Accounting Procedures Manual- Section 1, Section 2, and Section 3 Updates

As outlined in the “What’s New” heading at the beginning of each section of the Accounting Procedures Manual (APM), there have been several updates.

Section 1:  Fiscal Procedures

• Travel – This document is updated to direct community colleges to the Internal Revenue Service and NC Department of Office and State Budget Management to determine the approved mileage reimbursement and subsistence rates going forward.
• 1098-T Reporting – Updates have been made to reflect several years of requirements of 1098-T reporting for students. Many details have been removed from this document to direct college personnel to the many sources of information available with the Internal Revenue Service and System Office Knowledge Base.  Also, reference has been made regarding training sessions available to colleges.
• Foreign Nationals Compliance Policy – Effective January 2024, the State of North Carolina’s foreign national compliance software is Sprintax/Calculus. Guidance is provided to college for their expanded roles and responsibilities. 
• Capital Assets Policy – Grouping of Assets per GASB Implementation Guide 2021-01 is included to remind colleges there should be a review of groups of assets that individually may not meet capitalization requirements, however, when purchased collectively may be significant to colleges financial statements.
• P-card Transactions – Information in reference to purchases from foreign businesses and the use of P-card for these purchases is updated.

Section 2:  Chart of Accounts

• Section IV Purpose Codes and Section VII Object Codes information is updated for Right to Use Assets as required by GASB Statements 87 and 96.
• Section IV Purpose Codes – COVID is updated to include only purpose codes that have current funding and are remaining to be available.
• Section IX Purpose Codes No Longer Used listing is updated for codes no longer available as funding sources have ending.

Section 3:  General Statute Citation Index

• Document has been reviewed and updated for legislative links to current North Carolina General Statutes. Users are encouraged to review current N C General Statutes to ensure most recent laws are being followed.

Links within all sections have been updated to reflect various websites updates. 

The revised Accounting Procedures Manual is available on the NCCC System Office website at:  Accounting Procedures – NCCCS (nccommunitycolleges.edu).  Please ensure this information is shared with those on your campus who may also need this information.

CC24-043_AccountingProcedures_Manual_Sept_2024