A050

Policy Number: 
A.050
Policy Type: 
EXECUTIVE DIRECTIONS
Policy Title: 
FINANCIAL CONDITION AND ACTIVITIES

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:

  1. Not expend more funds than have been received in the fiscal year to date, except as approved by the board.
  2. Not use any long-term reserves that are not budgeted and appropriated for expenditure.
  3. Settle payroll and debts in a timely manner.
  4. Assure that tax payments or other government-ordered payments or filings be on time and accurately filed.
  5. 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.
  6. Acquire, encumber, or dispose of real property only with board approval, except in extreme emergencies.
  7. Pursue receivables aggressively after a reasonable grace period.
  8. Comply with budget and financial policies contained in Section E.
  9. Not contract with the College's independent auditors for nonaudit services without prior approval of the Board.
  10. 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:
    1. He/she has reviewed the annual audit report;
    2. 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;
    3. 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