Business & Finance Team

MINUTES 


Committee
Charge

Committee Name:  Business & Finance Team

Committee Type:  Administrative – Hybrid

Mission/Purpose: The Business & Finance Team (BFT) is responsible for ensuring the College’s business and financial practices meet State and Federal guidelines.  The BFT provides oversight on activities related to budget development, financial analysis, purchasing, billing, and payroll activities.  The BFT manages the College’s financial processes outlined in the Illinois Community College Board’s (ICCB) Financial Management Manual.

Scope of Responsibility:

  1. Create and update business and financial operations operating standards manual.
  2. Coordinate with the Board Finance Committee to develop a long-term financial plan for the College.
  3. Implement an inclusive 3-year budgeting process with a 5-year financial outlook.
  4. Assist organizational units with budget planning.
  5. Assist with College audits.
  6. Ensure resource allocation is linked to the College’s Strategic and Student Assessment plans.
  7. Implement finance and budget strategic goals assigned to the Vice President of Administrative Services.
  8. Create and update a customized program costing tool.

Policy Responsibility: Provide input to the Administrative Services Council when needed.

HLC Criterion: 5.B.3; 5.B.4; and 5.C.all

Strategic Plan Responsibility:  Goal 4, Objective 6, Strategies A, B, C, D and Goal 4, Objective 9, Strategies A, B.

Priorities for FY25:  Strengthen SCCES linkage with budget development and reporting process (4.1.B); Strengthen SCCES linkage with Capital Improvement process (4.1.D); Revise budget submission document to reflect Board preferences and priorities (4.6.B.); Increase employee Submit to Government Finance Officers Association (GFOA) for consideration of distinguished budget presentation award (4.6.D.); Evaluate conducting a Technology Readiness Assessment (4.7.B.); Align capital projects plan with the College’s Strategic Plan (4.8.A.); Develop a rolling three-year tuition strategy (4.9.A.); and Develop a debt-management plan (4.9.B).

Reporting: The BFT advises the Vice President of Administrative Services (VPAS) through policy recommendations to the Administrative Services Council and performs operational activities for the Administrative Services Leadership Team.

Composition:  Director of Business Services, Bookstore Manager, Accountant, Payroll Specialist, Financial Aid Operations Specialist, Center Coordinator (1), Faculty (2), Staff (2)

Meeting Dates:  Third Tuesday of the month from 2:00p–4:00p.