Ohio Admin. Code 3358:5-11-07 - Disbursement policy
(A) Section 3358.10
3354.06 of the Revised
Code authorizes
requires the treasurer of a
state college district to receive and disburse funds of the district under the
direction of the board.
board of trustees to
appoint a treasurer, that is not a member of the board, and thereby gives
authority to the treasurer to disburse all funds on behalf of the
institution.
The practice of delaying payment of
invoices pending specific board action could result in a loss of cash discounts
thereby reflecting somewhat less than complete fiscal
responsibility.
(B)
The college practices good stewardship of funds and
fosters strong vendor relationships by ensuring timely payments. To facilitate
this, the treasurer is authorized to disburse funds without requiring board
approval for each transaction.
Notes
Promulgated Under: 111.15
Statutory Authority: 3358.
Rule Amplifies: 3358.
Prior Effective Dates: 01/28/1978, 07/01/1998, 03/18/2015, 10/23/2015, 11/15/2022
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(A) Section 3358.10 of the Revised Code authorizes the treasurer of a state community college district to receive and disburse funds of the district under the direction of the board.
The practice of delaying payment of invoices pending specific board action could result in a loss of cash discounts thereby reflecting somewhat less than complete fiscal responsibility.
(B) The treasurer shall disburse funds for the payment of invoices authorized by an approved budget and/or appropriation whenever such payments permit the benefit of cash discounts or other financial gain to Clark state community college.
Notes
Promulgated Under: 111.15
Statutory Authority: 3358
Rule Amplifies: 3358
Prior Effective Dates: 07/01/1998, 03/18/2015, 10/23/2015, 01/28/2978