5a: Stewardship of Foundation Funds
- Operating Budget
The Finance Committee reviews the annual Foundation operating budget and recommends its approval to the full Board. The Foundation Board reviews and approves the operating budget for the subsequent fiscal year prior to July 1st. - Check Signing and Transfer of Funds
- Checking, Money Market, and Other Non-Endowed Accounts. The Foundation has authorized specific signers to make all non-endowed business disbursements by check, EFT, or wire transfer, and to transfer funds between accounts, as needed to transact Foundation business. Any authorized signer can approve disbursements from non-endowed accounts under $5,000. All disbursements of $5,000 or more from such accounts require approval of any two authorized signers. Authorized signers are individuals who hold the following positions:
- Foundation Board Treasurer;
- Foundation Finance or Executive Committee member;
- Foundation Executive Officer;
- Foundation Executive Director; or
- Foundation Operations Manager.
- Checking, Money Market, and Other Non-Endowed Accounts. The Foundation has authorized specific signers to make all non-endowed business disbursements by check, EFT, or wire transfer, and to transfer funds between accounts, as needed to transact Foundation business. Any authorized signer can approve disbursements from non-endowed accounts under $5,000. All disbursements of $5,000 or more from such accounts require approval of any two authorized signers. Authorized signers are individuals who hold the following positions:
- Endowed Accounts
The Foundation has authorized specific individuals to instruct the Foundation’s investment advisor and custodian with respect to investment, administrative, and operational matters pertaining to the Foundation endowment. For transactions of $5,000 or greater, two signatures are required and instructions must be authorized by two individuals in the positions named below, one from each group.- Group A
- Foundation Executive Officer
- Foundation Executive Director
- Foundation Operations Manager
- Group B
- Foundation Board Treasurer
- Foundation Finance or Executive Committee member
- Group A
- Annual Audit
The Foundation Finance Committee accepts and reviews proposals for audit services from independent certified public accountants (CPA) and recommends an audit firm for approval by the full Board. The annual audit is conducted by the approved, independent CPA as monitored and reviewed by the Finance Committee. The examination is made in accordance with generally accepted auditing standards, and accordingly, shall include such tests of the accounting records and such other auditing procedures as necessary. The annual audit will be completed on a timely basis to comply with the needs of the College and will be provided to the President of the College in accordance with section 11(I) of the agreement between the College and the Foundation (Appendix B).