Accounting Procedures Manual Update

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

Section 1:  Fiscal Procedures 

1. Travel – Transportation by Personal Vehicle – updated for change in IRS business mileage reimbursement rate effective July 1 – December 31, 2026. Future changes will be notified by email and on the NC Community Colleges System Office Website.
2. Common Cents Act (HR 3074/S 1525) – information is provided in guidance of cash payments and unavailability of pennies. New Section.
3. Basic Skills Administration – information is provided to reference the requirements for Basic Skills Administration. New Section.
4. Teaches and State Employees Retirement System (TSERS) – information is provided in reference to the State’s public pension and current matching rates for 2026-27. Future changes will be notified by email.  New Section.
5. State Health Plan – information is provided in reference to the State Health Plan costs and the proportional amounts to be paid by employees as based on specific band rates. The 2027 employer cost per employee is provided.  Future changes will be notified by email.  New Section.
6. Audit Contracts – information is given for NCGS §147-64.7(b)(2). requiring Office of State Auditor approval for audit work on financial statements by non-OSA auditors prior to beginning of contract. New Section.
7. Capital Asset Policy – minimum cost is updated for capitalization of assets for changes issued by OSC.
8. Changing of Depositories – updated to provide additional details on how to obtain access to State Disbursing, CIT Depository and STIF Investment Accounts.
9. Reporting Schedules – information is provided to community colleges to review the Annual Accounting Plan each month for reports due to the System Office. New Section.
10. Records Retention – information is provided for records retention and disposition schedules for financial and non-financial records. New Section.

 Section 2:  Chart of Accounts

1. Purpose Codes Listings – An updated Purpose Codes listing is provided on pages 29-30.
2. VOC Codes Listings – An updated VOC Codes listing is provided on page 35.
3. Non-Formula VOC & Purpose Codes Combinations Listing – There is a special listing combining VOC & Purpose Codes frequently used together. This is not all inclusive but will provide quicker access for users when questions arise. This is located immediately behind VOC Codes on page 36.
4. Object Codes Listings – An enhancement for this version of the Accounting Procedures Manual is the addition of two Excel listings of Revenues and Expenses codes. These have been prepared to provide a quick go-to listing for colleges for questions regarding where an account is listed.  These listings do not include accounts that individual colleges may have set up for their purposes but include the accounts included in Object Codes.  Colleges should always review the description for an account before setting up the account.  This is located immediately behind Object Codes beginning on page 96.
5. New accounts have been added to include:

• 187001 – Land/Land Improvements – Donated
• 494101 – Gifts – Land
• 495700 – Agency Capital Transfer In – GASBs 103 addition
• 527500 – Other Supplies – ADA Supplies
• 539580 – Unusual or Infrequent Loss – account name changed as required for GASB 103 – Extraordinary Items was eliminated
• 581700 – Agency Capital Transfer Out – GASB 103 addition

6. Purpose Codes No Longer Used/Valid – During the COVID Pandemic, many Purpose Codes were added to account for grants and processes that were necessary during the pandemic. There is a listing of Purpose Codes No Longer Used/Valid as these funding sources have been closed.  This list is on page 102.  Colleges should not use these codes unless provided specific instructions from the System Office.
7. Links have been updated and added for user convenience

          State Board of Community College Code links – Links added to this document lead to the complete State Board Code.  You can access specific items by using the Table of Contents at the beginning of the SBCC Code or by using the control-F search mechanisms.

Section 3:  General Statute Citation Index

This document has been reviewed and updated for legislative links to current North Carolina General Statutes.  Users are encouraged to review the current NC General Statutes to ensure most recent laws are being followed.

To view the memo in its entirety, see CC26-066 Accounting Procedures Manual Update