at http://www.rbc.edu/administrative-offices/office-of-finance-and-administration/finance-forms/.

The Dean of Finance and Administration reviews and approves any requisitions greater than $50,000.

Purchasing and Surplus Property Authority
Richard Bland College has been delegated purchasing authority up to $50,000 for goods and printing services, and unlimited purchasing authority for services. All agency purchase orders and standard agency contracts shall be approved by the designated procurement manager, the Agency Head, or an authorized designee.

Capital outlay projects and professional services are procured using the procurement policies set forth in the Construction and Professional Services Manual. These processes are managed by the Director of Capital Assets and Operations. The Director of Capital Assets and Operations reports to the President. All capital outlay or professional services contracts will be approved by either the President or the Dean of Finance and Administration.

The Director of Capital Assets and Operations is responsible for maintenance, security, storage, and distribution of surplus property.

Designated Procurement Personnel
Athletics Coaches are authorized to make travel-related lodging and food purchases using the Richard Bland College appointed Procurement Card in accordance with procurement guidelines set forth in the APSPM with the approval from the appropriate budget manager. These charges are approved only for Athletics’ teams travel. SPCC limit is on file in the SPCC Program Administrator’s Office.

Athletics Director is authorized to make travel charges in accordance with procurement guidelines for business travel with approval from the appropriate budget manager. Charge(s) will be processed using a Richard Bland college appointed Employee Paid (Individual Liability) Travel Card.

Assistants to the Deans are each authorized to make purchases with the approval from the appropriate budget manager. Payment(s) will be processed using a Richard Bland College appointed Procurement Card, or requested through Accounts Payable by the use of a purchase order. Purchase orders generated for non-cash and carry transactions will be processed via eVA, or Banner. If the procurement is exempt from eVA, the requisition will be given to the Procurement Manager for processing. SPCC limit is on file in the SPCC Program Administrator’s Office. 

Assistant to the Director of Capital Assets and Operations is authorized to make travel charges in accordance with procurement guidelines for business travel with approval from the appropriate budget manager. Charge(s) will be processed using a Richard Bland college appointed Employee Paid (Individual Liability) Travel Card. 

Enrollment Services Counselor is authorized to make travel charges in accordance with procurement guidelines for business travel with approval from the appropriate budget manager. Charge(s) will be processed using a Richard Bland College appointed Employee Paid (Individual Liability) Travel Card.

Grounds Supervisor is authorized to make cash and carry purchases using the Richard Bland College appointed Procurement Card in accordance with procurement guidelines set forth in the APSPM with the approval from the appropriate budget manager. SPCC limit is on file in the SPCC Program Administrator’s Office.

Maintenance Supervisor is authorized to make cash and carry purchases using the Richard Bland College appointed Procurement Card in accordance with procurement guidelines set forth in the APSPM with the approval from the appropriate budget manager. SPCC limit is on file in the SPCC Program Administrator’s Office.

Maintenance Technician (Electrician) is authorized to make cash and carry purchases using the Richard Bland College appointed Procurement Card in accordance with procurement guidelines set forth in the APSPM with the approval from the appropriate budget manager. SPCC limit is on file in the SPCC Program Administrator’s Office.

Maintenance Technician (General) is authorized to make cash and carry purchases using the Richard Bland College appointed Procurement Card in accordance with procurement guidelines set forth in the APSPM with the approval from the appropriate budget manager. SPCC limit is on file in the SPCC Program Administrator’s Office.

Procurement Manager is authorized to make purchases with the approval from the appropriate budget manager. Payment(s) will be processed using a Richard Bland College appointed Procurement Card, or requested through Accounts Payable by the use of a purchase order. Purchase orders generated for non-cash and carry transactions will be processed via eVA, Banner, or MPO, if exempt from eVA. SPCC limit is on file in the SPCC Program Administrator’s Office.


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Signature Authority for Bank Accounts

Responsibility for Maintenance: Dean of Finance and Administration

I. Policy Statement
All Signature authorities for bank accounts shall be managed in accordance with this policy.

II. Reason for Policy
This policy is intended to ensure that adequate review and controls are in place around the disbursement cycle.

III. Applicability of the Policy
All Accounting and Finance employees must adhere to this policy.

IV. Related Documents

V. Contacts
Finance
Dean of Finance and Administration
(804)862-6100, ext. 8560
office.finance@rbc.edu

VI. Definitions
Internal Controls Framework
Control Environment-sets the tone for the organization, influencing the control consciousness of its people. It is the foundation for all other components of internal control.

Risk Assessment-the identification and analysis of relevant risks to the achievement of objectives, forming a basis for how the risks should be managed.

Information and Communication-systems or processes that support the identification, capture, and exchange of information in a form and time frame that enable people to carry out their responsibilities.

Control Activities-the policies and procedures that help ensure management directives are carried out.

Monitoring-processes used to assess the quality of internal control performance over time.

VII. Procedures
Authorized signatory listings for CARS and CIPPS Transaction Certification are maintained through DOA Form DA-04-121. Commonwealth and Auxiliaries checks are distributed at the VA Treasury.

Local checks and backup are all reviewed and approved by the Dean of Finance and Administration.

Signature authority for all Bank of Southside accounts is maintained through letter signature template. They are updated at the time of any changes.

As an additional level of control, Foundation checks and backup all require dual review and approval. These checks are signed by the Dean of Finance and Administration and the RBC President.


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Records Retention

Responsibility for Maintenance: Dean of Finance and Administration

I. Policy Statement
All College documents shall be managed in accordance with the procedures set forth in this policy. Public records are to be adequately protected and maintained, and records that are no longer needed are to be discarded at the proper times in accordance with the applicable Records Retention Schedule. The Dean of Finance and Administration is responsible for the administration of these policies and schedules, and every RBC employee must comply.

II.Reason for Policy
Documents must be maintained in accordance with the applicable Library of Virginia Records Retention Schedule.

III. Applicability of the Policy
This policy applies to all College employees.

IV. Related Policies, Procedures, and Documents

V. Contacts
Business Office
Dean of Finance and Administration
(804) 862-6100, ext. 8560
office.finance@rbc.edu

VI. Definitions
“Public record” or “record” means recorded information that documents a transaction or activity by or with any College employee or contractor. Regardless of physical form or characteristic, the recorded information is a public record if it is produced, collected, received, or retained in pursuance of law or in connection with the transaction of public business. Electronic records, including email, are public records.

“Records Retention Schedule” is the policy that depicts how long public records must be kept, as well as the disposal guidelines for these records.

VII. Procedures
College documentation is typically maintained in administrative offices, and the length of retention depends on the type of document.

Managers shall ensure that documents related to their functional areas are retained and maintained appropriately as required by the applicable schedules. Documents containing proprietary information shall be discarded through shredding. As an environmentally-friendly agency, documents that do not contain proprietary information are recycled when possible.

The destruction of records once the retention time for the document type has lapsed is managed securely through an annual bulk review and shredding process. This annual bulk disposal process shall occur before the fall semester and shall be overseen by the Dean of Finance and Administration.


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Policy Manual

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