Financial Condition

Board Policy 304

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.

1. Expend more funds than have been received in the fiscal year-to-date except as may be permitted by this Board Policy.
2. Indebt the Institution in an amount greater than can be repaid by certain, otherwise unencumbered revenues within 60 days.
3. Expend funds from restricted or designated accounts except for the purposes for which the accounts were established.
4. Use any Reserves for purposes other than that for which they were created.
5. Fail to provide a monthly report of the Institution's current financial condition.
6. Allow cash to drop below the amount needed to settle payroll and debts in a timely manner.
7. 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:
1. 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
2. More than $100,000 without receiving prior Board approval.
8. Package purchases, agreements or contracts, or commit the Institution to any expenditure that would circumvent the expenditure limitations identified above.
9. Accept gifts or grants, which are inconsistent with this Board Policy.