1-31: Internal Control – Procedures

The SFCC Governing Board approved Policy 1-31 Governing Board Financial Oversight in February 2019. It became effective immediately. SFCC requires adherence to these procedures in accordance with 6-5-1 NMSA 1978, 2.20.5 NMAC Public Finance and 2.2.2 State Audit Rule.

Internal Control procedures set a standard to strengthen the financial health and stewardship of College resources by providing reliable financial information that is in accordance with all Federal, state and College regulations, and to support the public and the Governing Board with the ability to make informed financial decisions.

These procedures are consistent with the internal control model developed by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

These procedures align SFCC processes with the COSO framework of internal control to safeguard taxpayer assets, promote fiscal accountability, and strengthen financial reporting. They provide a tool for managers to use in performing internal control evaluations.

Internal Control Procedures Manual

Contact:          Nick Telles, Vice President of Finance/Chief Financial Officer

Updated:         9/27/2019

View Policy