Financial Responsibility and Accountability Policy

The Board of Governors of Vancouver Community College (VCC, the College) is responsible for ensuring the timely, efficient, ethical, fair and transparent stewardship of College funds. This policy establishes the framework of oversight, accountability and responsibilities for the College.

This policy sets out the guidelines for creating and maintaining internal financial controls to ensure the integrity of financial information relating to:

• authorization and recording of transactions and activities


• roles and responsibilities


• safeguarding of College assets

This policy applies to all employees of the College and is subject to the duties and responsibilities outlined in the College and Institute Act, Financial Information Act, Budget Transparency Act, Generally Accepted Accounting Principles (GAAP), Public Sector Accounting Board (PSAB) and other legislation, regulations and statutes that direct the financial affairs of the College.

1. VCC's financial systems provide for financial transaction processing as well as financial reporting for control, planning and decision-making purposes.


2. The College conducts its financial operations within the following guiding principles:
   
   
   
   1. complying with applicable legislation
   
   
   2. according to College policies and procedures
   
   
   3. following the agreed-upon conditions of sponsors and donors
   
   
   4. maximizing utilization of available resources
   
   
   5. disallowing over expenditures, except in specific situations
   
   
   6. using a best practices approach
   
   
   7. purchasing goods and services
   
   
   8. leveraging technology
   
   
   
   

Budget Officer

An individual responsible for managing the budget within their area of responsibility.

Employee

An individual who is currently employed by VCC on a full-time, part-time, permanent, temporary, term, casual or contract basis.

Senior Administrator

The President, Vice Presidents, Associate Vice President's and Executive Directors of the College.

• Appropriate and Responsible Use of Educational and Information Technology (505)
• Capital Assets (117)
• Cash Handling (111)
• Expenses and Travel (110)
• Honoraria (112)
• Investment (119)
• Procurement (130)
• Rental of College Facilities (140)
• Selection and Appointment of Auditors (116)
• Signing and Spending Authority (114)
• Space Allocation and Room Booking (141)
• Suspension and/or Discontinuance of Programs (414)

• Budget Transparency and Accountability Act, SBC 2000, c 23


• College and Institute Act, RSBC 1996, c 52


• CPA Handbook


• Financial Information Act, RSBC 1996, c 140


• Generally Accepted Accounting Principles (GAAP)


• Public Sector Accounting Board (PSAB) Standards