4. Fiscal Responsibility
Effective: February 16, 2016
Last Reviewed: October 13, 2022
4.1 The Board is responsible for the fiscal integrity of the College and ensures the efficient use of real and personal property.
- In carrying out this responsibility, the Board shall appoint one member of the Board to serve as a Finance Trustee. The Finance Trustee shall report to the Board at regular meetings on items requiring Board action, the allocation of institutional resources, and budgeting priorities.
- The Finance Trustee may make recommendations to the Board but may not take any action except when authority to act has been delegated by the Board.
The Board shall approve all requests to spend from the Financial Sustainability Fund.
4.2 The Board approves:
- The annual budget to include approval of:
- Revenue by source/fund
- Tuition and fees
- Expenses by function/fund
- All new permanent positions
- Overall changes to employee compensation including benefits
- Carry forward project budgets
- Annual budget allocations to the Financial Sustainability Fund
- Approval of the annual budget is subject to two readings, provided that the Board may, in its discretion, waive the second reading.
- Amendments to the annual budget during the fiscal year. Approval of amendments to the annual budget during the fiscal year are not subject to two readings.
- Special Course Fees. Special course fees generally are approved twice a year and are subject to two readings, provided that the Board may, in its discretion, waive the second reading. The Board shall also approve unforeseen changes in special course fees. However, such unforeseen changes in special course fees may not be subject to two readings.
- Investment plans
- Capital expenditures for new buildings and real estate.
- Agreements or contracts for the following services:
- Financial Auditors
- Comprehensive Strategic Planning
- Legal Counsel
- Investment Advisors
- All real estate rent/lease agreements and contracts.
- Naming of buildings and locations.
- Multi-year contracts that are valued at one million five hundred thousand dollars
($1,500,000) over the duration of the contract. A government appropriations clause or termination for convenience clause must be included in all multi-year contracts.
- Emergency spending
- Sole source expenditures pursuant to Idaho Code Section 67-2808.
- Any contracts or agreements, the approval of which by the Board is required by law.
- Additional agreements or contracts for services after providing timely notice to the President.
4.3 The Board requires the President to advise the Board on the financial status of the College, and to operate the College within a balanced budget.
4.4 The Board shall review and approve student tuition and fees.