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.

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  

Contacts

Assistant Vice President of Business Services and Controller

(201) 684-7494

cokeefe3@ramapo.edu

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 his/her 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 handles 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 his or her 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 regards 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

Policy

Ramapo College will have an Investment Policy. 

Reason for Policy

This policy establishes guidelines and a prudent framework for achieving reasonable returns on Ramapo College of New Jersey (the College) investment accounts while safeguarding principal. These investment accounts are for cash not needed for immediate operations.

To Whom Does the Policy Apply 

Finance Committee of the Board of Trustees, Vice President for Administration and Finance, Controller, Investment Manager(s)

Related Documents

None

Contacts

Vice President for Administration and Finance 

The purpose  of this Investment  Policy is to establish  policies  and guidelines  related to the investment  objectives  for the Ramapo College  of New Jersey (the College) investment  accounts.  These investment accounts are for cash not needed for immediate operations.  Cash balances of the College accumulate during periods of the year due to the cyclical business cycle inherent to higher education and this policy is intended to create a prudent framework for achieving reasonable returns on its assets while safeguarding principal.

Authority

New Jersey Statute 18A:3B-6 Powers, duties of governing boards of institutions of higher education.

This policy does not cover the endowment funds.

Responsibilities and Roles

1. Finance Committee of the Board of Trustees
2. Approve the Investment Policy and any revisions thereto, and review the policy annually.
3. Receive and review investment reports, at least annually, and provide feedback to administration.
4. Approve the selection of the investment manager(s) as recommended by the Vice President for Administration and Finance.

Vice President for Administration and Finance

1. Recommend revisions to the Investment Policy, and present for review annually to the Finance Committee.
2. Approve the investment plan for each fiscal year.
3. Assess on an annual basis, or as dictated by the market, the request of the Finance Committee, or changed College requirements, the need to rebalance the investment mix.
4. Recommend for approval the investment manager(s) of the portfolio for the Finance Committee approval, if determined necessary.
5. Provide oversight for investments, review the results of the portfolio against the benchmarks established and relevant market indexes, and ensure the assets are invested according to this
6. Provide summary performance results and status of the investment portfolio to the Finance Committee as requested, or at least

Controller

1. Maintain the cash flow analyses that assess cash flow needs for each level of investment segment on a monthly basis.
2. Monitor the portfolio for compliance with this policy.
3. Ensure that investment manager(s) meet the deliverable responsibilities.
4. Reconcile reports of investment manager(s) and the general ledger, and generate monthly reports regarding portfolio performance and compliance.

Investment Manager(s)

1. Invest assets according to the goals and outcomes presented and approved at time of investment.
2. Optimize investment return and growth of the College’s assets within the guidelines of this policy.
3. Meet with the Vice President for Administration and Finance or a designee no less than quarterly and be available for regular telephone contact.
4. Monthly, provide statements of transactions along with historical cost and market valuation of portfolio assets, as well as any other information requested by the Vice President for Administration and Finance or Controller.
5. Quarterly, provide (a) a review of performance, net of fees, relative to an appropriate index agreed to by the Vice President for Administration and Finance; and (b) the performance results as compared to established benchmarks.

Competitive Selection of Investment Manager(s)

The College may choose to hire an investment manager(s) through a competitive bidding process.  The offer that most closely mirrors the guidelines established within this policy will have highest priority.  The investment manager(s) selected will provide the highest rate of return, net of fees, within the required time to maturity, while creating economic stability. Consideration will be given to historical performance and fee structure during the selection process. The Vice President for Administration and Finance will have authority to select the investment manager(s), with the approval of the Finance Committee.

Investment Objectives and Portfolio Descriptions

The overall investment objective is to maintain appropriate liquidity for day-to-day operational and capital disbursements, and conservatively optimize earnings on excess cash.

Diversification as to liquidity, maturity, market, and risk will be achieved by structuring the portfolio in three segments: operating cash – short-term, intermediate-term and long-term investments, with the following parameters specified for each segment:

Operating Cash – Short-term

Operating cash represents the College’s operating needs to cover payroll and vendor obligations on a daily and weekly basis.  This will be invested in highly liquid interest bearing accounts to cover checks drawn, and the focus will be only on maintaining principal. This segment shall have a minimum balance of $10 million, and target 10-50% of the portfolio.

1. Average maturity: No longer than one year
2. Benchmark: To be defined for each individual investment or fund
3. Investment objective: Liquidity and safety

Intermediate-term Investments

The intermediate-term investments represent the College’s less urgent cash needs, which could represent the scheduled debt service payments, capital needs, and strategic funding. There are no minimum balances for this segment, and the target is up to 40% of the portfolio.

1. Average maturity: For fixed income portion, no longer than five years
2. Benchmark: To be defined for each individual investment or fund
3. Investment objective: Maximize total return without undue exposure to capital risk
4. Credit/quality ratings: Investment grade or better for fixed income

Long-term Investments

The long-term investments represent the College’s reserves. The primary objective of this segment is to increase and enhance the College’s overall investment return in a prudent, conservative manner utilizing a diverse array of investment vehicles. There are no minimum balances for this segment, and the target is up to 40% of the portfolio.

1. Average maturity: For fixed income portion, no longer than ten years
2. Benchmark: To be defined for each individual investment or fund
3. Investment objective: Seek higher returns in the five to ten year markets, and maximize returns
4. Credit/quality ratings: Investment grade or better for fixed income

Investment Guidelines

Approved Instruments

1. The following fixed income instruments are considered appropriate for the investment portfolio, and a review of the rating will be made at the time of purchase and reviewed at least annually to be consistent with the College’s investment objectives:

• Obligations of the U.S. government and its agencies
• Money market instruments, repurchase agreements, commercial paper, bankers’ acceptance, certificates of deposit, and approved money market funds
• State and corporate bonds
• Floating rate securities without interest rate caps
• U.S./international indexed equity funds

Diversification

The College will diversify its investment portfolio as a way to limit certain types of risk. Investments shall be diversified as to maturities and as to the type of investment to limit the risk of loss which might result from over-concentration of assets in a specific maturity, in a specific kind of security or from an individual issuer. Any deviation from the guidelines established herein shall be allowed only with the express approval of the Vice President for Administration and Finance.

• The portfolio will not consist of more than 25 percent of total assets in the securities of issuers in any particular industry, other than United States government securities, or government agency securities. No more than 10 percent of the investments will be invested in securities (other than United States Government) of any one issuer.
• For purposes of this policy, securities of a parent company and its subsidiaries will always be combined to determine diversification levels.  Securities issued by the U.S. Treasury and U.S. government agencies are specifically exempted from these restrictions.

Restricted Investments

The portfolio shall not contain derivative instruments, the use of derivatives is prohibited within this policy.

All cash and investments must be denominated in US dollars, and no amounts can be held in foreign currency, or be subjected to currency risk.

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

Related Documents

Procedure

Contacts

Controller
(201) 684-7494

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.

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.

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 Purchasing 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.

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.

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 Purchasing. 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 Purchasing. 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.

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 Purchasing and provide a listing of the asset(s). The Director of Purchasing, 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 Purchasing 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 Purchasing.

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 Purchasing.

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 Purchasing. The Director of Purchasing 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 DepartmentsBefore 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 Purchasing. The Director of Purchasing will change location in the fixed asset system.

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

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.

Policy

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

Reason for Policy

Strengthen financial practices of the College in accordance with accounting and internal control standards • Establish standardized procedure for all users in the area of disbursements

To Whom Does the Policy Apply

All employees of the College

Related Documents

Procedure

Contacts

Controller
(201) 684-7494

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 recognizes the importance of securing philanthropic contributions and competitive grants and has designated this as a shared responsibility with the Ramapo College Foundation. Gifts and grants must be solicited, accepted, recorded and acknowledged in a manner that supports the mission of the College and protects the interests of both the institution and its donors. The Foundation will screen, cultivate and solicit donors/funders; record the terms, restrictions and conditions of the gift with a commitment to honor the designation request(s); and administer all gifts, grants and other resources according to the Gift Acceptance Policy.

This policy applies to all gifts, grants, pledges and other resources received by Ramapo College or its Foundation, a 501(C) (3) corporation, on behalf of and for Ramapo College of New Jersey. The mission of the Ramapo College Foundation “is to provide the resources that make the difference in Ramapo College of New Jersey’s quest for educational excellence.”

Reason for the Policy 

The College strives to ensure that all gifts and grants support the College mission and strategic plan, enhance Ramapo’s reputation and standing, as well as advance the promises made to our students.

The College recognizes the role of the Foundation and Institutional Advancement to screen, cultivate and solicit donors; to record the terms, restrictions and conditions of the gift with a commitment to honor the designation; to prepare grants and secure unrestricted, restricted and capital funds; and to ensure donors are properly acknowledged and engaged in stewardship.

The Policy serves to certify that all gifts, pledges, grants and other resources received by Ramapo College or Ramapo College Foundation, a 501 (c) (3) are administered according to the Gift Acceptance Policy.

The Policy further serves to support the Ramapo College Foundation mission, “To provide the resources that make the difference in Ramapo College of New Jersey’s quest for educational excellence.”

To Whom Does the Policy Apply

This policy applies to all administrators, faculty, staff, students and units of the College; the Ramapo College Foundation Board of Governors, the Ramapo College Alumni Board of Directors, and all other alumni, parent, dean or friends advisory boards of the College and Foundation; and all volunteers soliciting or accepting gifts on behalf of the College.

Related Documents

• Board of Trustees Policy 219 Naming of Buildings, Facilities and Assets
• Board of Trustees Policy 219 Naming of Buildings, Facilities and Assets Procedure
• Ramapo College Foundation Gift Acceptance Policy
• Ramapo College Foundation Investment and Asset Allocation Policy
• Ramapo College Student Clubs and Organization Fund Raising Policy

Contacts

Office of the Vice President for Institutional Advancement

PROCEDURE: FUNDRAISING GIFTS AND GRANTS

Ramapo College of New Jersey recognizes the importance of securing philanthropic contributions and applying for competitive grants and has designated responsibility to the Ramapo College Foundation and the Division of Institutional Advancement. The Foundation will screen, cultivate and solicit donors/funders; record the terms, restrictions and conditions of the gift with a commitment to honor the designation request(s); and administer all gifts, grants and other resources according to the Gift Acceptance Policy.

This policy applies to all gifts, grants, pledges and other resources received by Ramapo College or its Foundation, a 501(C) (3) corporation, on behalf of and for Ramapo College of New Jersey. The mission of the Ramapo College Foundation “is to provide the resources that make the difference in Ramapo College of New Jersey’s quest for educational excellence.”

REASON FOR THE PROCEDURE

This procedure serves as a guideline to all staff, faculty and students of Ramapo College of New Jersey involved with accepting gifts or applying for grants; to outside advisors who assist the College’s donors in the gift planning process; and to prospective donors or funders who wish to make gifts to Ramapo. Ramapo College and its Board of Trustees empowered the Ramapo College Foundation to obtain private gift support and other grants and resources to meet the needs of the College. The President of the College (ex-officio) and a member of the Board of Trustees (voting member) serves on the Foundation Board of Governors. The President and Vice President of Institutional Advancement establish fund raising priorities and budget based on realistic projections, fund raising management expertise and historical knowledge. These are presented to the Board of Governors of the Foundation at the beginning of each fiscal year for its approval.

• This policy recognizes the substantial increase in need for private, state and federal funds to support the College’s priorities as outlined in the Strategic Plan and the resulting demand on fundraising efforts.
• This policy substantiates the need for an administrative fee in keeping with industry standards that helps to recover the increasing costs of development efforts.
• This policy subscribes 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.
• All gifts must be appropriate to the mission of Ramapo College, must be legal, and not carry restrictions or conditions that could compromise the College’s core values.
• All 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 Ramapo College Foundation. All local, state or federal grant dollars will be paid directly to the College through the Office of Grants and Sponsored Projects.
• All fund raising activities including, but not limited to, foundation grants, corporate solicitations of funds or gifts in kind, individual solicitations, special event fund raisers, 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.
• All gifts should be recorded and acknowledged according to the standards recommended and / or required by the Internal Revenue (IRS) Code regulations and State and Federal law, and Council for the Advancement and Support of Education (CASE) and National Association of College and University Business Officers (NACUBO).
• The Ramapo College Foundation Audit Committee will engage an independent annual Financial Audit and will make it public. The Foundation Investment Committee also makes public its investment policies and procedures.
• All gifts should not impose undue risk upon the Foundation, College, or its related programs at any time, now, or in the future.
• All endowment gifts should have a gift 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.
• Employees should never encourage or accept a gift if s/he believes doing so is not in the donor’s best interest. Employees should encourage donors to consult with their own financial or legal advisors when contemplating a gift, and not give legal or financial advice.

APPLICABILITY/DEFINITIONS

Gift/Donation: A gift/donation is a contribution, that voluntary and irrevocable transfers money or property from a donor to an organization, for either unrestricted or restricted use in the furtherance of Ramapo’s mission for which the College has made no commitment of resources or services. The donor should have no expectation of, or receipt of, economic benefit. If a donor receives benefits in return for the contribution, the amount of the gift recorded and reported is reduced by the fair market value of all benefits given.

Management Fees /Overhead Fees: The Foundation Board of Governors, in keeping with industry standards, established a management fee in 2001 to help recover the increasing costs of development efforts. It supports operations to continue to seek, solicit and obtain funds to meet the College’s Strategic Plan. The Assessment and Method of Fee Payment is as follows:

1. The Foundation will assess a one-time management fee of 5% on all new restricted gifts of $250 and above.
2. All newly created endowments and new gifts of $250 and above to existing endowments, the Foundation will assess a one-time charge of 2.5%.
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 nongovernmental grants.
5. Deferred gifts, such as charitable gift annuities, trusts, bequests will be assessed only at the time they are realized.
6. Grants received from non-governmental sponsors, such as foundations, authorities, corporations, or other organizations, will be assessed according to the Foundation policy except where there are preexisting published guidelines that prohibit it. If a gift assessment fee or overhead cost is allowable, it must be added to the proposal budget to the fullest extent possible.
7. If a management fee is not allowed by the sponsor, but the overhead cost is, the fee may be deducted from the overhead granted in the award.
8. All government grants submitted through the Office of Grants and Sponsored Programs must include the full applicable and available Indirect Costs Recovery formula approved and in place for the College.
9. Fees are not assessed on non-cash gifts such as gifts-in-kind or art donations

Disclosure to Donors: All fees and overhead costs are provided to donors.

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 Administration of Fees.
2. Proposals, fund agreements, and stewardship reports inform Foundation donors that a portion of the gift is used to cover the cost of development operations. Oral discussion takes place at the time of solicitation and the fee is included in budgets for gift / grant agreements.
3. Donors receive full credit for any management fee paid thru their gift.

Donor Agreement: A written agreement between the Ramapo College Foundation and a donor to receive a gift and determine the terms of the gift, including naming recognition.

Building and Facility: A building, facility, classroom, center, room, office, courtyard, field, walkway, path or other interior or exterior space that is the real property owned or controlled by Ramapo College of New Jersey. Buildings and facilities are considered a Physical Asset of the College.

Academic Asset: School, academic department, center or institute, endowed deanship or faculty position.

Non-Academic Asset: Endowments for scholarships, programs, centers, institutes, lecture series, special projects; as well as annual donations for a specific scholarships, programs, centers, institutes, lecture series or special projects will be reviewed and approved by the President and/or the Vice President for Institutional Advancement.

PROCEDURE ADMINISTRATION

This procedure shall be administered by the Ramapo College Foundation and the Vice President for Institutional Advancement. It will be implemented in accordance with the Ramapo College Foundation Gift Acceptance Policy. This procedure will be available on the College and Foundation Websites. It will be referenced in Donor Agreements and/or made available to potential donors.

RELATED DOCUMENTS

• Board of Trustees Policy 219 Naming of Buildings, Facilities and Assets
• Board of Trustees Policy 219 Naming of Buildings, Facilities and Assets Procedure
• Ramapo College Foundation Gift Acceptance Policy
• Ramapo College Foundation Investment and Asset Allocation Policy
• Ramapo College Student Clubs and Organization Fund Raising Policy

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.).

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.

Related Documents

Procedure 612: Purchasing Card
Purchasing Card Manual

Contacts

Business Services
(201) 684-7496

Procedures to ensure that proper controls on the purchasing card are in place 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.