The institution exercises appropriate control over all its financial and physical resources. (Control over Financial and Physical Resources)

     X    Compliance         Partial Compliance         Non-Compliance

Narrative: Orangeburg-Calhoun Technical College (OCtech) employs an experienced, well-trained business staff under the direction of the Vice President for Business Affairs, who reports directly to the President. Appropriate separation of duties is maintained in such functions as procurement, accounting, shipping and receiving, and inventory control. The OCtech Administration Organizational Chart and the Business Affairs Office's Organizational Charts illustrate the reporting structure and the separation of duties.

The procurement of goods and services is accomplished under the strict provisions of the South Carolina Consolidated Procurement Code. Local procedures have been established within code guidelines and made available to all employees. In 2004, the College requested an audit from the Procurement Services Division of the South Carolina Budget and Control Board for the sole purpose of obtaining an increase in the College’s procurement certification limit. At the conclusion of the very successful audit, the Budget and Control Board fulfilled the College’s request and granted a new Procurement Certification that increased the College’s procurement limit from $5,000 to $25,000.

OCtech’s budget is developed with direct input from a wide base of participants. Once it is approved by the College President and the Orangeburg-Calhoun Area Technical Education Commission, OCtech’s governing board, it is sent to the South Carolina State Board for Comprehensive and Technical Education (SBTCE) for inclusion in its comprehensive annual budget request to the South Carolina General Assembly.

The OCtech budget is monitored during each fiscal year by individual budget managers and the OCtech Business Office. Interim budget reports are presented to the Area Commission at each meeting by the Vice President for Business Affairs and by the College President, who is the chief executive officer of the College. Revenue projects and spending trends are discussed in Commission meetings, and individual budget adjustments of a significant dollar value or in a sensitive are of the college are approved by the Area Commission.

The College maintains control over its physical assets as prescribed in Orangeburg-Calhoun Technical College Policy 5.004. Capital assets are tagged and regularly inventoried by the College’s staff, the external auditors, and inventory management staff from the SBTCE. To reduce loss from various risks, the College maintains adequate state and/or commercial insurance coverage. Settlement claims have not exceeded this coverage in any of the past three years. (See Note 10 to the Audited Financial Statements, June 30, 2004.)

The College maintains a central checking account and a payroll account. Excess daily funds are invested overnight, and long-term excess funds are invested in Certificates of Deposit. All amounts are invested according to Orangeburg-Calhoun Technical College Policy 7.001 Investment Policy . Footnote #2 of the Audited Financial Statements June 30, 2004, comparatively summarizes and discusses OCtech Deposits and Investments for the two most recent fiscal years.

Evidence of Support: