Policy Type: Board- Executive Limitations
Responsible: Vice President of Finance & College Operations
Related Policies: B2001, B2002, B2003, B3005, B3006, B3007, B3009
Linked Procedures: None
Related Laws: ILCS 805/3-20
Related Standards: Government Finance Officers Association (GFOA)
HLC Criterion: 2A, & 5B
The Board has a fiduciary responsibility to utilize, maintain, and protect College assets. As such, the Board directs the President to implement policies, rules, guidelines, procedures, and practices to assist the Board with this responsibility. Further, the Board directs the President to ensure the College’s investments are used in ways that support the College’s mission and achieve the Board’s Strategic Outcomes.
Finally, without limiting the scope of the above statements by the following list, the President shall not:
- Permit investments that are inconsistent with State law, nor to be managed in a way that is inconsistent with the primary objectives of capital preservation and reasonable growth.
- Permit investments to be managed without the active involvement of well-qualified investment advisors with a proven track record, who are independent of any investment fund.
- Permit the advisor to take title to any assets.
- Permit the advisor to withdraw any funds from the accounts except to cover payment of previously agreed fees, or at the organization’s specific direction.
- Permit investments that are insufficiently liquid to meet College’s anticipated expenditures without incurring penalties.
- Permit the investment of cash accounts (or operating capital) in anything other than FDIC Insured assets.
|Date of Change||Description of Change||Governance Unit|
|03-07-22||Initial Adoption||Board of Trustees|