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GRCC Board of Trustees Policies
Policy Type: Executive Limitations
Policy Title: Financial Condition
With respect to the actual ongoing conditions of the College’s financial health, the President may not cause or allow the development of fiscal jeopardy or a material deviation of actual expenditures from Board priorities established in ends policies.
- Expend more funds than have been authorized in the fiscal year.
- Indebt the College in an amount greater than can be repaid by certain, otherwise unencumbered revenues within ninety (90) days.
- Use any long-term reserves that are not included in the annual budget.
- Conduct inter-fund shifting in amounts greater than can be restored to a condition of discrete fund balances by certain otherwise unencumbered revenues within 180 days.
- Allow cash to drop below the amount needed to settle payroll and debts in a timely manner.
- Allow tax payments or other government-ordered payments or filings to be overdue or inaccurately filed.
- Fail to provide a monthly report to the Board of the College’s current financial condition.
- Allow GRCC property taxes to be captured by local governmental units for economic development purposes without prior consent of the Board of Trustees.
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Updated on 28-MAY-08
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