Effective: February 16, 2016
Last Reviewed: November 9, 2023
Last Revision: November 9, 2023

4.1 The Board is responsible for the fiscal integrity of the College and ensures the efficient use of real and personal property.

  1. 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.
  2. 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:

  1. The annual budget.  Approval of the annual budget is subject to two readings, provided that the Board may, in its discretion, waive the second reading.
  2. Annual budget allocations to the Financial Sustainability Fund.
  3. All requests to spend from the Financial Sustainability Fund, including for new projects.
  4. Amendments to the annual budget during the fiscal year to the extent the amendment increases the total budget amount.  Amendments to the budget based on additional sponsored program revenues received or reallocation of line items that do not increase the total budget amount do not require Board approval. Approval of amendments to the annual budget during the fiscal year are not subject to two readings.
  5. Carry-forward of budgeted funds for the continuation of work on expenditures approved in a prior fiscal year require Board notification on an annual basis. These carry-forwards do not require Board approval.
  6. Special course fees -Special course fees generally are approved once a year. The Board shall also approve unforeseen changes in special course fees.  
  7. Investment plans
  8. Capital expenditures for new buildings and real estate.
  9. Agreements or contracts for the following services:
    1. Financial Auditors
    2. Comprehensive Strategic Planning
  10. All real estate rent/lease agreements and contracts.
  11. Naming of buildings and locations.
  12. All contracts that are valued at one million five hundred thousand dollars ($1,500,000) including 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.
  13. Declaration of emergency for the immediate expenditure of public money under Idaho Code Section 67-2808. 
  14. Sole source declaration pursuant to Idaho Code Section 67-2808.
  15. Any contracts or agreements, the approval of which by the Board is required by law.
  16. 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.