Policy Number


Policy Category

Budget and Finance

Policy Title

Asset Protection

The president shall assure that assets are protected, adequately maintained, and not placed at risk.

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:
    1. includes normally prudent protection against conflict of interest; and
    2. of 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 meet the board-appointed auditor's standards.
  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.

Adopted: November 9, 1998
Revised:  April 12, 2000
Revised:  December 13, 2000
Revised:  September 10, 2003
Revised:  January 14, 2004
Revised:  July 19, 2006
Reviewed: May 12, 2010
Reviewed: June 12, 2013
Reviewed: April 12, 2017