As communicated by the State of New York, Internal Controls are the processes, effected by an entity’s board of directors, management, and other personnel, designed to provide reasonable assurance regarding the achievement of objectives relating to operations, reporting, and compliance.
About Internal Controls
Internal controls help an organization achieve its objectives. They are the checks and balances that support the mission.
Internal controls consist of all measures taken by the College to:
- Promote effective and efficient operations consistent with the mission of the College.
- Safeguard assets and resources against loss due to waste, mismanagement, errors, abuse, theft, and fraud.
- Ensure accuracy and reliability of financial and operating data.
- Ensure compliance with the policies and procedures of Purchase College as well as all SUNY, New York State, and Federal laws and regulations.
- Establish standards of performance detailing the expectations of employees.
Examples of Internal Controls
- Segregation of duties within key units and between function (e.g., purchasing and accounts payable)
- Authorizations and approvals of activities and/or transactions (e.g., food service, travel, purchasing)
- Reconciliations of monthly statements, such as bank and procurement card statements
- Inventory management system to track items owned by the College
- Maintaining documentation to verify a decision or transaction (e.g., time and attendance records, vendor invoices/receipts)
- Building access controls, such as an access control system, ID access cards, and locked doors
Questions or Concerns…
We are all responsible for creating and maintaining a strong, effective control environment and a culture of risk awareness. This includes asking questions if you’re not sure what to do and raising concerns if you see something you don’t think is right. Timely communication of your question or concern can prevent something small from becoming more problematic. Please raise your question or concern to one of the following:
- Your Supervisor
The Internal Control Officer
- Darrell Perkins (914-251-6016 / email@example.com)
Purchase College Fraud Hotline
- Voicemail: 914-251-6060
- Email: firstname.lastname@example.org
SUNY System Fraud Hotline
- Voicemail: (518)320-1539