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Comprehensive Standard 3.10.4

The institution exercises appropriate control over all its financial resources. (Control of finances) 

Judgement: Compliant


Control of financial resources at the University of South Carolina Upstate (USC Upstate) is accomplished by an organizational structure with defined management and processing responsibilities, an effective budget planning and management program, a comprehensive set of operating policies and procedures,and a system of regular audits to insure compliance with established polices and control measures.

The Chancellor is ultimately responsible to the President and the University of South Carolina (USC) Board of Trustees (Board) for the financial operations at USC Upstate.  Senior academic and administrative officers are required to possess the credentials, experience and capacity appropriate for their areas of responsibility. The senior administrative organization includes the Chancellor, Senior Vice Chancellor for Academic Affairs, Vice Chancellor for Administrative and Business Affairs, Associate Vice Chancellor for Enrollment Services, Dean of Students, Vice Chancellor for University Advancement, Vice Chancellor for Information Technology and Services, Athletic Director, and Executive Director of University Boards and Public Affairs. Each senior administrativehasthe responsibility to approve, manage and control the respective functions (USC Upstate Organization Chart – NOTE: As of August 1, 2011, Dr. Thomas Moore assumed the role of Chancellor at USC Upstate).

Greater efficiency and additional controlling responsibilities for processing and compliance are achieved as units in the USC system coordinate business and financial activities with the respective system offices.These offices provide support for all business and financial services to include cash management and accounts receivables, purchasing, accounts payable, payroll and travel.

Budget Management and Controls
As outlined in the budget development process, a financial plan approved by the Chancellor, establishes the use of capital and operating funds.  Cabinet areas are allocated budgets for management and control consistent with the University’s organizational structure. Within each area, unit budgets are approved by the respective Cabinet member.  Management guidelines and expenditure restrictions are determined for personnel, contractual services, supplies, equipment and other expenses (USC Upstate Budget Development Process 2010-2011).

Policy and Procedures
USC Upstate complies with USC System Policies and Procedures established for all campuses within the System.Unique USC Upstate policies and procedures approved by the Chancellor are developed for managing campus operations(USC Upstate Policies and Procedures).As a state entity, USC Upstate also complies with state laws and regulations.Professional development is provided regularly on campus for personnel handling purchasing, cash receipting, travel, human resources, and other procedures. 

The USC System Internal Audit Department, reporting directly to the Board, conducts periodic campus and program audits to insure compliance with University policies and procedures.  Corrective measures are taken based on the outcome of this work.  The audit report and subsequent tracking reportsare reported to the USC Fiscal Policy Committee and the Board.  USC Upstate has no outstanding corrective measures for the latest internal audit conducted April 30, 2008(USC Upstate Internal Audit Report, April 30, 2008).

USC Upstate Foundation
In support of the mission of USC Upstate and as approved by the Board, the USC Upstate Foundation (formerly the Carolina Piedmont Foundation)receives gifts on behalf of the University. In cooperation with the administration of USC Upstate, the donation determines the projects to be financed by these funds and provides financial management of those funds.  TheVice Chancellor for University Advancement has responsibility for financial management of the foundation based on the partnership agreement between the USC Upstate Foundation and the Board (USC Upstate Foundation Affiliation Agreement).TheFoundation operates under approved bylaws and an investment policy with established responsibilities, guidelines, and fiduciary standards for fund management (USC Upstate Foundation Bylaws; USC Upstate Foundation Investment Policy, Objectives and Guidelines).

An annual independent audit of the Consolidated Financial Statements is conducted and reported to the Board of Directors of the Foundation.  Information is also disclosed in the USC System’s independent audit as a component unit of the University(USC Upstate Foundation Audited Financial Statements, Consolidated Financial Statements, June 30, 2008 and 2007; June 30, 2009 and 2008; and June 30, 2010 and 2009).

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Spartanburg, SC 29303
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Phone: 864-503-5000
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