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. Conduct inter-fund shifting in amounts greater than can be restored to a condition of discrete fund balances by certain otherwise unencumbered revenues within 180 days.

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

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

6. Fail to provide a monthly report to the Board of the College’s current financial condition.

7. Allow GRCC property taxes to be captured by local governmental units for economic development purposes without prior consent of the Board of Trustees.