All funds appropriated for the use and benefit of the state colleges together with the income arising from the lease and sale of endowment lands belonging to such colleges shall be under the direction and control of the board of trustees, subject to the provisions contained in this section, except that each college may retain in its possession a sum not to exceed fifty thousand dollars out of which to make settlement and equitable adjustments with students entitled thereto, to make payments for day-to-day operations calling for immediate payment, and to provide for contingencies. The State Treasurer shall pay out of the proper funds all warrants for money to be expended under sections 85-301 to 85-318, such warrants to be drawn by the Director of Administrative Services on certificates by the president of the state college. All requests for payment or reimbursement for mileage or other traveling expense shall be audited and allowed on the basis of the provisions set forth in sections 81-1174 to 81-1177. No expenditure for traveling expenses to other states shall be authorized by the board for any college employee unless approval for such trip is first granted by the president or his or her designee. The request shall be submitted to the president of such state college or his or her designee and approved in writing by him or her.