III.D.1. Financial resources are sufficient to support and sustain student learning programs and services and improve institutional effectiveness. The distribution of resources supports the development, maintenance, allocation and reallocation, and enhancement of programs and services. The institution plans and manages its financial affairs with integrity and in a manner that ensures financial stability.
Revenues generated through available financial resources are sufficient to support the American Samoa Community College mission and its student learning programs.
The overall approved budget for 2015 is $13.1 million.
Budget Summary 2015
LOCAL REVENUE RESOURCES
ASCC Revenue (Tuition and other) $ 4,134,500
General Fund Subsidy $ 3,000,000
DOI Grant in Aid $ 1,358,000
Total revenue sources for local funds $ 8,492,500
GRANT REVENUE RESOURCES
Federal Grants $ 4,674,000
Total Revenue Sources for Grants $ 4,674,000
TOTAL APPROVED BUDGET: $13,166,500
In the eleventh month of the fiscal year 2015, the institution’s general fund revenue generated 13 percent above its operation expenditures.1 The institution manages its fiscal resources through monthly analysis that is conducted in collaboration by the finance division and the leadership team. Planned purchases was implemented during this fiscal year, 2015, as an additional instrument to assist divisions, departments, and the institution as a whole in managing its fiscal resources with integrity. 2
The resource allocation is an integral part of the College's budget planning process 3, which provides the means based on available resources to fund the institution’s priorities outlined in its Institutional Strategic Plan 2015-2020.4
The American Samoa Community College plans, implements, monitors for compliance, and assesses its fiscal resources to maintain financial stability for its student learning programs and services.5 ASCC formulated and approved its cash reserve policy, in its continuous efforts to sustain the institution’s financial solvency.6 Cash reserve policy specifies the level of funds that the institution must set aside. The institution increased its cash reserves during this fiscal year 2015 and has exceeded its minimum threshold by 20 percent.7
1 - August 31, 2015 GF Budget, Actual Revenue Vs. Expenditure Report
2 - 2015 Planned Purchase Memo & Form
3 - Annual Budget Process
4 - ISP 2015-2020 – Expected Outcome Summary, pgs. 71-79
5 - Show Cause Recommendation Report, TCO Subcommittee Report, pp 61-63
6 - ASCC New Cash Reserve Policy 7212
7 - ASCC Operation& Maintenance Balance as of 9-30-15