Income Credit Program

Type

Procedure

Category

Finance

Department

College Finance

Phone

(541) 463-5577

Primary Contact

John Nisbet

Contact Email

Responsible Executive Authority

Associate Vice President of Finance and Accounting

Purpose

This procedure describes how the Income Credit Program functions. The Income Credit Program (ICP) is designed to aid a unit that generates special revenues from fees or charges that directly support a unit activity or program within the general fund. The ICP program will handle only income that is identified or unique to a single division.

Narrative

The Income Credit Program (ICP) is designed to aid a unit that generates special revenues from fees or charges that directly support a unit activity or program within the general fund.

Fees collected from the ICP program are intended to be used for appropriate expenses necessary to provide important educational experiences. ICP budgets (and balance history) must be monitored closely by departments throughout the year and, in particular, focus on the following:

  1. That actual revenue is coming in as anticipated
  2. That actual expenses are not greater than the budgeted expenses; and
  3. That, by the end of the fiscal year, actual expenses are not greater than actual revenues received (that is, departments should not spend more than they receive in actual revenues for the year).

In order to be included in the annual budget that the Board adopts and implements on July 1, the unit in collaboration with their dean needs to submit a spending plan to the Budget Office by mid-March so that an adequate budget is appropriated into the adopted budget.

A spending plan should outline the following items:

  • Expected use of all fees and charges in the unit
  • Financial details (revenue, expenditures, carryforward) for each fee or charge.
    • a carryforward budget should align with durable equipment purchase plans, equipment depreciation schedules, or other planful long-term unit needs.

An adjustment of the fee level might be required to help reduce any unintended surpluses and minimize the student cost.

Year-end balances cannot be negative. A negative ICP sub fund balance as of June 30th must be eliminated by the responsible division from other available funds except for situations where the college believes it is more appropriate to eliminate the deficit through future year operations.

Any exceptions must include a timely approved plan for eliminating the negative subfund balances. Departments are responsible for contacting the Budget Office if it appears an ICP budget may be having financial problems.

Date Adopted

Saturday, May 1, 1999

Date Last Reviewed

Tuesday, January 17, 2023