Robert W. Gilbert
Acting Comptroller

Ph: (540) 464-7270
Fax: (540) 464-7794

Smith Hall, 3rd Floor
Virginia Military Institute
Lexington, Virginia 24450

Contact Comptrollers Office


Colleague Manual Introduction

NOTICE TO READER:  

Segments of this document in bold, italic print represent policy which can be changed only by authorization of the VMI Board of Visitors.  All other segments represent procedures which may be changed by authorization of the Superintendent.

Section 10000 

TABLE OF CONTENTS

10100    Use of this Manual

10200    Revisions to this Manual

10300    Financial Responsibilities at VMI


10110      Purpose of this Manual  [Return to top]

This manual describes VMI’s Colleague Accounting System and establishes all financial policies and procedures for VMI.  One of the primary goals of this manual is to encourage efficiency, proper internal controls, and accurate financial reporting.  This document includes the forms and instructions that one must use in processing all financial transactions at VMI.  It provides a complete orientation to the system for all users.

10120     Scope of this Manual  [Return to top]

This Manual includes descriptions, policies, procedures, and forms to explain the following items:

  1. Standard Operating Policies
  2. Accounting System Structure
  3. Financial Reports
  4. Cash Receipts Operations
  5. Disbursements
  6. Payroll
  7. Restricted Funds Accounting
  8. Fixed Asset Accounting
  9. Student Accounting Policies
10. Departmental Records
11. Annual Operating Budget Policies
12. Purchasing

10130     Numbering System [Return to top]

This Manual uses a 5-digit section number to locate information:

       XX Section
       X    Major Section
       XX Paragraph

Forms or instructions related to the section are displayed withing the sidebar menu.

 

10140     Compliance Reporting  [Return to top] 

The Deputy Superintendent for Finance, Administration and Support shall semi-annually, in December and May of each fiscal year, give a report to the Audit, Finance and Planning Committee of the Board of Visitors on the status of VMI's compliance with the policies set forth in this Manual.

 

10200     Revisions to this Manual  [Return to top]

Only the VMI Board of Visitors has the authority to make revisions in the policies set forth in this Manual.  Furthermore, all such revisions shall be consistent with State laws and regulations.  In case of a conflict with state law or where the policy is silent - state law will prevail.  The Board of Visitors realizes the necessity to change operating procedures from time-to-time; therefore, the Board hereby authorizes the Superintendent to administratively make revisions, as necessary, in the procedure portions of this Manual.

This manual is available to all VMI employees through the Comptroller's Office website.  It is each employee's responsiblity to adhere to the most recent version provided through this site.

 

10300     Financial Responsibilities at VMI  [Return to top]    

Every administrator, fiscal officer, and employee has the responsibility to insure that the financial resources of Virginia Military Institute are expended to best serve the Institute.  The Institute’s financial resources are appropriated by the State of Virginia (State funds) and provided by private sources (Local funds).  The VMI Board of Visitors annually adopts the Institute's operating budget.  State laws and regulations, this manual, and the Institute's annual operating budget provide policies and procedures for the collection, control, and expenditure for all funds.  The responsibility mentioned above is best met by:

1. Performing adequate planning for the use of the funds allocated.
2. Frequent reviewing the expenditure of funds in order to insure that they are being made in the most efficient manner.
3. Retaining flexibility in financial management to meet unexpected or unplanned needs.
4. Exercising the closest personal supervision practicable over the entire function.

10310     Overview of the Colleague Finance System  [Return to top]

The Colleague Finance Module which encompasses the General Ledger, Purchasing and Accounts Payable was implemented 1 July 1998.  This module is a portion of a fully integrated computer system, which VMI purchased from Datatel Corporation.  Colleague Finance was the first of the modules implemented.  The non-student accounts receivables, which are maintained in the Student System Module, was also implemented 1 July 1998.

The Human Resource Module, which includes Personnel and Payroll, was implemented 1 January 1999.  The student receivables portion of the Student System Module was implemented in Spring 1999.  All modules post financial transactions into the General Ledger for accounting and reporting purposes.  The Budget Module was implemented in September 1999.

This system is a fully integrated, on-line system, and VMI fully utilizes all modules.  Before departmental use of the system all users shall be trained and all security measures in place.

 

10320     Supervision of Accounts [Return to top]

Every account has an individual to supervise that account and its activity; that is, a Budget Officer will be assigned to each account.  If you have questions concerning an account, then direct those questions to the Budget Officer for that account.  The Treasurer’s Office and the Comptroller’s Office are also available to provide operating assistance.

 

10330     Use of Fund Accounting  [Return to top]

The Colleague Finance System provides for separate self-balancing sets of accounts, or fund groups.  The selection of fund group depends on the needs of the Institute and generally accepted fund accounting principles, as specified in the National Association of College and University Business Officer’s College and University Business Administration handbook.

The Institute uses the following funds groups:

  • Unrestricted Current Funds
  • Restricted Current Funds
  • Student Loan Funds
  • Endowment Funds
  • Plant Funds
  • Agency Funds

Use of “Department” in this Manual to Describe Institute Activities  [Return to top]

The Colleague Finance System uses individual accounts to record particular financial activities at three very different levels – Institute, departmental, and activities within departments.  To simplify the discussion of which level is handling account transactions in the Manual, “department” is used in all cases.  Unless specifically stated, the rules and procedures for handling individual transactions is not different for any of the three organizational levels listed above.