Interfund Loans

Policy Number
BP 6265
Policy Category
Chapter 6 - Business and Fiscal Affairs
Adopted
Last Reviewed

Loans from one fund to another shall conform to the requirements of ORS 294.468 and be authorized by the Board of Education. Interfund loans may not be from: a Debt Service fund, a Financial Aid fund, employee/retiree benefit funds, or funds legally restricted to specific uses. Repayment of the loan must be budgeted according to an approved schedule and at a stated rate of interest.

 The full repayment of interfund loans shall occur no later than:

  • five years from the date of the loan, if the funds are to be used to acquire or improve real or personal property, or
     
  • June 30 of the fiscal year following the year in which the loan was authorized, if the funds are to be used for operating purposes.
      
References

Legal:  ORS 294.468 - Loans from One Fund to Another

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.