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:
- Expend more funds than have been authorized in the fiscal year.
- Use any long-term reserves that are not included in the annual budget.
- Allow cash to drop below the amount needed to settle payroll and debts in a timely manner.
- Allow tax payments or other government-ordered payments or filings to be overdue or inaccurately filed.
- Fail to provide a monthly report, at all regularly scheduled Board meetings, of the College’s current financial condition.
- Allow GRCC property taxes to be captured by local governmental units for economic development purposes without prior consent of the Board of Trustees.