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It defines the central accounting system purpose, compliance expectations, key roles such as budget managers, and procedures for recording revenues and expenses. The manual also specifies fiscal year boundaries, revenue recognition timing, year-end closing actions, and related governance for audits, expenses, and financial controls to support consistent administration of financial 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.............................................................................................................. 1  \n7.1.1 Accounting System ......................................................................................................... 1  \n7.1.2 Fiscal Year ...................................................................................................................... 1  \n7.1.3 Journal Entries and Adjustments .................................................................................... 3  \n7.1.4 Capitalization and Depreciation ...................................................................................... 4  \n7.1.5 Cash Receipts .................................................................................................................. 8  \n7.1.6 External Audit ............................................................................................................... 10  \n7.1.7 Petty Cash ..................................................................................................................... 11  \n7.1.8 Travel and Business Expenses ...................................................................................... 13  \n7.2 Budget Policies ................................................................................................................... 17  \n7.2.1 Tuition and Fees ............................................................................................................ 17  \n7.2.2 University Budget Approval ......................................................................................... 18  \n7.3 Finance Policies .................................................................................................................. 19  \n7.3.1 Anti-Bribery .................................................................................................................. 19  \n7.3.2 Debt Management ......................................................................................................... 20  \n7.3.3 Executive Compensation .............................................................................................. 22  \n7.3.4 Financial Controls ......................................................................................................... 23  \n7.3.5 Form 990 Filing ............................................................................................................ 25  \n7.3.6 Independent Contractors ............................................................................................... 25  \n7.3.7 Endowment Investment and Spending.......................................................................... 27  \n7.3.8 Post-Issuance Tax Exempt Bond Compliance .............................................................. 29  \n7.3.9 Asset Inventorying, Disposal and Impairment.............................................................. 34  \n7.3.10 Unrelated Business Income Tax ................................................................................. 37  \n7.4 Purchasing Policies ............................................................................................................ 39  \n7.4.1 Procurement Credit Card Policy and Procedures.......................................................... 39  \n7.4.2 Purchasing Policy and Procedures ................................................................................ 41  \n7.1 Accounting Policies  \n7.1.1 Accounting System  \nPURPOSE  \nThe purpose of this policy is to provide an overview of the University’s accounting system.  \nPOLICY  \nGeorgian Court University utilizes a central accounting system to record and classify business transactions that is compliant with applicable legal requirements and generally accepted accounting principles advocated by the Financial Accounting Standards Board.  \nDEFINITIONS","cbCaiqNRxkZRRcW9","https://ap.wps.com/l/cbCaiqNRxkZRRcW9","pdf",524178,44,"English","# Business and Financial Affairs\n## 7.1 Accounting Policies\n## 7.2 Budget Policies\n## 7.3 Finance Policies\n## 7.4 Purchasing Policies","[{\"question\":\"What is the purpose of the accounting policies in Volume VII?\",\"answer\":\"The accounting policies provide an overview of the University’s accounting system and how business transactions are recorded and classified in compliance with applicable requirements and generally accepted accounting principles.\"},{\"question\":\"When does the University fiscal year begin and end?\",\"answer\":\"The fiscal year begins on July 1 and ends on June 30 of the following year, and transactions must be recorded in the appropriate fiscal year.\"},{\"question\":\"How are revenues supposed to be recorded under these policies?\",\"answer\":\"Revenues must be recorded in the fiscal year during which services are provided, with guidance for determining whether a transaction creates revenue under generally accepted accounting principles.\"}]","POLICY MANUAL - VOLUME VII - BUSINESS AND FINANCIAL AFFAIRS - Policy Overview | PDF",1790030168]