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Financial Conditions & Activities

  • Policy Name: Financial Conditions & Activities
  • Policy Types: Executive Limitations
  • Number: EL-05
  • Date Approved: October 20, 2025
  • Date Amended: 
  • Date Last Reviewed: 

With respect to the actual, ongoing financial conditions and activities, the CEO shall not cause or allow the development of fiscal jeopardy or actual expenditures that are not aligned with achievement of the Board’s Ends. Further, without limiting the scope of the above statement by the following list, the CEO shall not:

  1. Use any portion of a restricted fund balance for purposes other than those for which the fund was established.

  2. Allow the College’s cash position in any month to be less than is needed to satisfy obligations in that month.

    2.1. Allow the operating fund balance to be less than the average of three months’ operating expenses.

  3. Allow the untimely payment of payroll and debts.

  4. Write off receivables without having first aggressively pursued payment after a reasonable grace period.

  5. Allow tax payments or other government ordered payments or reports to be overdue or inaccurately filed.

  6. Acquire, encumber, sell or convey land or buildings.

  7. Engage in entrepreneurial activity inconsistent with contribution to the overall Ends of the college in order to generate revenue.

  8. Enter into any grant arrangement or fundraising initiative that does not emphasize the production of Ends.

  9. Use any resources of the College, to contribute to, or pay for fundraising events for, any political party or candidate for public office.