Policy 5.01

Part 1. Purpose

This policy codifies the local authority for the financial management of the College.

Part 2. Authority

The President, by authority of Minnesota State Board Policy 7.1., has the authority, responsibility, and accountability to administer the College in accordance with College policies, system procedures, and federal, state, and local laws and regulations. The President is responsible for developing and maintaining college administrative, financial, and facilities management procedures in consultation with students, faculty, staff, and recognized organizations for faculty, students, and staff.

The President delegates authority to the Vice President of Finance and Operations to develop procedures and guidelines that implement the administrative and financial management of Minneapolis College.

The overriding principles of the College's financial policies and procedures shall be to provide sufficient autonomy to individual departments to administer the resources under their control to achieve their mission while being held accountable for their decisions and adhering to state statutes, and local and system policy.

Part 3. Responsibilities

The Vice President of Finance and Operations shall periodically advise the President's Council of the financial management performance of the College. The Vice President of Finance and Operations is responsible for oversight, reporting, and periodic communications of the College's financial position.

The Vice-President of Finance and Operations is accountable for the administrative and financial management of the College as delegated by the President. Annual audits will be conducted to determine if the College is maintaining appropriate controls. The Minnesota State system office will be advised of the financial status of the College through their monitoring reports, via direct communication with the College, and from audit results.

All financial and administrative policies shall be in support of Minneapolis College's mission.

Part 4. Public Information

All data will be handled in accordance with the Minnesota Government Data Practices Act, Minnesota Statutes, Chapter 13, and other applicable laws.

Owner(s) Title: Vice President of Finance and Operations

Date of Adoption: Original adoption date not currently documented.

Date of Implementation (if different from adoption date): Changes approved on 5/20/2021 will be implemented with the approval of the full revisions of the College’s finance policies section in May 2025.

Date Last Amended: 5/1/2025 (Limited)

History and Subject of Revisions: 5/1/2025 (Limited Review), 5/20/2021 (Comprehensive review, added definitions, restructure of finance policy section, and for clarity), 12/31/21018 (non-substantive changes)

Regulatory Authority (e.g. Minnesota State policy, federal or state law): Minnesota Government Data Practices Act, Minnesota Statutes, Chapter 13; Minnesota State Board Policy 7.1