Eastern Idaho Technical College
page 42
appropriation. PTE provides the allocation amount annually in April and EITC responds in May
with a detailed budget covering personnel costs, operating expenses and, if funding is available,
capital outlay. PTE provides estimated payments to EITC based on anticipated costs associated
with this allocation, and EITC provides monthly claims which substantiate the funding
requirements and verify that funds have been properly expended. PTE also provides funding for
various programs through grants issued for that program.
Grant funding from PTE is based on a proposed budget submitted by the college, and expenses
are tracked throughout the fiscal year relative to each PTE grant. The State Board of Education
identifies in Section V of their policy manual how to properly handle all other sources of funding
(
)
. Annual financial audits of the college
are done by an auditor selected by the State Board of Education.
Fundraising activities for the College are done by and through an independent foundation. The
college and foundation have a formal operating agreement approved by the State Board of
Education which clearly defines the financial and operating policies between the two entities.
The College is not allowed to incur debt. Funds are deposited into common bank accounts but
within the accounting system they are rigidly segregated. The College does not directly engage
in fundraising. All donations and other fundraising activities are conducted through the EITC
Foundation which has its own Board of Directors and independent auditors.
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