Cash Management

Section 6.C – Cash Management

NC GS 147-86.10, requires that “all agencies, institutions, departments, bureaus, boards, commissions and officers of the State…shall devise techniques and procedures for the receipt, deposit and disbursement of moneys coming into their control and custody which are designed to maximize interest-bearing investment of cash and to minimize idle and nonproductive cash balances.”

The State Controller, with the advice and assistance of the State Treasurer, the State Budget Officer and the State Auditor, is charged with developing and implementing a uniform statewide plan to carry out the cash management policy for all State agencies, departments and institutions. This Statewide Cash Management Plan outlines the policies, duties, responsibilities and requirements for cash management within State government on a broad basis. It is the responsibility of each agency, department and institution to prepare a cash management plan that meets both the requirements of the Statewide Plan and the unique cash management needs of the individual agency, department or institution.

The VGCC Vice President of Finance and Operations is responsible for the development, approval, and overall administration of the College’s cash management plan and internal control procedures. The Controller is responsible for maintaining these procedures within their specific assigned areas. Various management reports display compliance with the cash management procedures. Unauthorized deviations from these procedures are reported to the Vice President of Finance and Operations. The Vice President of Finance and Operations plays an active role in reviewing and approving documents prior to processing. The Controller serves as designee in the absence of the Vice President of Finance and Operations. Internal control procedures are reviewed annually using either the Office of the State Controller’s (OSC) EAGLE process, or a modified version of EAGLE. A letter of certification is signed each year by the College that states the College performed an annual review of its system of internal control. This letter also recognizes the College’s responsibility for establishing and maintaining a strong and effective system of internal control. All personnel of the College are responsible for the effective operation of these procedures and their personal adherence to them.

Vance-Granville Community College Cash Management Plan and internal control documentation are maintained in the Office of the Vice President of Finance and Operations.

(approved July 16, 2018)