BS5702 - Accounting System Mandates

1. Institutional Regulations
   
   The College shall use all accounting practices as mandated by the State of Iowa and by federal agencies in accordance with generally accepted accounting principles.
    
2. Procedure
   1. The College shall generally use the chart of accounts as prescribed by the Iowa Community College Accounting Manual. The College may chose to use additional accounts, but shall convert to the state mandated system for reporting purposes
   2. The Controller shall recommend changes in accounting practices to the accounting committee established by the Department of Education and to the Iowa Community College Business Officers Association.
   3. The record keeping requirements of the various federal agencies shall be considered at the time that application for the funds is made.
   4. Changes and modifications of accounting system recommended by the State Auditor’s Office or a private contracted audit firm shall be given consideration. Additional monetary and personnel costs shall be weighed against benefits derived from such recommendations.