Comprehensive Standards: Resources 3.10.4 (appropriate control)
The institution exercises appropriate control over all its financial and physical resources.

Compliance
North Carolina State University is in compliance with this standard.

Explanation
NC State University follows best practices to ensure that it maintains control of its financial and physical resources, making use of external and internal audits and multiple oversight offices.

The external audit is performed by the Office of the State Auditor, as required by North Carolina law.  The state auditor’s most recent financial audit of NC State University provides strong evidence that appropriate controls are in place.  There were no major or minor audit findings in the state audit for fiscal year 2001-2003.

Besides the state audit, the university performs internal audits.  An appropriately named Internal Audit Department regularly audits central offices, colleges, and departments to ensure compliance with the policies and procedures.  Standard audit plans for the internal audit department demonstrate the university’s financial stability and are posted online. 

In addition to external and internal audits, the following offices are charged with overseeing specific portions of the university’s financial and physical resources:

• The Office of the University Controller oversees financial transactions and processes financial transactions through its accounting and accounts payable offices. 

• Capital Assets Management publishes and maintains controls over equipment, compiling annual inventories of the university’s equipment.

• University Real Estate maintains policies and procedures for real property; the regulations regarding the acquisition and disposition of real estate are posted online.

The procedures through which the university exercises control over financial and physical resources are published in the university’s policies, rules, and regulations website.   Expenditure guidelines for units of the university are also posted online.

References

• Audited Financial Reports (http://www.fis.ncsu.edu/controller/finance.htm)

• Budget Office (http://www.fis.ncsu.edu/budget/)

• Controller’s Office (http://www.fis.ncsu.edu/controller/)

• Equipment Management (http://www.fis.ncsu.edu/accounting/cams.htm)

• Facilities Division (http://www.ncsu.edu/facilities/)

• Finance and Business Web Site (http://www.fis.ncsu.edu/FiBus/)

• Internal Audit Department (http://www.ncsu.edu/internal_audit/homepage.htm)

• Real Estate (http://www.ncsu.edu/facilities/real-estate/home.htm)

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