American Samoa Community College

III.D.14. All financial resources, including short- and long-term debt instruments (such as bonds and Certificates of Participation), auxiliary activities, fund-raising efforts, and grants are used with integrity in a manner consistent with the intended purpose of the funding source.

The financial resources are allocated and used in accordance with the "Prudent Man's" rule, consistent with the mission and goals of ASCC.  ASCC’s procedures for reviewing its fiscal management are outlined and specified in the ASCC Governance Policy Manual.1 Through the finance division, the annual audit and the internal control evaluations are conducted.

ASCC goes through an annual external audit to review fiscal management. These audit engagements validates the integrity of the financial management practices at ASCC.  Reasonable testing of various transactions administered by the auditors consistent with its audit programs reassures the integrity of the financial statements that have been prepared and presented. The outcome of the audit report confirms that all financial resources are utilized for its approved intended purposes.

1 - Governance Policy #7000.2A:  Annual Audit, Governance Policy #7000.5D