Asset Protection

Policy Number
BP 6105
Policy Category
Chapter 6 - Business and Fiscal Affairs
Adopted
Last Reviewed

Accordingly, the President shall:

  1. Insure against theft and casualty losses and against liability losses to board members, staff, and the organization itself in an amount similar to the average for comparable organizations.
     
  2. Prevent uninsured personnel from access to material amounts of funds.
     
  3. Assure that plant and equipment are not subjected to improper wear and tear or insufficient maintenance.
     
  4. Assure that the organization, its board, or staff, are not unnecessarily exposed to claims of liability.

  5. Assure that every purchase:

    a. includes normally prudent protection against conflict of interest; and

    b. over $100,000 for goods and services contracts, or $150,000 for public improvements contracts includes a stringent method of assuring the balance of long-term quality and cost.

  6. ​​​​​​Protect intellectual property, information, and files from loss or significant damage.
     
  7. Receive, process, or disburse funds under sufficient controls to provide the board-appointed independent auditor's assurance that controls can be relied upon.
     
  8. Invest or hold operating capital in excess of daily requirements in accordance with ORS 294.035.​​​​​​
     
  9. Not endanger the organization's public image or credibility, particularly in ways that would hinder the accomplishment of its mission.
     
  10. Not name a building, substantial parts of buildings, or significant landscape features of Lane Community College without prior approval of the board; and, when a building has substantial support from a donor, without prior involvement of the Foundation.
     
References

Legal: ORS 294.035 - Investment of funds of political subdivisions

Note: This policy replaces retired Board Policy 205 (last reviewed November 6, 2024). The language has been adopted without change and renumbered to align with the four-digit policy structure.

Board Policies are adopted by the Lane Community College Board of Education and establish the College’s governing principles and institutional direction. These policies are reviewed by the Board at least every five years or more often as needed. Board Policies are distinct from College Operating Policies and Procedures (COPPS), which provide operational guidance and are developed through governance processes and by responsible managers.