What's New (Updated 09/16/11)

September 09, 2011 - Transmittal #12-01

This change modified the manual as follows:

• Section 11.0 Business Meetings, Entertainment and Other Expenses
  This new section outlines the College's policy on related expenses.

December 10, 2010 - Transmittal #11-02

This change modified the annual as follows:

• Section 8.0 Purchasing and Procurement
  • Purchasing Authority and Bidding Process
    For contracts of goods and services involving expenditures of $100,000 or more, the College must conduct a formal bid process.

September 10, 2010 - Transmittal #11-01

This change modified the manual as follows:

• Section 5.0 Investments
  • 5.7 - Spending Policy
    The formula used to calculate the endowment's average market value for the purpose of determining the annual endowment spent rate will be based upon a 12 quarter moving average instead of a 60 month rolling average.
  • 5.8 - Endowment Management
    This is a new section added to provide management and staff guidance in accounting and managing the college's endowment.
• Section 9.0 Accounts Payable
  
  • 9.6.3 - Disbursement Review Process
    Quarterly, the CFO will report to the Chair of the Board of Directors all travel business expense reimbursements  made to the Chancellor and Dean and his/her spouse or partner.
• Section 10.0 Travel
  • 10.4.2 - Costs in Excess of Maximum Daily Amount
    Division Head approval is now required when the travel reimbursement request exceeds 200% of the maximum daily allowable amount as set forth in the Travel Reimbursement Schedule, Exhibit O.
• Section 10.5.6 - Hosted Travel
  • A maximum gift costing $100 is allowed for the host.
• Section 10.5.7 - Decanal Spouse or Partner Travel
  • The College can make reimbursements for travel expenses to the dean's spouse or partner when the spouse or partner's attendance at a function serves a College purpose.
  • The cost of the Dean's spouse or partner travel expenses cannot be charged to State funds. 
• Section 10.6 - Business Related Meals Not Related to Travel
  
  • Reimbursement for business related meals not related to travel will be reimbursed at the amounts allowed from 7a.m. to 7 p.m. in the Travel Reimbursement Schedule, Exhibit O.
  • Division Head approval is required when the reimbursement request exceeds 200% of the maximum daily allowable amounts.
  • The cost of alcohol may not be charged to State funds.
• Section 10.10 - Taxable Income
  • This section has been removed. The College will only reimburse for travel with appropriate receipts.
• Exhibit O - Travel Reimbursement Schedule
  
  • Division Head approval is required when the travel reimbursement request exceeds 200% of the maximum daily allowable amount as set forth in the Travel Reimbursement Schedule, Exhibit O.

March 05, 2010 - Transmittal #10-01

This change modified the manual as follows:

• Section 8.0 Purchasing and Procurement
  • 8.0 - A centralized procurement function has been authorized;
  • 8.1 - Clarification has been added to define when a competitive purchasing process is required;
  • 8.1.4 - Exceptions to the competitive quotation and formal bid processes have been defined;
  • 8.3.1 - Clarification has been made that purchase orders for certain items must be issued before goods and services are rendered;
  • 8.4 - A centralized receiving function has been authorized;
  • 8.5 - Delegation of purchasing and signature authority for "routine and low value items" has been authorized upon receipt of written notification by the Department Head/Budget to the Director of Business Services.

June 05, 2009 - Transmittal #09-02

This change modified the manual as follows:

• Section 8.0 Purchasing and Procurement  
• Modifications have been made to the dollar limit threshold of the purchase amount for items requiring a purchase order. The threshold has been increased to $2,500. As such purchases of $2,499.00 or less no longer require a purchase order. Please refer to Exhibit G, Purchasing Policies for a list of the commonly purchased items and the purchase order requirement.

March 06, 2009 - Transmittal #09-01

This change modified the manual as follows: 

• Section 9.0 Accounts Payable
• Modifications have been made to address the implementation of the procurement card program.

• Section 14 Capital Assets
• Modifications have been made to provide guidance on accounting for capital asset impairment.

• Exhibit W - List of Authorized Bank Accounts and Signature Authority
  • Modifications have been made to the list of authorized bank accounts, the signature authority and the signature authority limits. Due to the sensitive nature of this information, this Exhibit is not published. 

  December 07, 2007 - Transmittal #08-01

  This change modifie3d the manual as follows: 

  • Section 8.0 Purchasing and Procurement 

  The Manager of Purchasing and Procurement can authorize purchase orders up to and including $1,000.

  Increase of the purchase order threshold from $300 to $500 for items outlined on Exhibit G, Purchasing Policies. 

  • Section 10.0 Travel

  Travel Reimbursements 

  • Reimbursements of actual lodging costs, not to exceed Federal General Service Administration (GSA) guidelines;
  • Increase in the daily meal reimbursements of $64.00 per day;
  • Reduction of the incidental expenses to $3.00 per day;
  • Allowance for reimbursement of the cost of dinner to a family member or friend in lieu of the traveler paying lodging

  Diners Club Travel Card - Employee usage guidelines have been established and are outlined in Exhibit O-2

  • Section 14.0 Capital Assets

  Modification of the dollar threshold and useful life for land, buildings and building improvements, as outlined on Exhibit Z, Schedule of Useful Life for Capital Assets.

  Effective July 1, 2008 in the dollar amount of capital equipment from $1,000 to $2,500, as outlined on Exhibit Z, Schedule of Useful Life for Capital Assets. 

  • Section16.0 Risk Management - This section added to the manual.

  March 09, 2007 - Transmittal #07-02

  This change modified the manual as follows:   

  • Section 7.0 Budget
    • Changes made to this section reflect the College's current practices with regard to budget development, management and approval. The roles and responsibilities of budget managers, and department heads are clarified and established for budget coordinators.
    • Section 10.0 Travel
    • Changes made to this section clarify instances where lodging reimbursement is not reimbursed (within 50 miles from home or work, except for conference). Additionally, this change established the mileage reimbursement rate as those set by the IRS.
    • Exhibit W - List of Authorized Bank Accounts and Signature Authority
    • Changes were made to the College's authorized signer list.

    December 2006 - Transmittal #07-01

    This change modified Section 16. Grants. The College has received its first grant from the National Science Foundation (NSF) in the amount of $296,000 over a three year period. AS an element of grant management, the NSF is requiring Hastings to modify its polices and procedures to include the Requirements of OMB circular A-21. This regulation relates to documentation requirement for "time and effort" certification. These changes were submitted to the College's auditors for their review. All College departments receiving NSF grant funds are required to comply with this section

    June 2005 - Transmittal #05-02

    This change modified section 9.0, Disbursements, specifically section 9.6.3 removing the requirement that the Chair of the Board of Directors approve College disbursements of $50,000 or more before the disbursement is made. A reporting of such disbursements will now be made to the College's Financial Committee at each of their quarterly meetings. 

    September 2004 - Transmittal #05-01

    This change modified two section of the manual as follows: 

    • Section 2.0 - Fundamental Accounting Policies
    • This change updated the manual to reflect the College's compliance with recently issued Government Accounting Standards Board (GASB) pronouncements, specifically, GASB Nos. 33, 34, 35, 37, 38, and 39. This change also included and expansion of funds to now include "Funds Held in Trust by Others" and "Annuity and Life-Income (Split-Interest) Funds."
    • Section 9.4.2 - Moving Expenses
    • This change increased the amount the College shall reimburse faculty and administrative recruits (Director II and above) from $5,000 and $2,000 to $10,000 and $7,500, respectively. 

    June 2004 - Transmittal #04-02

    This change modified two sections of the manual as follows:

    • Section 9.0 - Accounts Payable
    • This update made various clarifications to the Manual to reflect the College's current practices in this area. 
    • Section 13.0 - Disposition of Excess Material
    • This update was modified to allow the Chancellor and Dean or the Chair of the Board to approve exceptions to item 13.5, Limitation of Sales to Certain Employees and their Near Relatives.