The Chief Executive Officer may not allow assets to be unprotected, inadequately maintained nor unnecessarily risked.
Accordingly, he or she may not:
- Fail to insure against theft and casualty losses to at least 90 percent replacement value (subject to applicable deductible) and against liability losses to board members, staff or the organization itself.
- Allow unbonded employees access to funds.
- Fail to have in place a maintenance plan sufficient for the needs of the college.
- Unnecessarily expose the organization, its board or staff to claims of liability in excess of coverage limits.
- Fail to protect organization’s intellectual property, information and files from loss or significant damage.
- Acquire, encumber or dispose of real property (buildings and land).
Drafted: June 3, 1996
Approved: October 22, 1996
Revised: February 7, 2002
