January 9, 1997
Original Number: 28
Original Date of Issue: June 4, 1969
| Reissued | 28A - | March 27, 1984 |
| 28B - | May 6, 1985 |
The Board of Trustees assumes the ultimate responsibility for the operation of the College, the prudent use of its resources, and for maintaining productive and supportive relations with regulatory and funding agencies. In exercising its responsibility to the public and private sources which annually provide the College with its operating and capital budget revenues, the Board of Trustees approves the annual budget prior to the start of each fiscal year. In addition to approving the aggregate budget plan, the Board will specifically approve certain types of expenditures and contractual relationships. These specific approvals may occur either as a part of the annual budget adoption process or as individual items brought to the Board during the course of the fiscal year through the Board of Trustees Business Affairs Committee.
The following financial transactions require specific board approval:
Development of New or Modified Facilities - Any program for the development or modification of a college facility and associated equipment with a total project value of twenty-five thousand dollars ($25,000) or greater.
Construction Change Orders - Any construction change order with a unit value of twenty-five thousand dollars ($25,000) or greater. Normally the construction change order should be approved by the Board before it is authorized by the College's construction manager. If a postponement in approving a change order would seriously delay an essential project or create an exposure to contractor claims for delay of project, and if the change order can be accommodated within available construction dollars, then the President may authorize proceeding with the change order with the understanding that the Board will be advised of the essential construction change at the first scheduled meeting of the Business Affairs committee and subsequent board meeting.
Capital Purchases or Leases - Any single item or combination of complementary capital items with an annual cost of twenty-five thousand dollars ($25,000). This includes both property leases and capital purchases.
Capital Write-Offs - Disposal of capital equipment and other real property with an original acquisition price of twenty-five thousand dollars ($25,000) or greater.
Real Estate Acquisition - All acquisition of real estate including land and buildings. Potential real estate gifts to the College must be formally accepted by the Board before title to the property is transferred.
Professional Services - Because of their significance to the College and the responsibilities of the Board of Trustees, the following professional services will require Board approval at the time a change in provider is considered or a new contract for services is required: Public Accounting Services, Banking Services, Legal Services, Insurance Broker Services, Investment Management Services, and engagement of any service with an annual expense or revenue volume of one-hundred thousand dollars ($100,000) or greater. Purchase of other services whose costs are contained within the approved college budget may be authorized by the President or his or her designee.
Debt Obligations - Any agreements to borrow funds on behalf of the College. This includes both long-term debt such as bonds and mortgages as well as short-term borrowing for operating purposes.
Accounts Receivable Write-Offs - Payments from any one source due to the College with a book value of five thousand dollars ($5,000) or greater for which staff believe there is no basis to expect payment.
Date Effective: January 9, 1997