With respect to the actual, on-going condition of the Institution'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.
Accordingly, the President may not:
- Expend more funds than have been received in the fiscal year-to-date except as may be permitted by this Board Policy.
- Indebt the Institution in an amount greater than can be repaid by certain, otherwise unencumbered revenues within 60 days.
- Expend funds from restricted or designated accounts except for the purposes for which the accounts were established.
- Use any Reserves for purposes other than that for which they were created.
- Fail to provide a monthly report of the Institution's current financial condition.
- Allow cash to drop below the amount needed to settle payroll and debts in a timely manner.
- Make any purchase, enter into any agreement verbal or written, sign any contract nor commit the Institution to any expenditure, which is not already in the approved budget:
- Over $50,000 and less than $100,000 without informing the Board of such an expenditure, agreement, or contract at the next regularly scheduled Board meeting; or
- More than $100,000 without receiving prior Board approval.
- Package purchases, agreements or contracts, or commit the Institution to any expenditure that would circumvent the expenditure limitations identified above.
- Accept gifts or grants, which are inconsistent with this Board Policy.
Date Adopted: June 8, 1999
Date Modified: April 10, 2001