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CEC Financial Policies

Objective

The purpose of this policy is to establish and document how Colorado Early Colleges (CEC) conducts its business operations with sound fiscal management to meet the educational objectives set forth by the CEC Governing Board (Board), Chief Executive Officer (CEO), Executive Leadership Team, and in community with CEC parents.

CEC shall employ a Chief Financial Officer (CFO) to administer the daily fiscal and accounting functions. The Board, the CEO, and the CFO will provide fiscal oversight. CEC will contract with an independent certified public accountant (CPA) for an annual financial audit and to consult with on any accounting questions and issues. CEC’s fiscal year is July 1 through June 30.

The internal financial control policies of CEC are as follows:

Accounting System

Policy: CEC shall use the modified accrual basis for its fund financials in accordance with Generally Accepted Accounting Principles (GAAP). Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Expenditures are generally recorded when a liability is incurred, as under accrual accounting. Debt service expenditures are recorded only when payment is due.

Accounting System – Books and Records

Policy: CEC’s books shall be maintained in accordance with GAAP and include budget-to-actual reports, general ledger detail, and detailed journals for all cash receipts and cash disbursements, including payroll. There will be a disaster recovery procedure in place for any accounting data/software maintained outside CEC’s system. All financial records will be backed up and housed by Specialized Data Systems (SDS), CEC’s current financial system. All other Master Copy records will be securely stored in either Network offices or offices within each school. All financial records will be disposed of after 7 years.

Financial Reporting

Policy: The CFO shall provide the Board with a report detailing the school’s financial condition at least quarterly during the fiscal year. The quarterly financial report shall include at a minimum:

  • The actual amounts spent and received as of the date of the report from each of the funds budgeted by the school for the fiscal year, expressed as dollar amounts, and as percentages of the annual budget.
  • The actual amounts spent and received for each fund for the same period in the preceding fiscal year, expressed as dollar amounts of the annual budget.
  • The expected year-end fund balances, expressed as dollar amounts of the annual budget.
  • A comparison of the expected year-end fund balances with the amount budgeted for that fiscal year.

 

Banking Services Deposit of Funds, Authorized Signatures and Check Writing

Policy: All revenue received by the school shall be deposited in an official bank(s) or savings and loan institution(s) as designated by the Board. Such financial institution must qualify as an eligible public depository in accordance with state law.

All monies belonging to the school, including monies derived from Food Services and school activities, shall be deposited by the official custodian, Business Manager, or member of the Finance Department to the credit of the school in a depository designated by the Board.

The CEC Governing Board Treasurer and the official custodian shall ensure compliance with all requirements of state law regarding the deposit of public school funds.

Petty Cash

Policy: Each CEC school shall maintain a petty cash fund not to exceed $200.00. Petty cash will be used to make change of payments received for goods or cash tuition payments. Petty cash must be kept in a safe or lock box.

Accounts Receivable

Policy: CEC shall maintain accounts receivable in accordance with GAAP for receipts from the Colorado Charter School Institute (CSI), grants, lease revenue, tuition reimbursements, student tuition overages, fees, and any other amounts due but not yet received. No accounts receivable may be written off the books without approval and review by the Finance Department and approval by the Board’s Finance Committee or entire Board, which includes general journals or credit memos.

Accounts Payable

Policy: CEC’s preferred payment method is by credit card unless the vendor charges a processing fee. If payment cannot be made by credit card, the payment will be made by check or wire transfer. If the vendor only accepts ACH payment, the vendor will be assessed a $35 fee. For vendors providing a service to CEC, a New Contractor Payment Form must be completed by the CEC employee requesting payment and a completed W9 must be submitted prior to payment being processed. Heads of School must approve all purchase voucher requests (PVR) for their schools. Department leads must approve all PVR’s for their department. CEC, whenever practical, shall pay invoices within 45 days of their issue, unless alternative arrangements are made with vendors or unless a dispute arises. Invoices of an amount which precludes payment within 45 days may be put on a payment plan allowing a monthly payment agreeable to both CEC and the vendor, unless another arrangement is reached that is agreeable to both CEC and the vendor. All services performed by independent contractors will be processed as accounts payable. At the close of the fiscal year,1099 forms will be issued to independent contractors in accordance with IRS regulations by the Accounts Payable Specialist. Gift cards purchased by CEC staff for use at a staff event, for student rewards, or for school volunteer(s) must be approved by the Finance Department. CEC staff should not purchase gift cards that require an activation fee.

The CFO can approve all budgeted expenditures. Purchases over $100,000 that are not budgeted must be approved by the Board’s Finance Committee.

Uncashed Checks

Policy: CEC conducts periodic reviews of unclaimed property to stay in line with changes in laws and regulations. Each year, an analysis is done up to June 30 after the year-end, and a report of unclaimed property is submitted by November 1st as applicable and determined by CFO, based on dormancy period and value.

Purchase Order Requests

Policy: CEC’s Finance Department will confirm that a Purchase Order request is required, and that the vendor will not take payment via credit card nor will they send an invoice without a Purchase Order. The Finance Department will issue a Purchase Order once they have confirmed that one is needed.

Payroll

Policy: CEC shall maintain an effective and efficient payroll system appropriate for the CEC Network of Schools and reviewed by the Board’s Finance Committee. CEC will comply with PERA. Documentation of authorized pay rates shall be maintained in each employee’s Paycom personnel file. Paycom personnel files shall be secured with access limited to authorized individuals. Personnel will be paid monthly, on the last business day of each month. CEC requires that all employees be paid via direct deposit. For hourly employees, the payroll cycle starts on the 16th of the month and ends on the 15th of the following month. New hires starting after the 16th of the month will be included in the following month’s payroll. Timesheets for hourly employees must be submitted by the employee in Paycom, approved by their supervisor, and finalized by the Business Manager. The Business Manager reviews time worked, verifies mathematical accuracy, and summarizes the payroll information. The Head of School and their respective Business Manager will review the payroll reports and document approval. All payroll changes must be made in writing and will be authorized by the Executive Director of Human Resources. Timesheets not approved by noon on the 16th of the month, or the next business day following the 16th, will not be included in that month’s payroll. Any updated payroll/benefits/HR forms must be submitted by the end of the day on the 1st of the month for changes to occur on that month’s payroll. If an employee voluntarily resigns or is terminated, their final pay, minus any authorized deductions, will be direct deposited in the next payroll run. The CEO or Chief Human Resource Officer approves by signing the monthly payroll register.

CEC reserves the right to deduct from an employee’s payroll in the event that an agreement, contract, or obligation entered into with CEC is not fulfilled. Such deductions may include, but are not limited to, repayment of advances, tuition or professional development costs, or other financial commitments made on the employee’s behalf. All deductions will be made in compliance with applicable federal and state wage and hour laws.

Merit & Bonuses

Policy: Merit and bonuses are dependent on CEC meeting specific enrollment targets or an individual employee’s impact on the organization’s performance in leadership, effective communication, problem-solving, and successful interpersonal collaboration. Merit and bonuses given in the form of a gift card must be approved by the Executive Leadership Team or CFO and must not charge an activation fee. Merit and bonuses are subject to Medicare; extra duty and stipends are subject to PERA and Medicare. Terminated employees will not be eligible for merit.

Policy: All gift cards or certificates given to employees as a form of appreciation are considered taxable compensation and will be included in the employee’s wages for income and employment tax purposes. The value of such gift cards will be reported on the employee’s W-2 and will be subject to applicable withholding. All gift card recipient information—including name, amount, and purpose—must be submitted to the School’s Business Manager for payroll processing purposes.

Cash, Checks, and Credit Card Payment Deposits

Policy 1 – Receiving Funds: All funds received should be given to the appropriate Business Manager or CEC Network employee as soon as they are received. All credit card payments received must be tracked through the Point of Sale system or directly in Infinite Campus.

Policy 2 – Deposit Timeliness: Pending deposits will be kept in a safe with limited access. Received checks and cash should be processed and deposited within five business days of receipt to limit the risk of loss or tampering. Bank deposit receipts will agree to cash receipts, which are confirmed by the Finance Department monthly.

Policy 3 – Staff Handling of Funds/Checks: The only employees authorized to accept or handle funds are front office staff, the Bookstore Manager, the Registrar, the Business Manager, the Finance Department, or a CEC employee or committee member authorized by the Finance Department. Identified employees can accept or handle funds for amounts related to fees, student activities, tuition reimbursement, or other more significant payments. All money for payment or deposit received by employees shall be immediately routed or directed to the Finance Department and/or appropriate Business Manager.

Policy 4 – School Event Coverage: For all school-related events, an employee or committee member must be present to collect all money received at the end of the event. Those who collect money should submit all money collected to their school’s Business Manager or Head of School by the next school day.

Budgeting

Policy 1 – The Board shall approve, by June 30th, an annual operating balanced budget that complies with TABOR for the fiscal year of July 1st through June 30th for CEC. Adjustments to budget categories consisting of, but not limited to: Salary, Benefits, Instructional and Non-instructional Services and Supplies, Facility, and Capital Improvements during the year shall be approved by the Board. The Board will record their approval of expenditures in the Board meeting minutes via a resolution noting the expenditures approved by fund. Within 10 days after approval, the budgets will be made public on the Financial Transparency page of CEC’s website. Once the annual audit is completed and approved by the Board, the Board will approve the designated reserves. The CFO will annually present a 5-year budget to the Board’s Finance Committee.

Policy 2 – Budgets must be submitted for all grants, club accounts, Student Council, and student activities prior to any purchases being made.

Policy 3 – If requested items are not included in the approved budget, the Head of School must work with the Finance team to obtain approval before making the purchase.

Policy 4 – Any funds intended to roll over from year to year must be identified at the time of budget submission and tracked separately in the chart of accounts.

Capital Assets, Depreciation, and Disposition of Assets

Policy: CEC shall, either independently or with the assistance of an accountant, maintain appropriate fixed assets and related depreciation accounts. All property and equipment acquisitions and dispositions shall be approved by the Executive Leadership Team. Assets in excess of $10,000 and a useful life of over 1 year shall be capitalized and depreciated over their useful life in accordance with GAAP for nonprofit organizations. However, in cases where grant agreements specify lower thresholds, CEC will follow a dual reporting approach, maintaining separate records and financial statement disclosures to accurately report assets based on both internal policies and grant requirements.
This includes identifying grant-funded assets, determining applicable thresholds, documenting compliance with grant terms, ensuring transparency, and adhering to stricter criteria when grant-specific thresholds apply.

Equipment Control and Disposition (Federal Funds)

Policy: Equipment shall be used in the program or project for which it was acquired. When no longer needed for the original program or project, the equipment may be used in other activities currently or previously supported by a federal agency.

When acquiring replacement equipment, the school may use the equipment to be replaced as a trade-in or sell the property and use the proceeds to offset the cost of the replacement property.

Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part with grant funds, until disposition takes place, shall be established and meet the requirements mandated by the Federal Uniform Grant Guidance (UGG).

Employee Reimbursements

Policy: Purchases made on behalf of CEC shall be reimbursed for business-related expenses only if preapproved by a Board member, Executive Leadership Team, or a Head of School. Head of School and Network staff reimbursements will be approved by their Network supervisor. CEC will not reimburse for sales tax. Employees must submit all reimbursements within 30 days of purchase or travel, and supervisors must approve or deny reimbursement within 15 days of submission. Any travel expenses booked in advance will be reimbursed at the time of the event. No reimbursements will be paid after the June 15 fiscal year cutoff for travel prior to June 15. Travel from June 16 to June 30 will be paid in the July payroll cycle. Employee reimbursements will be included on the employees’ next monthly payroll. Reimbursement checks will only be distributed to non-CEC employees. Meal reimbursements must be preapproved by the employee’s supervisor and must be for a group/department. Personal meals cannot be purchased with a school credit card and will not be reimbursed. If a personal meal is purchased using a school credit card, that amount will be deducted from the employee’s paycheck.

All hotel reservations must be pre-approved by HOS or the Executive Leadership Team prior to booking. Hotel reservations must be paid using a school credit card. If the employee does not have a school credit card, their school’s Business Manager or Finance Department member (for Network staff only) will make the reservation on their behalf. All overnight requests must be itemized in budget notes. Exceptions for overnight requests after budgets are approved will be approved by the Executive Leadership Team.

Travel Reimbursement

Policy: Each school employee and Board member who is authorized to travel for school business assumes a direct responsibility to limit travel claims to those essential and actually incurred while traveling representing CEC. Arrangements utilizing the most economical means of accomplishing the essential authorized travel must be considered. This planning should include consideration of the use of a personal car, company vehicle, ridesharing, or carpooling with other employees attending the same event, and similar alternatives, if appropriate. The Board will approve the CEO’s travel, and supervisors will approve all other CEC employee travel.

Lodging

Lodging must be approved by the Executive Leadership Team. Lodging will only be considered if the event is more than 125 miles from an employee’s place of work and is a multi-day event.

A CEC P-Card should be used to secure lodging if the cardholder is the one traveling. A non-CEC cardholder can use personal cards and will be reimbursed through reimbursement procedures listed above. It is the employee’s responsibility to cancel lodging reservations if travel is canceled.

If a P-Card cannot be used, supervisor preapproval is required prior to travel for all travel/lodging reimbursements. Lodging for exceptional circumstances will be reimbursed at a maximum of $200 per night. Lodging costs over $200 per night will require Executive Director approval.

Every effort will be made to secure lodging that is no more than 110% of the U.S. General Services Administration (GSA) per diem lodging rates for the destination. View lodging per diem rates on the GSA website.

All hotel reservations must be preapproved by the Executive Leadership Team prior to booking. Hotel reservations must be paid using a school credit card. If the employee does not have a school credit card, their school’s Business Manager or Finance Department member (for Network staff only) will make the reservation for them. All overnight requests must be itemized in budgets notes. Exceptions for overnight requests after budgets are approved will be approved by Executive Leadership Team.

Meals

CEC may pay for meals up to the maximum per diem rate, consistent with the GSA rate, if a receipt is provided. Itemized receipts for meals are required for reimbursement – no exceptions. If a meal is included in the conference fee or provided with the cost of lodging, a staff member shall not request reimbursement for that meal. The meal per diem amount includes tips associated with the meal. Alcoholic beverages, tobacco, and drugs are not included in the per diem amount and are not reimbursable. Meal reimbursements must be preapproved by the employee’s supervisor and must be for a group/department. Personal meals cannot be purchased with a school credit card and will not be reimbursed. If a personal meal is purchased using a school credit card, that amount will be deducted from the employee’s paycheck.

Mileage for Personal Vehicles

Employees using their personal vehicle to travel on behalf of CEC will be reimbursed for total miles according to the IRS standard mileage rate. For the purpose of total mileage reimbursement, the following definitions and procedures apply:

  • In Person – Staff who are expected to be in person in a school or Network office on a regular basis. Mileage will be reimbursed for travel required outside their typical work location for special requests/assignments. Mileage starts at the staff’s school.
  • Remote Staff – Staff who have no expectation of being in person in a school on a regular basis, except as stated in their employee agreement. Staff will be reimbursed for miles from their remote office to the supervisor-approved work-related destination.

 

Employees will request their mileage reimbursement monthly through the Paycom portal. There will be no mileage reimbursement when a company vehicle is provided. Employees must submit all reimbursements within 30 days of travel, and supervisors must approve or deny reimbursements within 15 days of submission. Board Directors must submit all travel reimbursements to the Board Administrator or CFO for processing.

Reimbursable Travel Expenses

In addition to meals and lodging, the actual expenses identified below, incurred as part of supervisor-approved travel, are allowable if necessary to complete school business. The staff member requesting reimbursement must submit original receipts for all reimbursable expenses to their Business Manager no later than the 15th of the month. No receipt(s), no reimbursement.

  • Commercial transportation such as airfare, rideshare, and shuttle expenses, including tips
  • Parking fees
  • Meals (if applicable)

Non-Allowable Travel Expenses

A staff member shall not be reimbursed for the following expenses, which include, but are not limited to:

  • Alcoholic beverages
  • Entertainment expenses
  • Personal expenses incurred during travel not directly related to school business, for example, the purchase of personal items such as soap, toothpaste, magazines, snacks, movie rentals, and other miscellaneous items
  • Political expenses
  • Cost of traffic fines and traffic tickets
  • Personal telephone calls
  • Valet parking
  • Fuel for personal vehicles
  • Tolls

Audits/Financial Monitoring

In accordance with state law, all funds and accounts of the school shall be audited annually following the close of the fiscal year.

Every 3 to 5 years, the audit process will be reviewed to ensure continued independence and objectivity. The Board shall appoint an independent auditor licensed to practice in Colorado and knowledgeable in government accounting to conduct the audit.

The audit report shall contain the following:

  • Financial statements prepared insofar as possible in conformity with generally accepted governmental accounting principles. The financial statements are the representation of the school, whether prepared by the school or by the auditor.
  • Disclosures in accordance with the “Financial Policies and Procedures Handbook” adopted by the State Board of Education.
  • All funds and financial activities of the school.
  • A budget-to-actual comparison for each fund and activity.
  • The auditor’s opinion on the financial statements. If the opinion is anything other than unqualified, the reason must be explained.
  • Disclosure of all instances of noncompliance with state law, including the Public-School Finance Act of 1988, irrespective of materiality.
  • A supplemental listing of all investments held by the school at the date of the financial statement.

 

The auditor also shall make recommendations to the Board concerning its accounting records, procedures, and related activities, as may appear necessary or desirable, and shall perform such other related services as may be requested by the Board.

A draft audit report must be completed by September 30th, and a final audit report must be completed by October 15th.

The Board reserves the right to request an audit at more frequent intervals if desired.

Insurance

Policy: CEC shall maintain appropriate insurance coverage as required by the Board and CSI’s standards, and the coverage levels shall be reviewed annually.

Personnel Leave

Policy: CEC shall carry accrued personal leave on financial statements as a liability, in accordance with HR policy and the CEC Employee Handbook.

Contracts, Leases, and Other Significant Agreements

Policy: The execution of contracts and grants shall be within the scope of CEC’s mission, goals, and annual plans and shall comply with CEC’s contract with CSI pursuant to section 9 “Governance and Operations” subsection H “Operational Powers.” All contracts must be approved by the CEO, or the CEO’s designee. All contracts for goods, services, or project work exceeding $100,000 must receive prior review and approval by the Finance Committee before execution. The only exception to this is for a “one- time” school event such as DJ service, dance, or graduation venue where the HOS can and must sign the contract.

Borrowing Funds, Debt, and Lines of Credit

Policy: Debt cannot cross fiscal years without language in contract. All borrowing of funds and the establishment or increase of all credit lines must be approved by the Board, CEO, and CFO.

Contributions and Restricted Gifts

Policy: Contributions shall be used for operations or special projects as designated and approved by the Executive Leadership Team or the Board and are consistent with conditions set forth by the Board. Contributions that are donor- restricted shall be used for the purpose articulated by the donor, except that in no case shall CEC accept any such contribution for which the donor restriction is not aligned with school priorities or violates any federal or Colorado state law. Upon request, CEC can provide a tax donation letter.

Procurement Card (P-Card)

Policy: Cardholders are responsible for all charges made on their P-Card and are required to reimburse CEC by check or cash for any unauthorized and/or undocumented purchases made. Direct deductions may be taken from a Cardholder’s pay if unauthorized purchases are made. Cardholders will be provided with a copy of this policy and must read, follow, and sign this policy acknowledging adherence hereto. All cardholders should be thoroughly trained in CEC Network P-Card Policies and Procedures. Cardholders should:

  • Be knowledgeable of those transactions allowed on their P-Card.
  • Know their spending limit.
  • Understand reconciliation dates and deadlines.
  • Obtain acceptable receipts and supporting documentation for review.
  • Acknowledge that the P-Card policy inhibits personal gain.

 

Cardholders are primarily responsible for purchasing only eligible products, for obtaining the required supporting documentation, and for ensuring charges. Cardholders with questions about whether certain expenditures are allowed must direct questions to their department supervisor or the Finance Department.

Each CEC Network Department and Head of School must also identify individuals who, based on job requirements, have an appropriate business need for a P-Card. At their own discretion, they may impose greater, but not less, control than required by this policy on staff who have access to P-Cards.

The Finance Department is primarily responsible for reviewing transactions on P-Cards, and for ensuring the accuracy of the general ledger coding and the detailed business purposes required for each transaction.

Cardholders must obtain and provide receipts for all purchases as required. The receipt must include the following information:

  • Date of transaction.
  • Name of merchant.
  • Transaction details (what was purchased, ex: receiving copy, packing slip, etc.).
  • The amount of purchase.
  • The form of payment used.
  • Indication that the amount was paid.
  • Budget line item(s).

 

At the end of each month, Cardholders must review and reconcile all P-Card transactions. All documentation for these monthly transactions must be submitted to the Finance Department by the 8th day of the following month. If the 8th day of the month falls on a weekend or holiday, documents must be submitted by the next business day. Cardholders are responsible for reviewing their charges weekly and providing a detailed business purpose for each transaction using JP Morgan Chase PaymentNet. While Cardholders may delegate detailed review to a designee, Cardholders remain responsible for all charges on their P-Card. Even if detailed review is delegated, Cardholders must ensure all charges are familiar and reasonable.

The Finance Department must review and retain original documentation in accordance with this policy while monitoring the use of P-Cards. When coding to a specific fund, the Cardholder must contact the Head of School, CFO, or designee if they are in doubt about whether an expense meets the terms and/or conditions of the fund.

The Cardholder is responsible for contacting the merchant when merchandise purchased with the P-Card is not acceptable (incorrect, damaged, defective, etc.) and arranging a return for credit or an exchange. If merchandise is returned for credit or exchanged (obtaining a replacement as soon as possible), the Cardholder is responsible for obtaining a credit receipt from the merchant and retaining that receipt with the support documentation for that purchase along with submitting copies to the Finance Department. Receiving cash or checks to resolve a credit is prohibited.

If a P-Card is lost, stolen, or damaged, the Cardholder must notify the bank immediately. Cardholders must notify the Head of School, Senior Controller, and/or the CFO if their P-Cards are lost, stolen, or damaged within 24 hours after reporting the incident to the bank.

If a CEC P-Card is used for an unapproved or accidental personal purchase, the employee will reimburse CEC via cash or check for that purchase. CEC can and will withhold that amount from the employee’s next paycheck if the employee fails to reimburse CEC.

Prior to separation from any CEC school or the CEC Network, Cardholders must give their P-Cards and corresponding support documentation to the Head of School or designee. If the Cardholder is the Head of School or Network Office staff member, the P-Card and support documentation must be given to the Finance Department.

Non-Allowable Purchases

A Cardholder who makes an unauthorized purchase with their P-Card, such as purchasing items for personal use/non-business purposes, and/or a Cardholder who does not submit the supporting documentation for a charge and does not reimburse CEC will be subject to disciplinary action, up to and including termination of employment from CEC, and criminal prosecution.

Resulting sanctions for violations include:

  • 1st Offense: Email or verbal warning from the CEO and/or CFO will go to the Cardholder and their supervisor. Retraining on appropriate use of P-Cards is required and Cardholder’s P-Card shall be suspended until retraining is complete.
  • 2nd Offense: In addition to the provisions for a 1st offense, the Cardholder will incur a suspension of P- Card rights for 90 days.
  • 3rd Offense: In addition to the provisions for a 2nd offense, the Cardholder will incur a suspension of P- Card rights for six (6) months.

 

Notwithstanding the above sanctions, the Executive Leadership Team and/or Head of School may, at any time, take direct disciplinary action, up to and including termination of employment with CEC and criminal prosecution, for any significant violation or multiple violations of this Policy.

Gift Card Purchases

Gift cards purchased by CEC staff to be presented at a staff event, given as a student reward, or given as recognition to a school volunteer must be approved by the Finance Department. Gift cards distributed must be tracked, including the recipient, amount, and reason. CEC staff will not purchase gift cards that require an activation fee.

Thresholds

All transactions greater than $5,000 require approval from the Head of School and/or CEC Network (CEO, CFO, Executive Leadership Team, and/or their designee). Splitting purchases between two or more transactions to stay under the purchase limit is prohibited.

Purchasing Policy and Competitive Bid Policy

Policy: RFPs and RFQs shall be prepared only if the source of funds, whether nonfederal or federal, requires it. The guiding principles for all purchases of goods and services for CEC are: (a) price, (b) quality, and (c) dependability.

Vendors may be selected based on any one or combination of these factors; however, the selection of a particular good, service, or vendor shall always be made with the intention of maintaining a top-quality school.

All contracts and grants must align with CEC’s mission, goals, and annual plans, and shall be executed and signed by the appropriate authority as defined below.

Levels of Approval

  • Up to $10,000: Head of School (HOS) – provided the purchase is within the school’s approved budget.
  • Up to $20,000: Executive Leadership Team (ELT) member – provided the purchase is within the network’s approved budget.
  • Up to $100,000: Chief Executive Officer (CEO) approval required.
  • Over $100,000: Finance Committee approval required prior to commitment.

Student/Parent Reimbursements

Policy: CEC will comply with Student Reimbursement Procedures.

Community College Tuition Rates

Policy: The CEC Network reviews and sets tuition rates based on the CEC and college MOU and on annual increases communicated by the community colleges for all community college partnerships at each school. This will provide accuracy and consistency for all CEC students.

Community College Credit Reconciliation

Policy: Each CEC school’s Business Manager, not the community college, is responsible for reconciling each semester’s tuition bill. Each school’s Advising Department is responsible for verifying the accuracy of the invoice submitted by a community college partner. The Business Manager, or Assistant Business Manager, is responsible for estimating the remaining balance on each student’s voucher in the fall and communicating estimated voucher balances to the Advising Department to ensure the student has adequate funds to remain compliant in the spring semester. This allows students to go over their mid-semester voucher limit without having to pay the community college for the overage. End-of-year overages will be determined and billed to the student at the end of the school year, or last semester if the student is graduating.

Grants

Policy: CEC shall fully adhere to all terms, conditions, and requirements associated with any awarded grants, ensuring ongoing compliance with all contractual and regulatory obligations. School’s will follow the “Grant Operational Policy & Procedure” document.

College Courses and Textbooks

Policy: CEC will use the following guidelines regarding college courses and textbooks:

  • Summer classes and related expenses will be recognized in the new school year.
  • Students should have a zero balance prior to enrolling in any college course or have a payment plan in place.
    • Students can enroll in off-campus community college courses ONLY when on-campus community college courses needed for their degree have been exhausted.
  • CEC encourages students to take college courses offered directly through their CEC campus whenever possible. When online courses are needed, CEC students and advisors are encouraged to select the most cost-effective online college options.
  • College Textbook Options: Please refer to Student Reimbursement Procedures.

School Club & Event Financial Tracking

Policy: All school-sponsored clubs and events must follow the school’s financial policies and the School Club & Event Financial Tracking Process (see supporting document). Key requirements include:

  • Annual Budget: Clubs must submit and receive approval of an annual budget (HOS, Club Sponsor, Business Manager) before any funds are committed.
  • Account Setup: Finance must confirm or create appropriate accounts before any revenue is collected or expenses incurred.
  • Money Collection: All event funds must be counted by staff, deposited with the Business Manager, and secured in accordance with deposit procedures.
  • Payments & Reimbursements: Expenses should be paid through the school (credit card or PVR). Out-of-pocket reimbursements require receipts and HOS pre-approval.
  • Reconciliation: The Business Manager will reconcile all transactions; quarterly reviews with each Club Sponsor are required.

Student Fees

Please refer to Student Charges and Student Charges Schedule.

Employee Conduct & Whistleblower Policy

The school is committed to integrity, accountability, and transparency in all operations. Employees are expected to report, in good faith, any concerns about:

  • Fraud, theft, or misuse of funds
  • Violations of financial policy or law
  • Conflicts of interest or unethical conduct
  • Retaliation against whistleblowers

 

Reports may be made to a supervisor, the CFO/Business Manager, the Executive Director, or directly to the Board Finance/Audit Committee Chair if leadership is implicated. Reports may be submitted verbally, in writing, or anonymously through designated channels.

Employees who raise concerns in good faith are protected from retaliation. Any confirmed retaliation or misconduct will result in disciplinary action, up to and including termination, repayment of funds, and/or referral to legal authorities. False or malicious claims may also lead to discipline.

All reports will be investigated promptly and confidentially, with findings shared with the appropriate oversight body. Employees will be provided this policy and must acknowledge understanding of their rights and responsibilities.

Additional Supporting Policies

  • Conflict of Interest – Refer to CEC’s 3.14 Director’s Conflict of Interest policy.
  • Ethical Principles/Disclosure – Refer to Colorado Early Colleges Bylaws

Questions?

CEC encourages staff, students, parents, and all members of the CEC community to become familiar with our policies and procedures. For questions or comments regarding our policies and procedures, please contact:

Melissa Talan, MBA
Executive Office Administrator

Message Melissa Talan

SECTION: Fiscal Management
CEC Financial Policies
Revised: 11/2025