Policy Statement
The Board has a fiduciary responsibility to utilize, maintain, and protect College
assets. The CEO shall implement policies, rules, guidelines, procedures and practices
to assist the Board with this responsibility. In addition, the CEO shall ensure that
the College’s physical facilities and other assets are used in ways that support the
Board’s Ends.
Accordingly, the CEO shall not:
1. Fail to lead the Board in relevant discussion and work to assure a clear long-term
vision.
2. Fail to position the College to be successful and sustainable.
3. Fail to insure against theft and casualty losses in amounts consistent with replacement
values or against liability losses to the College, the Board, Trustees and employees
in amounts consistent with limits of coverage obtained by comparable institutions.
4. Allow employees, without a suitable bond from a responsible bonding company, access
to material amounts of funds.
5. Permit facilities and capital equipment to be subjected to inadequate maintenance
or repair.
6. Allow known conditions to persist that risk the College’s assets and/or expose
the College, the Board, Trustees or employees to claims of liability.
7. Receive, process, or disburse funds under controls which are not sufficient to
meet standards established by the Governmental Accounting Standards Board, the Board
appointed auditors and Michigan law.
8. Make investments not permitted by applicable law.
9. Acquire, encumber, or dispose of real property without Board approval.
10. Fail to implement a procedure for the disposal of personal property without consideration
of market of value and applicable law.
11. Fail to develop a deferred maintenance plan that considers both the preservation
of assets and the needs of the College.
12. Fail to protect the College's trademarks, copyrights, and intellectual property
interests.
13. Name facilities or parts of facilities without prior Board approval.
Change Log
Date of Change |
Description of Change |
Responsible Party |
4-17-18 |
Initial policy approved by Board to become effective 7-1-2018 |
Board of Trustees |
7-1-18 |
Effective date of initial policy |
Board of Trustees |
4-28-2020 |
Reviewed; no change |
Board of Trustees |