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Edmonds Community College    
 
    
 
  Nov 23, 2017
 
Policy Management
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BOT 11.01pr - Board Treasurer and Fiscal Accountability : Procedure


SUMMARY/SCOPE
This procedure explains the process for implementing Board policy BOT 11.0 Board Treasurer and Fiscal Accountability.

DESCRIPTION
With respect to the actual, ongoing condition of the college’s financial health, the President will ensure that the institution is proceeding in accordance with the college’s Mission, Vision, Core Themes, Strategic Objectives, Strategic Plan, and Values. On a quarterly basis, the Vice President for Finance and Operations shall provide the Board with a quarterly update of the college’s operations budget.

PROCEDURE DETAILS
The President is held accountable by the Board of Trustees that the budget:

1. Contains sufficient information, as determined by the Board, to develop credible projections of revenues and expenses along with reasonable planning assumptions.

2. Maintains an operational reserve.

3. Ensures fiscal soundness for future years.

ASSET PROTECTION

The President will:

1. Minimize exposure of the organization, its Board, and its staff from claims of liability.

2. Receive, process, and disburse funds under controls, which are sufficient to meet the State Auditor’s standards.

3. Protect the organization’s intellectual property, information, and files from loss or significant damage.

4. Inform the Board, at a minimum quarterly basis, of:

A. Any pending litigation.

B. Any settlement agreement.

5. Enter into contracts that are aligned with the college’s Mission, Vision, Core Themes, Strategic Objectives, Strategic Plan, and Values, as well as fiscally sound and in compliance with state and federal laws and regulations.

6. Safeguard the college’s public image and credibility.

DEBT MANAGEMENT

The college shall not incur debt or borrow money which will cause the aggregate debt contracted by the college to exceed that amount for which payments of principal and interest in any fiscal year would require the college to expend more than seven percent (7%) of the average general operating revenues for the three (3) immediately preceding fiscal years. The Vice President for Finance and Operations shall provide annual updates to the Board at the summer study session, as well as when requested by the Board.

CASH AND INVESTMENT MANAGEMENT

The Vice President for Finance and Operations or designee shall invest college funds and is responsible for the college’s investment program. The Vice President for Finance and Operations or designee will take necessary actions to ensure the prudent investment of college funds. The Vice President for Finance and Operations or designee shall provide periodic reports to the President. The Vice President for Finance and Operations shall present an annual report that provides an accurate and meaningful representation of the investment portfolio and provides analysis as proof of compliance with this policy. Should any significant changes occur, the Vice President for Finance and Operations, through the President, will ensure that the Chair of the Board is apprised of the situation.

GLOSSARY TERMS
Board of Trustee(s)

RELATED POLICIES AND PROCEDURES
BOT 11.0 Board Treasurer and Fiscal Accountability 

SOURCE INFORMATION
(was) B 2.4 Budgeting, B 2.6 Compensation and Benefits, B 2.10 Debt Management, and B 2.11 Cash and Investment Management

CONTENT OWNER. The primary responsibility for this policy belongs to:
President’s Office, Secretary of the Board of Trustees

PRIMARY CONTENT CONTRIBUTOR (Director/Dean)
President’s Office, Secretary of the Board of Trustees

REVIEW PERIOD
Three years. Requires President consulting with the Board of Trustees Chair on changes made.

REVIEW HISTORY
2017-Mar 09  Amended to combine B 2.9 and B 2.10 with BOT 11.0 by Resolution 17-3-6

2017-Mar 09  Amended to combine B 2.6 with B 2.4; renamed and changed to BOT 11.0 by Resolution 17-3-6

2014-Feb 18  Amended to move B 2.7 to B 2.6, B 2.8 to B 2.7, B 2.9 to B 2.8, B 2.10 to B 2.9, and B 2.11 to B 2.10

2014-Feb 18  Amended to combine B 2.5 with B 2.4 and rename by Resolution 14-2-1

2014-Feb 18  Amended to combine B 2.6 with B 2.5

2008-Sep 11  Approved B 2.11 by Resolution 08-9-2

2008-Sep 11  Approved B 2.10 by Resolution 08-9-1

2002-Aug 01  Amended B 2.7 for Name Change

2001-May  Approved B 2.4 - B 2.9



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