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.