Eastern Idaho Technical College
adjusted for the forthcoming fiscal year based on anticipated funding. Grants from the
Foundation are not large in nature since the Foundation’s primary purpose is to provide
scholarships for students. The college does not project that funding from grants will be
available from the Foundation. The college conducts no research or other functions for which
grants might be sought or obtained.
2.F.3 Financial Planning Policies Guidelines, Processes
Historically, budget development consisted primarily of a top down process whereby the
President of the institution along with the Controller would craft a budget based on historical
needs of programs in combination with allocated dollars from the State. Program instructors
would pass along information to their respective division managers regarding operation costs
and projected capital equipment needs. This information would then be passed along to the
President and the Controller as input to budget development.
In May 2012, during a strategic planning meeting on campus, the decision was made to provide
a more integrated approach. Each instructional division has advisory councils which identify
future needs in terms of anticipated skill and manpower requirements from EITC graduates.
Instructional divisions will use this information to provide budget inputs annually, typically in
March. The budget input will identify changes in personnel costs (driven primarily by changes in
enrollment or course mix), unusual operating expenses for the forthcoming fiscal year (such as
program certification requirements or replacement of non-capital equipment), and
requirements for capital equipment based on new requirements or replacement of equipment
at end of life.
Non-instructional divisions such as maintenance and information technology will provide
similar inputs. Still under consideration is a plan for each division manager to formally present
his or her budget requirements to the President’s Administrative Council. The Controller and
the Vice President for Finance and Administration will use these inputs to develop the budget
and in particular to recommend allocation of available funds. The President’s Administrative
Council approves the budget.
2.F.4 Timely and Accurate Financial Information
EITC ensures timely and accurate financial information through its use of an accounting system
based on FUND software developed by Cougar Mountain Software. It uses generally accepted
accounting principles and procedures established by the Government Accounting Standards
Board (GASB). Internal controls are considered effective. Annual independent audits by a firm
contracted by the State Board of Education have confirmed the adequacy of controls and
accurate representation of financial data.
2.F.5 Capital Budgets
Capital budgets reflect the College’s mission and core theme objectives and relate to its plans
for physical facilities and acquisition of equipment by focusing on existing equipment