BOT 11.0 - Board Treasurer and Fiscal Accountability :
SUMMARY/SCOPE
The Board of Trustees maintains fiduciary responsibility for Edmonds College District 23, and the President and Vice President for Finance ensure fiscal operations are in compliance with state and federal laws and regulations.
DESCRIPTION
The President maintains full authority for all operations of the college, and the Vice President for Finance serves as the Treasurer of the Board of Trustees. The Treasurer shall submit a quarterly report of the operating budget to the Board on a quarterly basis. The budgeting process for any fiscal year shall clearly reflect the college’s Mission, Vision, Core Themes, Values, and Comprehensive Plan; be fiscally sound; and be derived from an institution-wide process.
ASSET PROTECTION
The Board delegates to the President the authority to ensure that assets of the college are protected, adequately maintained, and free from unnecessary risk.
DEBT MANAGEMENT
Edmonds College may incur debt in accordance with RCW 28B.50.140 (6) and RCW 39.94. The college debt shall be effectively managed to ensure adequate resources are available to meet debt service requirements of short-term and long-term indebtedness.
CASH AND INVESTMENT MANAGEMENT
Edmonds College shall invest funds in a manner which provides maximum security with the highest investment return, while meeting the daily cash flow demands of the college and conforming to all state laws governing the investment of public funds.
GLOSSARY TERMS
RELATED POLICIES AND PROCEDURES
SOURCE INFORMATION
(was) B 2.4 Board Treasurer and Fiscal Accountability, B 2.6 Asset Protection, B 2.10 Debt Management, and B 2.11 Cash and Investment Management
CONTENT OWNER. The primary responsibility for this policy belongs to:
Office of the President, Secretary of the Board of Trustees
PRIMARY CONTENT CONTRIBUTOR (Director/Dean)
Office of the President, Secretary of the Board of Trustees
REVIEW PERIOD
Three years. Requires President’s recommendation to the Board of Trustees.
REVIEW HISTORY
2021-Nov 10 Revised, Board Resolution 21-11-3
2017-Mar 09 Amended to combine B 2.9 and B 2.10 with BOT 11.0, Board Resolution 17-3-6
2017-Mar 09 Amended to combine B 2.6 with B 2.4; renamed and changed to BOT 11.0, Board Resolution 17-3-6
2014-Feb 18 Amended to move B 2.7 to B 2.6, B 2.8 to B 2.7, B 2.9 to B 2.8, B 2.10 to B 2.9, and B 2.11 to B 2.10
2014-Feb 18 Amended to combine B 2.5 with B 2.4 and rename, Board Resolution 14-2-1
2014-Feb 18 Amended to combine B 2.6 with B 2.5
2008-Sep 11 Approved B 2.11, Board Resolution 08-9-2
2008-Sep 11 Approved B 2.10, Board Resolution 08-9-1
2002-Aug 01 Amended B 2.7 for Name Change
2001-May Approved B 2.4 - B 2.9
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