Asset Protection

• Policy Name: Asset Protection
• Policy Types: Executive Limitations
• Number: EL-06
• Date Approved: October 20, 2025
• Date Amended: 
• Date Last Reviewed: 

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The CEO shall not allow assets to be unprotected, inadequately maintained or unnecessarily risked.

Further, without limiting the scope of the above statement by the following list, the CEO shall not:

1. Permit the organization to have inadequate bonding and/or inadequate insurance against property and casualty losses.
   1.1.  Permit the organization to insure its property with inadequate valuation and limits and for damage due to an insufficient scope of perils.
           1.1.1.  Permit the organization to have inadequate insurance for theft, disappearance or destruction of money and securities inside or outside the premises.
   
   1.2.  Permit the Board members, College staff and individuals engaged in activities on behalf of the organization, or the organization itself, to have inadequate liability insurance.
   
   1.3.  Permit the organization to have inadequate Privacy/Cyber insurance.
   
   
2. Allow personnel who are not included under a bond or fidelity and faithful performance insurance to have access to material amounts of funds.
   
   
3. Unnecessarily expose the organization, its Board members or staff to claims of liability. 
   
   
4. Receive, process or disburse assets under controls that are insufficient to meet the Board-appointed auditor’s standards.
   
   
5. Cause or allow buildings and equipment to be subjected to improper wear and tear or insufficient maintenance.
   
   
6. Allow the organization to operate without a plan to mitigate loss to organizational assets damaged by a disaster and to expedite recovery from a disaster.
   
   
7. Make purchases that do not result in an appropriate level of quality, after-purchase service and value for dolla6r, or do not provide opportunity for fair competition.
   
   
8. Compromise the independence of the Board’s audit or other external monitoring or advice.
   
   
9. Permit investments that are inconsistent with state law or managed in a way that is inconsistent with the primary objectives of capital preservation and reasonable growth.
   
   
10. Allow intellectual property, trademarks and copyrights, information, and files to be exposed to loss or significant damage.
    
    
11. Allow information and files to be retained for an inappropriate period of time, stored in a manner that does not enable efficient access, or improperly destroyed.
    
    
12. Endanger the organization’s public image, credibility, or its ability to accomplish Ends.
    
    
13. Change the organization’s name or substantially alter its identity in the community.
    
    
14. Decide or change the name of any College building or facility.
    
    
15. Create or purchase any subsidiary entity.