Budget and Finance
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Margaret Barnett
Budget Director
Room 187
173 Skirmisher Lane
Middletown, VA 22645-1745
Telephone: 540-868-7123
Fax: 540-868-7100
mbarn…@lfcc.edu
Area of Responsibility
The Budget and Finance Office is responsible for state and local budgets and for internal control review and assessment. This office oversees procurement, shipping and receiving, inventory, and business office functions, either directly or indirectly.
Overview
State funds are the primary source of operating funds. Included in state funds are tuition and fees. The VCCS allocates an appropriation of state funds to LFCC each spring for the upcoming fiscal year based on an approved funding formula. In June, the College Board approves an annual local funds budget that is funded by the localities in LFCC's service region. These funds support scholarships and other student academic and support services. Grants and the LFCC Educational Foundation Inc. also provide funding for specific activities in support of the College mission.
The Budget and Finance Office is responsible for developing, implementing, maintaining, and monitoring College budgets. The president has ultimate budget responsibility while the executive leadership team is responsible for monitoring unit budgets.