AIC Details How It Handles Spending and Expenses
SPRINGFIELD, Mass. (WGGB) — American International College has defined budgets at all levels, from development to senior administrators, especially when money goes to entertainment and trips.
“We have an in-depth travel and entertainment budget that outlines how college officials can travel, where they can stay, the per-diems, what those per-diems can cover. It’s no different for our president than it is for myself or anyone else at the institution,” said Mark Berman, the college’s Executive Vice President of Administration.
In addition, AIC uses independent auditors to help keep that balance.
“There is a zero tolerance for the use of college credit cards for personal expenditures. O’Connell & Drew are our auditors. They come in every year; they audit all of our travel and entertainment accounts. I’m sure they look at senior admins. I’m very pleased to say that the college has never been written up on this,” Berman adds.
When it comes to accountability, Berman says it’s especially important for the small college to be transparent.
“We feel it’s important not only important for integrity internally, but also because it’s good business practices. We’re tuition driven, and we need to do so in all areas, particularly travel and entertainment,” added Berman.
Berman adds that it’s also important for the university to maintain a good rapport for the same community it serves.
For fiscal year 2012, O’Connor and Drew found that had internal control over their finances, and was a low risk auditee.