BOT 11.01pr - Board Treasurer and Fiscal Accountability : Procedure

1. Contains sufficient information, as determined by the Board, to develop credible projections of revenues and expenses, which includes reasonable planning assumptions.

2. Maintains an operational reserve.

3. Ensures fiscal soundness for future years.

ASSET PROTECTION

The President will:

1. Minimize exposure of the organization, its Board, and its staff from claims of liability.

2. Receive, process, and disburse funds under controls that are sufficient to meet the State Auditor’s standards.

3. Protect the organization’s intellectual property, information, and files from loss or significant damage.

4. Inform the Board, at a minimum quarterly basis, of:

A. Any pending litigation.

B. Any settlement agreement.

5. Enter into contracts that are aligned with the college’s Mission, Vision, Core Themes, Values, and Comprehensive Plan, as well as fiscally sound and in compliance with state and federal laws and regulations.

6. Safeguard the college’s public image and credibility.

DEBT MANAGEMENT

The college shall not incur debt or borrow money that will cause the aggregate debt contracted by the college to exceed that amount for which payments of principal and interest in any fiscal year would require the college to expend more than seven percent (7%) of the average general operating revenues for the three (3) immediately preceding fiscal years. The Vice President for Finance shall provide annual updates to the Board at the summer study session, as well as when requested by the Board.

CASH AND INVESTMENT MANAGEMENT

The Vice President for Finance or designee shall invest college funds and is responsible for the college’s investment program. The Vice President for Finance or designee will take necessary actions to ensure the prudent investment of college funds. The Vice President for Finance or designee shall provide periodic reports to the President. The Vice President for Finance shall present an annual report that provides an accurate and meaningful representation of the investment portfolio and provides analysis as proof of compliance with this policy. Should any significant changes occur, the Vice President for Finance, through the President, will ensure that the Chair of the Board is apprised of the situation.

GLOSSARY TERMS
Board of Trustee(s)

RELATED POLICIES AND PROCEDURES
BOT 11.0 Board Treasurer and Fiscal Accountability 

SOURCE INFORMATION
(was) B 2.4 Budgeting, B 2.6 Compensation and Benefits, 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

REVIEW PERIOD
Three years. Requires President 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