With respect to the actual, on-going financial condition and activities, the president shall avoid fiscal jeopardy and assure that actual expenditures reflect board priorities as established in ends policies.
Accordingly, the president shall:
- Not expend more funds than have been received in the fiscal year to date, except as approved by the board.
- Not use any long-term reserves that are not budgeted and appropriated for expenditure.
- Settle payroll and debts in a timely manner.
- Assure that tax payments or other government-ordered payments or filings be on time and accurately filed.
- Make no single purchase or commitment of greater than $100,000 for goods and services contracts, or $150,000 for public improvements contracts, without board approval, except in extreme emergencies.
- Acquire, encumber, or dispose of real property only with board approval, except in extreme emergencies.
- Pursue receivables aggressively after a reasonable grace period.
- Comply with budget and financial policies contained in Section E.
- Not contract with the College's independent auditors for nonaudit services without prior approval of the Board.
- Provide the following annual certifications, by the president and by the vice president for college operations, to the Board upon receipt of the audited financial statements:
- He/she has reviewed the annual audit report;
- Based on his/her knowledge, the report does not contain any untrue statement of a material fact or omission of a material fact that makes the financial statements misleading;
- Based on his/her knowledge, the financial statements present in all material respects the financial condition and results of operations.
- 11. Establish and maintain an adequate internal control structure and procedures for financial operations and reporting.
ADOPTED: November 9, 1998
REVISED: May 12, 1999
REVISED: April 12, 2000
REVISED: January 14, 2004
REVISED: March 9, 2005
REVISED: July 19, 2006
REVIEWED: March 17, 2010
REVIEWED: June 12, 2013