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Deposits and Retainage Accounts

Section:400
Section Title:Administration and Finance
Policy Number:406
Policy Name:Deposits and Retainage Accounts
Approval Authority:Board of Trustees
Responsible Executive:Vice President with Oversight of Office of the Controller
Responsible Unit:Office of the Controller
Date Adopted:May 14, 1980
Date Revised:June 7, 1995, September 2013, January 2014, November 2024*

Policy

*Non-substantive Amendments

Policy

Contractors doing major work on the College’s facilities, and users of the College鈥檚 facilities are required to place sums of money into either deposit accounts or have payment withheld as retainage to compensate for any damages incurred by them during the usage periods, or failure to complete the job correctly. Specific amounts for each will be set by administrative requirements.

These funds are held and accounted for separately in the college’s financial records.

Reason for Policy

Sets forth policy and procedure related to deposits and retainage accounts.

To Whom Does the Policy Apply

Contractors on the College鈥檚 facilities and users of the College鈥檚 facilities

Supplemental Resources

  • Facilities Rental Contracts
  • Application & Certificate For Payment

Contacts

Office of the Controller
(201) 684-7117