Financial Condition

Policy Type: Executive Limitations
Policy Title: Financial Condition

With respect to the actual ongoing conditions of the College’s financial health, the President may not cause or allow the development of fiscal jeopardy or a material deviation of actual expenditures from Board priorities established in ends policies.
In accordance with the above, the President shall not:

1. Expend more funds than have been authorized in the fiscal year.

2. Use any long-term reserves that are not included in the annual budget.

3. Allow cash to drop below the amount needed to settle payroll and debts in a timely manner.

4. Allow tax payments or other government-ordered payments or filings to be overdue or inaccurately filed.

5. Fail to provide a monthly report, at all regularly scheduled Board meetings, of the College’s current financial condition.