Financial Management Policy

Policy Number
Board of Trustees
Date Approved
Effective Date
Responsible Division
Finance and Administrative Services

The governing Board of Carteret Community College (through General Statutes of North Carolina, State Board policies, and self-assumed responsibilities) is acutely aware of the community's expectation and demand for fiscal responsibility--that this fiscal responsibility is achieved by providing, controlling, and administering College funds in such a manner that the College's established goals are attained and a high level of professionalism is exemplified. 

The financial resources of the College are one of the major determinants of quality educational programs. Not only must the total income of the College be sufficient to provide programs of optimum quality, but also the income must also be managed effectively. Sound business management is a legal and professional obligation, and the wise use of financial resources through careful budget preparation and proper management controls for all physical and fiscal assets of the College is required.

The President is authorized to direct the financial management of the College in accordance with all appropriate federal, state and local laws, regulations, and guidelines for the effective and efficient management and operation of the College.

The President or a designee shall also distribute the monies received to operate the College in a way that will allow the College to function in the most effective and efficient manner.


The General Statutes of North Carolina, Chapter 115-D-31 and 115-D-32, provides the legal basis for community college fiscal obligations. In effect, the general welfare of the State and of Carteret County is the fiscal reservoir that determines the financial stability of Carteret Community College. 

The financial functions are centralized under the Division of Finance and Administrative Services and the Chief Financial Officer is the Vice President for Finance and Administrative Services. The Vice President reports to the college President. The business and financial functions are centralized under a single business officer responsible to the President. Budget preparation and control, the accounting and reporting system and all other related areas are under the direct supervision of the Vice President for Finance and Administrative Services at Carteret Community College. The vice president is held responsible for all areas related to finances by the President, the County Manager, the Board of Trustees, the President of the Community College System, and the State Auditor.