§ 115D-58.5. Accounting system. - North Carolina Statutes

§ 115D‑58.5. Accounting system.

(a)        Each institution shall establish and maintain an accountingsystem consistent with procedures as prescribed by the Community CollegesSystem Office and the State Controller, which shows its assets, liabilities,equities, revenues, and expenditures.

(b)        Each institution shall be governed in its purchasing of allsupplies, equipment, and materials by contracts made by or with the approval ofthe Purchase and Contract Division of the Department of Administration exceptas provided in G.S. 115D‑58.14. No contract shall be made by any board oftrustees for purchases unless provision has been made in the budget of theinstitution to provide payment thereof. In order to protect the State purchasecontracts, it is the duty of the board of trustees and administrative officersof each institution to pay for such purchases promptly in accordance with thecontract of purchase. Equipment shall be titled to the State Board of CommunityColleges if derived from State or federal funds.

(c)        The operations of each institution shall be subject tooversight of the State Auditor pursuant to Article 5A of Chapter 147 of theGeneral Statutes.

(d)        Repealed by Session Laws 1983, c. 913, s. 18. (1963, c. 448, s. 23; 1979, c. 462, s. 2; c. 896, s.13; 1979, 2nd Sess., c. 1130, s. 1; 1981, c. 157, s. 1; 1983, c. 913, s. 18;1998‑68, s. 1; 1999‑84, s. 14; 2000‑67, s. 7(c).)