With respect to the actual, ongoing condition of the organization’s financial health, the chief executive may not cause or allow the development of fiscal jeopardy or a material deviation of actual expenditures from board priorities established in Ends policies.
Accordingly, he or she may not:
- Expend more funds than are available and board approved in the annual budget.
- Fail to settle payroll and debts in a timely manner.
- Receive, process or disburse funds inconsistent with internal accounting controls and state or federal administrative rules and laws.
- Maintain cash in uninsured or not fully collateralized bank accounts or maintain investments which do not comply with Wisconsin State Statutes.
- Endanger the organization’s public image or credibility, particularly in ways that would hinder its accomplishment of mission.
- Fail to have sufficient reserves available to cover the cashflow needs of the college.
Drafted: June 7, 1996
Approved: September 10, 1996
Revised: April 8, 1997
Reviewed: February 7, 2002
Modified: November 2003
