SECTION C: BUSINESS AND SUPPORT SERVICES

 

SECTION CD.4

BUSINESS AND SUPPORT SERVICES
ACCOUNTING
FINANCIAL REPORTS AND STATEMENTS

Procedure

FINANCIAL ACCOUNTING AND REPORTING

The system of accounting for and reporting the financial activities of this state and its political subdivisions, including college districts:
 
Must be consistent with state financial laws;
 
May not misrepresent the nature, scope, or duration of the financial activities of the state or political subdivision; and
 
May follow the statutory standards in Government Code Chapter 2266 when other accounting bases conflict with state law.
 
Compliance with the statutory accounting principles of Chapter 2266 by this state or a political subdivision satisfies any other law that requires accounting and reporting according to generally accepted accounting principles, including Government Code 403.013 or 2101.012.
 
The college district shall submit its audited annual financial report to the Coordinating Board by January 1st of each year.

 

FINANCIAL REPORTS

Each community college shall provide to the Coordinating Board financial data related to the operation of each community college using the specific content and format prescribed by the Coordinating Board. Each community college shall provide the report no later than January 1st of each year.

 

ANNUAL FINANCIAL STATEMENT

The governing body of a junior college district shall prepare an annual financial statement showing for each fund subject to the authority of the governing body during the fiscal year:
  • The total receipts of the fund, itemized by source of revenue, including taxes, assessments, service charges, grants of state money, gifts, or other general sources from which funds are derived;
 
The total disbursements of the fund, itemized by the nature of the expenditure; and

 

The balance in each fund at the close of the fiscal year.

 

PUBLICATION AND FILING

The system of accounting for and reporting financial activities of the College District must be consistent with federal and state guidelines and may not misrepresent the nature, scope, or duration of the financial activity of the college district.

 

STATE EXPENDITURE DATABASE

A state agency, including a college district, is required to cooperate with and provide information to the comptroller as necessary to implement and administer the state expenditure database. A state agency is not required to record information or expend resources for the purpose of computer programming or other additional actions necessary to make information reportable under this section.

 

Each state agency that maintains a generally accessible Internet site or for which a generally accessible Internet site is maintained shall include a link on the agency’s Internet site to the state expenditure database.

 

PUBLICATION OF FINANCIAL TRANSACTIONS

Each institution of higher education, including each college district, shall post on the institution’s Internet website a copy of the institution’s financial transactions to the extent necessary to provide, for each payment drawn from money appropriated from the state general revenue fund or received as student tuition or fee payments:
  • The amount of the payment;
  • The date of the payment;
  • A brief description of the purpose of the payment; and
  • The name of the payee.
 
An institution of higher education may comply by providing on the institution’s Internet website an easily noticeable direct link, the purpose of which is clearly identifiable, to an Internet website maintained by the comptroller that provides information concerning the institution that is similar to the information required above.

Approved: 
Updated: 2019
Reviewed: 2020, 2024