Board of Trustees of State Institutions of Higher Learning (IHL) policies
require all universities to report, at the end of each fiscal year, operations
of the university beginning July 1st and ending June 30th. The
report is due mid-August.
ACCRUAL BASIS OF ACCOUNTING
the University uses the accrual basis of accounting, which means that all
revenues are recorded when earned and all expenses are recorded when there is
an obligation to pay.
The University accounts for
its investments at fair value in accordance with GASB Statement No. 31. Investments for which there are no
quoted market prices are not material.
Inventories consist of
agricultural produce and crops and warehouse supplies. These inventories are generally valued
at the lower of cost or market, on either the first-in, first-out (FIFO) basis
or the average cost basis.
Capital assets are recorded
at cost, at the date of acquisition, or if donated, at fair market value at the
date of donation. The following policies are used to compute depreciation at
fiscal year-end for capital assets:
Building 40 years $50,000
Land Improvements 20 years $25,000
Equipment 3-15 years $5,000
Library Books 10 years $0
typically exist to furnish goods or services to students, faculty or staff.
This department charges a fee directly related to, although not necessarily
equal to, the cost of the rendered goods or services. Auxiliaries’ activities
are considered to be self-supporting, which means that revenue earned is used
to support the expenditures associated with Auxiliaries’ activities. Some
examples include residence halls, food services and intercollegiate athletic
programs (only if they are essentially self-supporting). The general public may
be serviced incidentally by Auxiliaries’ activities.
Accounting Office maintains monthly bank reconciliations for the University’s
banking partners. All adjustments
are posted by journal voucher. The bank reconciliation is reviewed by the 15th
of the following month.
RETURN CHECK POLICY
is a $50.00 return check fee for all NSF checks. The student/employee account is charged the amount of the
check along with the fee. The student/employee is then notified by letter of
the NSF. Payment is due upon receipt of the letter.
TRAVEL ADVANCE CLEARING
travel advance is granted to an employee, traveling with students, who attends
a university related business trip. Once the check is printed, it is sent to
the Accounting Office. The employee acquires the advance check from the Accounting
Office after signing and dating a copy of the duplicate check.
returning to the University, the employee must return any unused funds to the
Business Office. The Accounting Office provides the employee with a form to be
completed which depicts his or her ID number, encumbrance number for the trip
and the amount he or she is returning. Afterwards, the employee submits the form
along with the unused funds to the cashier’s window to be receipted to the travel
employee must return all receipts pertaining to the trip to the Accounting
Office no later than 30 days upon return from the trip. Once the employee
submits his or her original receipts to the Accounting Office, the expenses are
posted to the appropriate fund for the advance to be cleared from the
employee’s record. If any funds pertaining to the advance are not returned to
the Business Office within thirty days, the balance due will be deducted from
the employee’s payroll check.
OUTSIDE PAYMENTS (SALLIE MAE, AMERICORPS, WIA)
University records all outside payments received via Automated Clearing House
(ACH) on the bank statement by journal voucher. Afterwards, an authorization is
submitted to Accounts Payable by the Accounting Office for the student(s)
identified. A check is processed
to Alcorn State University indicating for whom the payment is applicable. The
cashier receives the payment information along with the supporting documentation
for receipting of the check. The check is then deposited into the bank.
TUITION/ROOM AND BOARD RATES
and Board rates are submitted annually to the Board of Trustees
of State Institutions of Higher Learning (IHL) governing board for approval in
April. Once they are approved, the rates for the school year are applied to the
Banner System for the fall, spring and summer terms. The rates are posted to the Alcorn website under the
University requires that all employees be set up on payroll deduction for those
who utilize the Child Development Center. A report is generated at the end of
each month to identify those employees whose nursery charge is payroll deducted.
University requires that all employees be set up on payroll deduction for
University housing. A report is generated at the end of each month to identify
those employees whose housing charge is payroll deducted.
charges are expenses charged to one department and expensed to other
departments. For example, the University Post Office charges each department for
mailings from week to week. The expense is recorded to the postal service. At
week’s end, the Post Office provides the Accounting Office with a report detailing
the department charge. The Accounting Office submits a journal voucher that
posts the expense to the department and credits the Post Office for their
expenses. Other monthly interdepartmental services include: printing and
duplicating, facilities management and transportation. The charges are
generally posted on the 15th of the following month.
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