Policy Statement

The College manages its records and ensures they are retained for the period(s) of time necessary to satisfy the College’s business and legal obligations and are disposed of in accordance with an established records retention and disposition schedule.

Reason for Policy

The purpose of this policy is to establish a process for the consistent and systematic review, retention and disposition of records received or created in the transaction of College business.

To Whom Does the Policy Apply

All College units, administrators, faculty and staff

Related Documents

State of New Jersey Records Manual
State of New Jersey Records Retention Schedule Guide
Records Retention Regulations, N.J.S.A 47:3-15 et seq., administrative rules under N.J.A.C.   Title 15:3 et seq.

Contacts

Office of the Internal Auditor
201-684-7622

Records Retention Procedure

A. Purpose

Proper retention of records is essential to conduct the business of the College; to protect the legal interests of the College, students, and employees; to preserve the College’s history; to comply with applicable state and federal laws and regulations, and to preserve records when litigation is threatened or pending.  For the efficiency and management of physical and digital storage resources, it is also important that unneeded records be disposed of in a timely manner.

The records retention and disposition schedules applicable to different categories of College records are promulgated by the State of New Jersey Bureau of Records Management.  The Records Retention State Schedule Guide lists the minimum legal and fiscal time periods records must be retained.  Records retention periods conform to state and federal codes, regulations, and statutes of limitation.

This policy and procedure provides the parameters for records management to ensure that the College complies with federal, state, and other regulatory guidelines. All College offices are responsible for administering, implementing and enforcing this policy with respect to the records generated and maintained by their respective offices.  Employees are required to be familiar with and to adhere to this policy, as it pertains to the types of records/documents in the Records Retention Schedule applicable to their units.

B. Records Defined

College records, for the purposes of this policy, are defined as any record created, produced, executed or received by any College unit, office or employee in the course of College activity. College records may include papers, correspondence, books, plans, microfilm, maps, photographs, sound and moving image recordings, and other documentary materials.

College records may also be created or stored through non-tangible electronic means; such records may encompass both analog and digital information formats. Electronic records may include but not be limited to emails, text messages, word processing documents, digital photographs, video recordings, formatted data, databases, and records existing in a College computing cloud.

Regardless of format or creation, all College records are considered property of Ramapo College. The retention schedule for College records is linked to this policy for guidance. No document list or schedule can be exhaustive and any determination regarding the identification, storage, retention, or disposal of any record not identified on the schedule must be made in consultation with the Internal Auditor.

C. Applicability

This policy and procedure applies to documents and information saved in the cloud, on a server, or in a filing cabinet. The State of New Jersey Bureau of Records Management supports image processing (IP) which involves the recording of images of documents on electronic storage media and/or photographic film.  Further, most categories of paper records can be destroyed after they have been converted to image formats (N.J.A.C. 15:3-1 et seq., 3-2 et seq., 3-3 et seq., 3-4 et seq. and 3-5 et seq.) in accordance with the State’s image processing requirements.

D. Administration

The Internal Auditor administers this policy and the implementation of processes and procedures to ensure that the Record Retention Schedule is followed.  The Internal Auditor monitors compliance with this Policy; monitors local, state and federal laws affecting record retention; develops a training and awareness program on record retention for College personnel, and periodically reviews the record retention and disposal program, as may be required.

E. Litigation Hold–Suspension of Record Disposal In the Event of Litigation

1. In the case of pending or potential litigation, the College is under a legal obligation to preserve all records related to the litigation. The College’s General Counsel or the Attorney General’s Office will impose a “litigation hold,” which will be communicated to all employees whom the College has reason to believe may be in possession of documents that are either relevant or may lead to the discovery of admissible evidence pertaining to the case. An employee who receives a litigation hold correspondence is required to preserve all related evidence within his/her control.

2. The imposition of a “litigation hold” means that all retention periods are suspended for applicable documents and no such documents shall be destroyed or altered until notification that the litigation matter has been concluded.

F. Managing Records Retention and Disposition

The following general rules pertain to records retention.  College faculty and staff shall:

1. Retain records according to established Records Retention Schedules.
2. Review the Records Retention Schedules, communicate records disposition to the applicable Division Vice President, and consult with the Internal Auditor before disposing of records generated in the course of College business.
3. Consult the Internal Auditor if a particular type of document does not appear to be covered by the Records Retention Schedules.
4. Preserve records of historical significance and transmit to the College Archivist. The College Archivist archives and documents the history of the College by identifying, housing, preserving, and making accessible selected records and materials that possess enduring historical, research, legal, and administrative value. These records are maintained in the College Library.  If the record(s) has no historic, research, legal, and/or administrative value, then follow the steps below in Section H. Destruction of Records.

G.Ownership of Records

Records are the property of the College.  Employees have no personal or property right to any records of the College.  The unlawful destruction, removal from files, and personal use of official College records is strictly prohibited.

H. Destruction of Records

Records can be legally destroyed at the end of their active lives if there are no audit, legal, fiscal, regulatory or historical reason for their preservation.  No records are to be destroyed without prior written approval from the Internal Auditor and the State of New Jersey.  All record destruction requests must be submitted to the Director of Internal Audit prior to State submission.

1. Approval to destroy College records is done through the Artemis System.  Artemis is an online records retention and disposition management system utilized for all state, county, municipal, and educational agencies. Artemis contains all record retention schedules, including search features, and corresponding details where applicable. Since the system is electronic, there is no need to maintain physical copies of requests.

2. Before accessing the Artemis System, please contact the Internal Auditor at 201-684-7622 or pchavez@ramapo.edu who will provide training and give you an account login.

3. Users must identify the types of records they want to destroy and find the corresponding Retention Schedules in the Artemis System. These schedules will contain the following:

a.Title

b. Description

c. Retention Period

d. Record Series

4. Once the proper Retention Schedule is identified, the information provided shall be used to enter the Record Disposition Request. Multiple requests may be placed at the same time if they have the same Retention Schedule. While making the request:

a. Select the Retention Schedule.

b. Select the option to sign Disposition Requests Electronically.

c. Enter the Record Series (the Record Series Title will auto-populate in the next column).

d. Verify the records meet the minimum time requirements, and enter the ‘From’ and ‘To’ dates accordingly.

e. Select the Medium Type (i.e. paper).

f. Enter the volume of documents to be destroyed.

g. Select the eSign / Reroute Option. This will prompt a pop-up requesting your Pin Number. Once entered, an additional screen will become available and the Internal Auditor will need to be selected from the drop-down menu. The request can now be finalized by the requesting unit.

After the requesting unit finalizes the request, it will be forwarded to the Internal Auditor for completion and submitted to New Jersey’s Records Management Services for final approval.

Approved Disposition Requests can be found by selecting the link on the Artemis home page. Once the request has been authorized, the requesting unit can destroy the files.

After the files have been destroyed, the requesting unit must update the disposition status by selecting the approved request, and identifying which method was used to destroy the records during the process (i.e. shredding).

I. Methods of Records Destruction

The following methods for records destruction include but are not limited to:

1. Shredding–documents that contain personnel or confidential information, personal information, student information protected under FERPA, health related information, or financial information.
2. Deletion–generally appropriate for all non-confidential electronic documents.
3. Physical Destruction–electronic records which have confidential information should be done in consultation with the CIO.
4. Recycling–generally appropriate for all non-confidential paper documents.

J. Retention of Permanent Records

Permanent records storage should be done in consultation with the Chief Information Officer (CIO).  The CIO or his/her designee coordinates the off-campus storage of records, maintains manifests itemizing content and destruction date, coordinates the transfer of records to an off-campus storage location, and coordinates the eventual destruction of records with the unit.

*Non-substantive Amendments

Policy

The cash handling policy and procedures provide principles and guidelines for the handling of all cash activities at the College including cash funds maintained and cash accepted and deposited.

Reason for Policy

To establish and document the process for the flow of cash and cash receipts, and provide guidelines for the proper management of monies.

To Whom Does The Policy Apply

This policy applies to all College employees responsible for managing, receiving, handling, and safeguarding cash and cash equivalents.

Related Documents

Procedure 479: Cash Handling

Contacts

Office of the Controller

(201) 684-7117

Cash Handling Policy Procedure

All College employees have a fiduciary responsibility to handle cash properly.  The establishment of strong internal controls for cash collections is necessary to prevent mishandling of funds and to safeguard against loss.  Strong internal controls are also designed to protect employees from inappropriate charges of mishandling funds by defining their responsibilities in the cash handling process.

These policies and procedures establish general guidelines and provide direction for College units in the collection, custody, and reporting of monies.

Definitions

The term “monies (also referred to as cash or cash receipts)” refers to money in any form including currency (coins and bills), check, wire transfer, credit card charge, ACH (direct deposit), other electronic transfers, etc. 

Checks:  There are several different categories of checks which should all be handled as checks.

• Cashier’s Check: A check purchased at a bank for any amount; the bank completes all information on the face of the check with a bank officer signing as the maker.
• Certified Check: A personal check that is written by the account holder and then stamped and signed by a bank officer on the front of the check.
• Money Order: An item purchased at a bank, post office, or other business establishment for any amount up to $1,000.00. The bank completes only the amount information.
• Traveler’s Check: A special check supplied by banks or other companies for the use of travelers; these checks already bear the purchaser’s signature and must be countersigned and dated in the cashier’s presence.
• Personal Check: A written order payable on demand, drawn on a bank by a depositor; a personal check is written against an individual’s checking account as opposed to a cashier’s check, certified check, money order, or traveler’s check, all of which are written against bank funds.
• Starter Check: A non-personalized encoded check that a person receives from a bank when they establish a checking account. These are for the person’s use prior to receiving encoded checks from the bank. However, they should only be accepted if the bank has encoded the routing number and account number on the bottom of the check. 

Advices:  notification regarding wire transfers, ACH transfers, and bank corrections. 

Automated Clearing House (ACH): an ACH transfer is an electronic item that is processed through the Automatic Clearing House established as a clearing and settlement facility for financial institutions. ACH transfers take 2 to 4 business days to reach their destination and can be recalled or returned for a variety of reasons. 

Cash: currency; coins and bills. Also, used for all cash equivalents such as checks. Often used in the plural: cash receipts or monies.

Cash receipts:  money in any form: currency (coins and bills), check, wire transfer, credit card charge, ACH (direct deposit), other electronic funds transfers, etc.

Custodian: the person that holds assets of the College, in this case cash, for safekeeping to minimize the risk of theft or loss.  This person is responsible for the physical safekeeping of the cash.

Electronic funds transfer (EFT):  generic term for any movement of funds by non-paper means; can be an Automated Clearing House (ACH) or a wire transfer.

Employee: Any individual (full-time, part-time, student aid, work study, volunteers) working for the College.

Endorse/endorsement: the act of writing or stamping, usually upon the back, but sometimes on the face, of a check or other negotiable instrument, by which the funds or property therein are assigned and transferred.

Fiduciary: a person who holds a legal or ethical relationship of trust.  In this context a fiduciary is charged with caring for the assets of the College in the form of the cash for which they are responsible.

Log: a place to record the receipt of monies; must include date received, received from, received by, amount received, date to cashier, and a receipt number (if applicable).

Monies: money in any form: currency (coins and bills), check, wire transfer, credit card charge, ACH (direct deposit), other electronic funds transfers, etc.

Receipt: a written acknowledgment that a sum of money or specified article has been received; the paper that provides the audit trail of the monies.

Wire transfer: funds sent through the Federal Reserve Wire Network from one financial institution to another.

Receiving Cash

1. Cash is not to be accepted by any employee for any purpose unless that employee has been authorized to handle cash for the purpose specified. The custodian of every cash fund is responsible for the integrity of the cash fund.  All employees authorized to handle cash shall sign a Departmental Cash Handling Form acknowledging the College’s cash policy and procedures.

2. All College units and staff that handle cash are required to undergo annual certification and training provided by the Controller’s Office.

3. The timely deposit of monies received provides for improved control of funds which reduces the risk of loss due to errors, carelessness, or theft. All incoming monies should be acknowledged by receipt within the unit when accepted or received by mail, and brought to the Office of Student Accounts for processing using a Deposit Request Form.  The Deposit Request Form summarizes the monies to be deposited and indicates where the monies should be deposited.  This form can be obtained from the Controller’s office.

4. All units and activities that handle monies must deposit cash receipts from any source with the Office of Student Accounts at least once a week. More frequent deposits are noted as follows:
   • Units and activities which receive $200.00 or more a day in currency or checks must deposit those funds by the end of the business day.
   • Credit card deposits must be made daily regardless of the amount. A Settlement Report must accompany a completed Deposit Request Form. The Settlement Report (goes by various names depending on the credit card reader or machine used for processing), is a summary of transactions for a specific date or date range, and lists the total number of transactions and the total dollar amount.

5. Cash is to be deposited promptly into the appropriate College account. Retention of cash received from outside sources for use as petty cash or change making purposes is prohibited.

6. Under no circumstances should an individual keep College cash with their own personal funds, deposit College funds in a personal bank account or take College funds to another location for safekeeping.

7. All bank accounts for the College must be set up by the Controller’s Office. No employee, unit, or organization may establish a College bank account or deposit College funds into an unauthorized bank account.

8. The unit remains responsible for all funds to be deposited until its cash receipts are counted and verified by the Office of Student Accounts. The cash should be counted and verified by the Office of Student Accounts while the unit making the deposit is present.  Once the deposit is verified, it is signed off by the Office of Student Accounts and a copy of the signed Deposit Request Form is given to the department for their records. If a discrepancy is found when the cash receipts are counted, the Office of Student Accounts and the department must resolve the discrepancy at that time and update documents accordingly.  The deposit receipt should be reconciled to the departmental documentation after the deposit is made.  Proof of reconciliations must be maintained by the units.  The retention policy is seven years.

9. After deposits are received and verified by the Office of Student Accounts, the signed deposit request form along with all back up documentation is given to the Controller’s Office. The Controller prepares a cash receipt form to be entered into the Banner Finance system by the end of the week, where a record of the deposit can be viewed and may be printed by the originating department.

10. It is the responsibility of the fund custodian to ensure that the cash received for deposit into the cash account must balance with the pre-numbered receipts, log, pre-numbered tickets, or other documentation.

11. Individual shortages and overages of $20 or more must be reported to the Office of Student Accounts immediately. Initial notification must be followed up with a written Incident Report Form.

Receiving and Recording of Receipts

1. All checks should be made payable to “Ramapo College of New Jersey.” Checks payable to the Ramapo College Foundation cannot be deposited in a Ramapo College of New Jersey account and vice versa.

2. Checks of all types received in-person or through the mail, should be restrictively endorsed immediately. All checks made payable to Ramapo College of New Jersey should be endorsed on the back “Ramapo College of New Jersey–For Deposit Only.”

3. Documents enclosed with mail payments are to be date stamped by the employee opening the mail. The checks should be entered into a ticket ordering system if available or a listing of the checks should be prepared.  The total of the checks should be used for reconciliation purposes.

4. Every check or money order must be reviewed for completeness as follows:
   • Verify that the account holder’s name, address, and Student R Number (if applicable) is included on the check.
   • Verify that the check has a bank name listed, and that the routing number, customer’s bank account number, and check number are encoded on the bottom edge of the check.
   • Note the date. DO NOT accept a postdated check (a check with a date in the future), or agree to hold the check for future deposit.
   • Verify that the amount written in numbers matches the amount written in words. If different, make special note on the cash receipt so that the Office of Student Accounts can handle appropriately. In general, banks will honor the written amount over the numerical amount.

5. All units and activities of the College must record all cash (U.S. currency and coin, US checks and credit cards) at the time the funds are received. Auxiliary enterprises (e.g. parking, Athletics, Berrie Center) and other units which receive cash as part of their normal day-to-day operations must establish an auditable record such as a cash register tape, pre-numbered receipts, or ticket reconciliation.  Educational, administrative, and other units which do not receive cash daily may satisfy this requirement through utilization of a departmental log book.

6. All College employees have an obligation to report any suspected irregularity in the handling of cash to the Controller’s Office. Questions concerning proper internal accounting controls can be directed to the Controller’s Office.

 Safeguarding of Funds

1. No currency should be transmitted through Interdepartmental Mail.  All deposits containing currency or coin should be concealed and hand carried to the Office of Student Accounts accompanied by Public Safety, or sent by Public Safety in locked bags.

2. Monies should never be unattended. This applies to cash registers, desk tops, and cash drawers. If an employee leaves their work station for any reason, regardless of how briefly, cash must be appropriately secured in a locked place. Unauthorized persons should not be allowed in areas where cash is handled.

3. Doors should be locked at all times in areas where cash is handled.

4. Large sums of cash should be counted and handled out of sight of the general public. Individuals should keep working cash funds to a minimum at all times.

5. Excess funds should be in a locked device, either a safe or locked container, or deposited in the Office of Student Accounts.

Major Events

Any department having a special event should notify the Controller’s Office and the Public Safety Department to ensure the controls, safekeeping, and safety surrounding cash and those handling cash.  The Controller’s Office will provide deposit bags to the units hosting the events. Public Safety will provide an escort service for the individuals handling cash during the special event.  Cash/coins should remain in the locked box and never leave the drawer of the fiduciary except for the special event.

Change Funds

Various programs and services on campus need to provide customers with change during the course of operations.  Therefore, units will be permitted to establish change funds on a case-by-case basis as approved by the Controller’s Office.

• A completed Petty Cash or Change Fund Custodian Form and an Accounts Payable Voucher Form must be submitted to the Controller’s Office no later than one week prior to the start date of the fund.

• The persons who will serve as fiduciary and custodian must be designated and sign-off on the form in advance of the funds being distributed.

• The outlined physical safeguards must be in place prior to the check being released.

• Once steps 1-3 have been completed and approved, an Accounts Payable Direct Payment Voucher will be processed and a check made payable to the person signing as the fiduciary of the fund.

• The fund should be balanced each month using the Reconciliation Form provided by Business Services, the Reconciliation Form along with cash and coins should be provided to the Controller’s Office every 6 months for a verification audit.

• The funds should never be used as a petty cash fund or for making purchases.

• The fiduciary takes sole responsibility for the account and any discrepancies.

•  Every month, a confirmation of change funds will take place by the custodian giving the Controller a reconciliation form to sign off. At least every 6 months, the Controller or a designee will confirm the cash and coins with receipts, if applicable.

The total of currency and the receipts should at all times equal the full amount of the fund. If there is a shortage in the fund for any reason, the shortage must be immediately reported, in writing, by the Custodian to the Controller. In addition, the funds are subject to unannounced audits by the Office of Business Services, the Internal Audit Department, state and external auditors.

Transfer of Change Fund Responsibility 

If a transfer of responsibility is warranted, the Unit Head and Controller will determine who will be the new unit’s change fund fiduciary. The funds are to be deposited in the GL system 10001-1002 by the old fiduciary and reconciled using the reconciliation form. A new Petty Cash or Change Fund Custodian Form and Accounts Payable Voucher Form should be filled out by the new fiduciary and signed off by the Controller to establish the new change fund.

Petty Cash Fund 

The petty cash fund custodian is a person designated by the Controller. This person should follow the Change Fund procedure with regard to establishing, reconciling and replenishing the petty cash fund. This person will assist the Controller with managing the change funds throughout the College.

A petty cash fund is to be used to pay relatively small expenses that are appropriate, necessary and reasonable to conduct College business, such as:

1. Freight and delivery charges;
2. Office supplies;
3. Research and lab supplies;
4. Transportation to and from unexpected meetings and conferences;
5. Similar miscellaneous items; or
6. Incidental meeting expenses; incidental meals.

The Petty Cash fund should not be used for:

1. The purchase of postage stamps for resale;
2. Personal loans or other personal purposes (i.e., no check cashing);
3. Items of $25 or more which can be anticipated and requisitioned in accordance with the establishment of a checking account;
4. Any travel expenses related to overnight travel (other than toll charges, mileage and parking); or
5. Paying students or departmental workers.

College staff seeking reimbursement from the Petty Cash Fund should submit a Request for Petty Cash Reimbursement form with original receipts supporting the legitimacy and College purpose of the expenditure to: Office of Business Services. 

FORMS

Departmental Cash Handling Form

Deposit Request Form (Obtained from Controller’s office)

Accounts Payable Voucher Form

Petty Cash or Change Fund Custodian Form (Obtained from Controller’s office)

Employee Confidentiality Agreement (Obtained from Controller’s office)

Incident Report Form (Obtained from Controller’s office)

Request for Petty Cash Reimbursement

*Non-substantive Amendments

Policy

The College has significant investment in fixed assets, such as land, buildings, infrastructure, fixed and moveable equipment, which are used to carry out the primary mission of the institution. The intent of this policy is provide for the proper accounting, effective control and disposal of all fixed assets

Reason for Policy

To ensure that the College’s fixed assets are acquired, safeguarded, controlled, disposed of and accounted for in accordance with state and federal regulations, audit requirements, and generally accepted accounting principles.

To Whom Does the Policy Apply

Business Services and Purchasing Department

Supplemental Resources

Procedure 626: Fixed Assets

Contacts

Office of the Controller
(201) 684-7117

I. Categories of Fixed Assets

1. Land – Land as well as the costs incurred in preparing the land for its intended purpose. These costs include, but are not limited to, purchase costs, real estate commissions, closing costs, razing existing structures and clearing land. Excludes any land improvements. Land is not depreciated.
2. Land Improvements –Sidewalks, landscaping, lighting, fences and signage.
3. Infrastructure –Roads, parking lots, sewers, water lines and cabling.
4. Buildings – Costs associated with the purchase or construction includes all building components. If bond funding is used the bond issuance cost is included as well as any capitalized interest.
5. Building Improvements (repairs and renovations) –Improvements which extend the useful life of the building, or substantially changes the use of the original space, or the improvement expands the total space of the building. Routine repairs and maintenance are not capitalized and are charged to the operating expense in the period in which they occur.
6. Equipment – A tangible piece of personal property that has a useful life of more than one year. Costs capitalized include all costs of purchase and those costs associated with delivery, transportation, and insurance while in transit, installation costs, and other similar costs. Fixed equipment includes any equipment affixed to the building such as fume hoods, autoclaves etc. Moveable equipment includes office furniture, laundry and cafeteria equipment, vehicles, golf carts etc.
7. Software –With a useful life of greater than one year.
8. Library Collection – Periodicals, texts, journals, books of reference and other books for use in the Library.

II. Definition of Fixed Asset Criteria

Fixed assets are defined as items with a purchase price of $5,000 or more and a useful life of more than three years; donations with an estimated or appraised market value of $5,000 or more and a useful life of three years or more are also included. Items representing construction in progress are not recorded as a fixed asset until the construction or renovation is complete. All costs associated with the project will be capitalized, these costs include but are not limited to; architect fees, project management fees, utility usage exclusive to the project, engineering fees, surveys, permit fees, design fees, material and supplies, construction costs.

III. Acquisition/Addition of Fixed Assets

The college follows the same procurement policies and procedures for the purchase of equipment and other fixed assets as it does for the purchase of any other goods or services. This procedure addresses the requirements for fixed assets and does not address specific regulation related to approval and authorization of building construction or capital projects.

The Purchasing Department is responsible for recording all newly acquired equipment classified as a fixed asset into the College’s Fixed Asset System. The Purchasing Table in Banner Finance provides the information for items paid via purchase orders, which meet the $5,000 threshold and account code criteria.

The Purchasing Department will maintain a supply of fixed asset tags which are numbered consecutively. During the process of transferring requisitions to purchase orders, The Purchasing Department will assess the information on the requisition and determine if the item being ordered qualifies as a fixed asset based on the aforementioned criteria. The Purchasing Department will assign a fixed asset tag number and list the number, item location, and item purchase price on the purchase order. College staff will not be permitted to purchase fixed assets using a College procurement credit card. Nevertheless, the Purchasing Department will monitor credit card transactions and investigate any transaction that appears to involve fixed assets. Should a fixed asset be purchased with a College procurement credit card, the Purchasing Department will contact the Unit that placed the order, obtain the required information: item description, vendor, quantity, location, purchase price and charge code, and assign a fixed asset tag number. Donations and purchases made directly by the Foundation are not included.

Once a month the Purchasing Department will check the fixed asset tagged purchase orders to confirm an invoice has been entered against the order. Only after an invoice has been entered will Purchasing enter the fixed asset into the Fixed Asset System and provide a copy of the purchase order containing the fixed asset tag number to the fixed asset accountant. Purchasing will forward the metal fixed asset tag to Central Receiving along with a copy of the purchase order. Once a month Purchasing will review procurement credit card purchases for purchases of fixed assets. Purchasing will confirm receipt of the item with the ordering Unit. Purchasing will enter the data into the Fixed Asset System, provide a copy of the data and the fixed asset tag number to the fixed asset accountant and provide a copy of the data and the metal fixed asset tag to Central Receiving.

Purchasing will enter the following information into the Fixed Asset System for each fixed asset: tag number, item description and model, date of invoice as the acquisition date, vendor, purchase order number or procurement card transaction number, quantity, purchase price, charge code, location, owner as the ordering Unit, and expected usable life.

The fixed asset accountant is responsible for recording all non-equipment related fixed assets into the fixed asset system. The accountant reviews specific areas of the general ledger relating to capital projects and large expenditures in specific account codes for potential capital purchases. Each item is analyzed to determine if it meets the capitalization guidelines and to which category it belongs. An entry is made to post the qualifying items to both the fixed asset system and the general ledger. Donations that come through the Foundation are recorded to the related fixed asset category and as gift income.

Purchasing and the fixed asset accountant will reconcile the fixed asset system for equipment to the general ledger on a quarterly basis.

Purchase of computers, computer related equipment and software must be approved by ITS prior to purchase.

IV. Tagging

Equipment identification tags are affixed to each asset at the College unless it is not physically practical.

Working with the ordering Unit, the Central Receiving is responsible for placing the fixed asset tag provided by the Purchasing Department onto the equipment.

All items that meet the capitalization criteria are recorded as fixed assets regardless of the funding source as most grants allow you to keep any equipment purchased. If the granting agency requests the equipment be returned, we will reverse the capitalization entry.

V. Disposal or Transfer of Fixed Assets

The safeguarding and use of all fixed assets assigned to a particular unit is the responsibility of unit head. Items no longer needed require the completion of a Fixed Asset Disposal Form which should be submitted to the Purchasing Department. Purchasing is responsible for recording any disposals or transfer of equipment in the Fixed Asset System and will notify the fixed asset account to adjust the general ledger accordingly. All other disposals of fixed assets will be recorded by the fixed asset accountant.

Unallowable Disposal and Transfers

Equipment may not be disposed of or transferred without the approval of the Director of Procurement. Equipment identified for disposal may not be taken by College employees for personal use.

Allowable Disposals and Transfers

Stolen Assets – The unit director is responsible for contacting Public Safety and retaining a copy of the incident report. A copy of the incident report must be sent to the Purchasing Department.

Destroyed Assets – Loss due to fire, flood etc. must be reported to the Risk Manager on the Fixed Asset Disposal Form. Risk Manager will notify Fixed Asset Accountant.

Surplus Property – When a Unit no longer needs a fixed asset, the Unit must contact the Director of Procurement and provide a listing of the asset(s). The Director of Procurement, in conjunction with the Unit head and the Director of Facilities, will determine if the asset should be transferred to another College Unit, held by the College for use at a later time or declared surplus property and donated, sold or discarded via the College’s trash removal or recycling programs.

Fixed assets sold by the College must be sold in accordance with the State College Contracts Law, N.J.S.A. 18A:64-78 Sale of Surplus Personal Property. The Director of Procurement in conjunction with either the Unit head or Director of Facilities or Controller, will determine the current fair market value of the asset. If the value is equal to or greater than the public advertised bidding threshold, the asset shall be sold in accordance with N.J.S.A. 18A:64-78. The College may accept sealed bids from College employees as part of this public sale. If the value of the asset is below the public advertised bidding threshold, the College may sell the item without advertising to a private buyer as long as the buyer is not a College employee or a family member of the College employee. The College may sell surplus property without advertising to another State of New Jersey college or university or to any State of New Jersey agency, municipality or to the United States Federal Government. Buyers of College surplus property must complete and return the Surplus Property Sale Release form to the Director of Procurement.

The College may donate surplus property to nonprofit organizations which are approved by the State of New Jersey Division of Purchase and Property Surplus Distribution and Support Services. Organizations receiving the donated surplus property must complete and return the Surplus Property Donation Release form to the Director of Procurement.

Before the surplus property is sold, donated or disposed, the Unit Director must complete the Fixed Asset Disposal form and return it to the Director of Procurement. The Director of Procurement will mark item as disposed in the fixed asset system and forward the completed form to the Fixed Asset Accountant.

Before any surplus computer equipment is sold, donated or disposed, the equipment must be cleaned of all data by the College’s ITS Department in accordance with the State of new Jersey guidelines for disposal of computer equipment.

Transfer to other College Departments- Before fixed assets are transferred to another College Unit, the Unit Director must complete the Fixed Asset Disposal form and return it to the Director of Procurement. The Director of Procurement will change location in the fixed asset system.

Trash – Unit Director is to submit the Fixed Asset Disposal Form to the Director of Procurement. The Director of Procurement will mark item as disposed in the fixed asset system and forward the completed form to the Fixed Asset Accountant.

Trade-in for new equipment – Unit Director is to submit the Fixed Asset Disposal Form to the Director of Procurement. The Director of Procurement will mark item as disposed in the fixed asset system and forward the completed form to the Fixed Asset Accountant.

VI. Depreciation of Fixed Assets

The College uses the Straight-line method for all depreciable fixed assets (land and construction-in-progress are not depreciated). Equipment purchased during the fiscal year will be depreciated beginning in the fiscal year in which it was purchased. Building, improvements and infrastructure will be depreciated beginning in the first year it is put into use. Useful lives are based on the table below.

*Non-substantive Amendments

Policy

The disbursement of College funds is designated by the Ramapo College Board of Trustees.

Reason for Policy

The purpose of this policy is to strengthen financial practices of the College in accordance with accounting and internal control standards, and to establish standardized procedures for all users in the area of disbursement.

To Whom Does the Policy Apply

All employees of the College.

Supplemental Resources

Procedure 408: Disbursement

Contacts

Office of the Controller
(201) 684-7117

All disbursements of College funds will be directed through the Accounts Payable Department, in accordance with relevant policies, with the exception of Payroll, which will be disbursed by the Payroll Office. Reimbursement of Petty Cash Fund will be processed through the Accounts payable Department. The payment authorizations used by Accounts Payable are the Purchase Order, Accounts Payable Voucher or Travel Expense Report. Documents, forms and approval requirements are specifically identified in the Purchasing and Travel policies.

Purchase Orders

A Purchase Order form is prepared in the Purchasing Department from a purchase requisition processed by a college unit in accordance with established procedures in the Purchasing Manual.

Accounts Payable Voucher

Accounts Payable Vouchers are used to process disbursements that normally do not require a purchase order. Such items would include petty cash disbursements, student refunds, state or federal tax payments and other items at the discretion of the Vice President for Administration and Finance. All Accounts Payable Vouchers require the same approval levels and documentation as purchase orders.

Travel Expense Report

Upon completion of travel, employees are to provide a Travel Expenses Report along with necessary receipts in accordance with the Ramapo College Travel Policy Manual.

Travel Advances

Travel advance requests will be processed in accordance with the guidelines detailed in the Ramapo College Travel Policy Manual.

Payroll Disbursements

All payroll disbursements will be made through the Payroll Office in accordance with all federal, state and college guidelines and regulations.

Salary Advances

Ramapo College does not provide salary advances except in the situation where regular paychecks have been delayed. All such advances will be deducted from the employee’s next regular payroll check.

Petty Cash

Ramapo maintains a petty cash fund to reimburse staff for cash spent from their personal funds on behalf of the College. Cash reimbursements are limited to $25.00 each due to the limited amount of funds available. Purchases which exceed $25.00 are to be reimbursed through the purchasing system. Original receipts must be attached to each Petty Cash request.

Policy Statement

Ramapo College of New Jersey (the “College”) recognizes the importance of securing philanthropic gifts, pledges, private/non-governmental grants, and governmental grants. The College has designated, as a shared responsibility with the Ramapo College Foundation (the “Foundation”), the securing of philanthropic gifts, pledges, and private/non-governmental grants.

This Policy serves to certify that all philanthropic gifts, pledges, private/non-governmental grants and other resources received by the Ramapo College Foundation, a 501(c)(3) are administered according to the Ramapo College Foundation Gift Acceptance Policy and in compliance with College policies and procedures, and applicable laws and regulations.

Further, philanthropic gifts, pledges, and private/non-governmental grants must be solicited, accepted, recorded, and acknowledged by the Foundation and the College in a manner that supports the mission of the College and protects the interests of both the institution and its donors.

Reason for the Policy

The purpose of this policy is to ensure that all philanthropic gifts, pledges, private/non-governmental grants, and other resources that are received by the Ramapo College Foundation, a 501(c)(3), support the College mission and strategic plan, enhance Ramapo’s reputation and standing, and comply with all Ramapo College policies, procedures, and applicable laws and regulations.

The policy further serves to support the Ramapo College Foundation’s mission to “stimulate, solicit, receive, and promote receipt of resources from grants, bequests, and gifts offered by individuals, corporations, and foundations and to use such resources to enhance, support, and complement the total mission of Ramapo College of New Jersey.”

To Whom Does the Policy Apply

This policy applies to all students and employees of the College; the Foundation’s Board of Governors; the College’s Alumni Board of Directors; all advisory boards of the College and Foundation; and all persons soliciting or accepting philanthropic gifts, pledges, and private/non-governmental grants on behalf of the College.

Related Documents

• Procedure 407: Gifts and Private/Non-governmental Grants
  • Appendix 407A: Definition of Terms
• Policy 219: Naming of Buildings, Facilities and Assets
• Ramapo College Foundation Policies
  • Gift Acceptance Policy
  • Investment and Asset Allocation Policy
• Policy 649: Financial Conflicts of Research (Sponsored Research)

Contacts

Institutional Advancement

Procedure 407: Gifts and Private/Non-governmental Grants

Revised: April 2019, April 2025

I. Authority

Ramapo College of New Jersey (the “College) and its Board of Trustees empower the Ramapo College Foundation (the “Foundation”), a 501(c)(3), to obtain philanthropic gifts, pledges, private/non-governmental grants, and other resources to meet the needs of the College. Further, the Office of Grants and Sponsored Programs (the “OGSP”) also works on behalf of the College to obtain private/non-governmental grants.

Further, the President of the College (ex-officio) and a member of the Board of Trustees (voting member) serve on the Foundation’s Board of Governors. Together, the President and Vice President with oversight of Institutional Advancement establish fundraising priorities and budgets that are aligned to the College’s mission and strategic goals. These priorities and budgets are presented to the Foundation’s Board of Governors at the beginning of each fiscal year.

All fundraising activities including, but not limited to, the issuance of Ramapo College Foundation awards, private/non-governmental grants, corporate solicitations of funds or gifts in kind, individual solicitations, pledges, special event fundraisers, direct mail, personal contacts, telemarketing efforts, crowd fundraising or any social media solicitations, regardless of size, must first receive approval from the Foundation. This practice will ensure first priority is given to the College’s established strategic needs and allow for efficient use of resources to maximize the benefits derived from each donor and every gift, pledge, or private/non-governmental grant.

All philanthropic gifts, pledges, and private/non-governmental grants must align with the mission of Ramapo College, comply with applicable laws, regulations, and institutional policies, be legal, and not carry restrictions or conditions that could compromise the College’s core values.

This procedure is administered by the Ramapo College Foundation and the Vice President with oversight of Institutional Advancement. It must be:

• implemented in accordance with the Ramapo College Foundation Gift AcceptancePolicy,
• available on the College and Foundation Websites, and
• referenced in Donor Agreements and/or made available to potential donors.

Note: All public (local, state, and or federal) government grants are paid directly to the College through the OGSP or, in the case of financial aid grants, through the Financial Aid office. Financial Aid grants have stringent compliance requirements which are documented outside of the scope of this policy. Non-Financial Aid government grants are submitted through OGSP and include the full applicable and available Indirect Costs Recovery formula approved and in place for the College when allowable by the sponsoring agency. In circumstances in which the sponsoring government agency may only award to a 501(c)(3), the OGSP will coordinate receipt and stewardship with the Foundation.

II. Risk Management

A. Philanthropic Gifts

All philanthropic gifts should not impose undue risk upon the Foundation, College, or its related programs at any time, now, or in the future; such determination should be made by authorized personnel only and, if necessary, in consultation with legal counsel, the Budget and Fiscal Planning Office, and other functional areas within the College that may be impacted by such a gift.

All endowment gifts should have a gift agreement and contingency clause. It is important for donors to understand that the needs, policies, centers or activities of the College may change over time. The gift will be used as nearly as possible to the donor’s original intent.

Only authorized personnel of the Foundation/Institutional Advancement may accept gifts. Gifts that are not deemed to be in the donor’s or the College’s best interest will not be accepted. Employees should encourage donors to consult with their own financial or legal advisors when contemplating a gift, and not give legal or financial advice.

B. Private/non-governmental Grants

All private/non-governmental grants should not impose undue risk upon the Foundation, College, or its related programs at any time, now, or in the future; such determination should be made by authorized personnel only and, as necessary, in consultation with OGSP and other functional areas within the College that may be impacted by such a grant.

All private/non-governmental grants should have a grant agreement. It is important for grantors to understand that the needs, policies, centers or activities of the College may change over time. The grant will be used as nearly as possible to the grantor’s original intent.

Only authorized personnel of the Foundation/Institutional Advancement may accept private/non-governmental grants. Grants that are not deemed to be in the grantor’s or the College’s best interest will not be accepted. Employees should encourage grantors to consult with their own financial or legal advisors when contemplating a grant, and not give legal or financial advice.

III. Receipt & Compliance

A. Philanthropic Gifts

All philanthropic gifts from individuals, foundations, MOU’s, corporations, sponsorships, etc. for current or deferred use as well as unrestricted or restricted or special endowment purposes intended to support any aspect of the College should be made payable to the Foundation.

All philanthropic gifts shall be recorded and acknowledged by the Foundation according to the standards recommended and/or required by Ramapo College policies and procedures, the Internal Revenue (IRS) Code regulations, State and Federal law, the Council for the Advancement and Support of Education (CASE), and the National Association of College and University Business Officers (NACUBO).

This policy and procedure subscribe to the Council for Advancement and Support of Education (CASE) Statement of Ethics and the Association of Fundraising Professionals (AFP) Code of Ethics. Based on these statements, the Donor Bill of Rights, along with the Foundation Management Fee statement, is shared annually with all donors.

Further, the Ramapo College Foundation’s Audit Committee shall engage an independent auditor to perform an annual audit of the financial statements of the Foundation and will make the results of said audit public. Also, the Foundation’s Investment Committee shall make public its investment policies and procedures.

B. Private/non-governmental Grants

All private/non-governmental grants for current or deferred use as well as unrestricted or restricted or special endowment purposes intended to support any aspect of the College should be made payable to the Foundation.

All private/non-governmental grants shall be recorded and acknowledged by the Foundation according to the standards recommended and/or required by Ramapo College policies and procedures, the Ramapo College Grants & Sponsored Programs Manual, the grantor, Internal Revenue (IRS) Code regulations, State and Federal law, the Council for the Advancement and Support of Education (CASE), and the National Association of College and University Business Officers (NACUBO).

IV. Management Fee

This policy substantiates the need for a management fee that is applied to philanthropic gifts and private non-governmental grants collected by the Foundation. In keeping with industry standards, the fee helps recover costs of advancement efforts associated with philanthropic gifts and private/non-governmental grants as follows:

1. The Foundation will assess a one-time management fee of 5% on all new restricted giftsof $250 and above.

2. The Foundation will assess a one-time charge of 2.5% on all newly created endowments and new gifts of $250 and above to existing endowments.

3. Revenue generated from initial interest and appreciation may be used to pay the management fee or the donor may provide a separate fee donation.

4.This fee is assessed upon receipt of gift and applies to all cash gifts, gifts of securities, pledge payments, and private/non-governmental grants when allowable.

5. Deferred gifts, such as charitable gift annuities, trusts, and bequests will be assessed only at the time they are realized.

6. Private/non-governmental grants received from sponsors such as foundations,authorities, corporations, or other organizations, will be assessed according to this policyexcept where there are pre-existing published guidelines that prohibit it. If a management fee, gift assessment fee, or overhead cost is allowable, it must be added tothe proposal budget to the fullest extent possible.

7. If a management fee is not allowed by the sponsor, but the overhead cost is, the feemay be deducted from the overhead granted in the award.

8. Fees are not assessed on non-cash gifts such as gifts-in-kind or art donations.

V. Disclosure to Donors

The Ramapo College Foundation is required to comply with all inspection and disclosure requirements as set forth by federal IRS regulations governing charitable 501(c)(3) organizations. These disclosures include, but are not limited to:

• public access to an organization’s original application for recognition of tax-exempt status, any documents filed with the application, and any correspondence between the organization and the IRS regarding the application;
• public access to inspect a charitable organization’s Form 990-T,
• disclosures to donors to whom something has been given in return for their contributions, such disclosures must:
  • be in a written statement that is likely to come to the attention of the donor
  • be provided at the time the contribution is solicited or when the payment isreceived
  • inform the donor that the amount of the contribution deductible for federal income tax purposes is limited to the excess of the amount of money and the value of any property contributed by the donor over the value of goods or services provided by the Foundation
  • provide the donor with an estimate of the fair market value of the goods or services provided by the Foundation

All Foundation fees and overhead costs are provided to donors as follows:

1. All donors of $250 or more annually receive the Donor Bill of Rights, Ramapo College Foundation Statement of Fundraising Values including notification of the Administrationof Fees.

2. Proposals, fund agreements, and stewardship reports inform Foundation donors that aportion of the gift is used to cover the cost of advancement operations. Oral discussiontakes place at the time of solicitation and the management fee is included in budgets forphilanthropic gifts and private/non-governmental grant agreements.

3. Donors receive full credit for any management fee paid through their gift.

Policy

Ramapo College will follow the guidelines in OMB Circular No. 11-09, which outline the procedure for expending College funds for entertainment expenses, meals, and refreshments.

Please refer to the College’s Travel Policies and Procedures regarding meal reimbursements while on College business, and to negotiated union agreements regarding meals when working hours in excess of the standard.

Reason for Policy

To provide guidance on entertainment expenses, meals, and refreshments.

To Whom Does the Policy Apply

Employees and Students

Related Documents

Procedure

OMB Circular No. 11-09

College’s Travel Policies and Procedures

Contacts

Business Services

Procedure

Ramapo College will follow the guidelines in OMB Circular No. 11-09, which outline the procedure for expending College funds for entertainment expenses, meals, and refreshments.

Please refer to the College’s Travel Policies and Procedures regarding meal reimbursements while on College business, and to negotiated union agreements regarding meals when working hours in excess of the standard.

Allowable Expenses

1. Entertainment of prospective and current students, including meals and refreshments and any other expenses directly related to such entertainment.

2. Entertainment of dignitaries and other non­-State employees including meals and refreshments and any other reasonable expenses directly related to such entertainment. A dignitary is a notable or prominent public figure, a high-­level official, or one who holds a position of honor.  It is expected that expenditures for this purpose will be minimal and infrequent.

3. Expenses for meetings of the Board of Trustees or other high­-level organizational meetings, but limited to meals and refreshments.

4. All reasonable costs of commencement, convocation and other designated College-wide events. These events shall be minimal and infrequent and shall be designated as “College-wide” by the President’s Cabinet.

5. Light meals and/or refreshments at College-wide ceremonies recognizing length of service, retirements, and/or extraordinary contributions by employees to the College. These ceremonies shall be minimal and infrequent and shall require advance approval by the President’s Cabinet.

6. Light meals and/or refreshments for on-campus training sessions when it is necessary for employees to remain at the training site, which is not the employee’s work station. Such expenses must be authorized by the appropriate Vice President or President a minimum of seven business days in advance of the training session.

7. Entertainment expenditures related to College employees are allowable when such employees are essential to the conduct of the activity, event or function. Normally, these activities, events, or functions are related to student recognition activities.

Prohibited Expenditures

1. Meals or refreshments to be served to participants (other than students) or guests at any athletic event or other games or contests.

2. Expenses for alcoholic beverages.

3. With the exception of items 5 and 6 under “Allowable Expenses”, meals or refreshments served at functions held primarily for the benefit of employees (i.e. working lunches, staff meetings, etc.).

*Non-substantive Amendments

Policy Statement

Ramapo College Purchasing Card Policy is established to document and define the methods and limitations of use for the College’s Purchasing Card, which is provided to Ramapo College employees for purchases of business-related goods and services for the College.

Reason for Policy

The intent of this policy is to improve operational efficiencies for low dollar purchases, reduce employee non-travel reimbursements, and lessen the administrative burdens on College Units so they can focus on their strategic initiatives.

To Whom Does the Policy Apply

All Ramapo College employees.

Supplemental Resources

• Procedure 612: Purchasing Card
• Purchasing Card Manual

Contacts

Purchasing Department
(201) 684-7496

I. Purchasing Card Manual

Procedures to ensure that proper controls on the purchasing card are in place and are detailed in the Purchasing Card Manual.

The Purchasing Card Manual shall include the following subjects:

● Introduction
● Program Overview
● Contact Information
● Definitions
● Roles and Responsibilities
● Eligibility for a Purchasing Card
● Authorized Purchasing Card Use
● Unauthorized Purchasing Card Use
● Vendor Blocking
● Making a Purchase
● Record Keeping
● Erroneous Declines
● Emergency Transactions
● Credits
● Unresolved Disputes and Billing Errors
● Card Security
● Lost or Stolen Purchasing Cards
● Cardholder Transfer/ Separation
● Accounting for Purchases

The Purchasing Card Manual shall be reviewed annually by Business Services and all Purchasing Card Users shall affirm, upon issuance or renewal of a Purchasing Card that they have reviewed the Purchasing Card Manual.

Policy

The College will provide a discretionary fund per contract to the President on an annual basis of up to $15,000 per year for miscellaneous expenses so long as they adhere to state purchasing regulations. Any change to the amount of the fund will be done in consultation with the Executive/Judicial Committee of the Board of Trustees and, as needed, shall be reflected in future iterations of this policy.

Reason for Policy

Sets forth policy regarding the President’s Discretionary Fund.

To Whom Does The Policy Apply

President of the College.

Related Documents

None.

Contacts

Office of the President
(201) 684-7610