POLICY TITLE: EL5 - Asset Protection
The President shall not allow assets to be unprotected, inadequately maintained, unnecessarily risked or disproportionately distributed.
Further, without limiting the scope of the above statement by the following list, the President shall not:
- Permit the College to be without insurance against theft and casualty losses and against liability losses to Board members, staff or the organization itself in an amount consistent with comparable organizations.
- Subject plant or equipment to improper wear and tear or inadequate maintenance.
- Unnecessarily expose the organization, its Board or staff to claims of liability.
- Operate without an adequate policy to ensure comparative pricing on goods and services while maintaining a balance of long term cost and quality.
- Operate without adequate safeguards to protect information and files from loss or damage.
- Receive, process, or disburse funds under controls which are insufficient to meet the Board recommended auditor's standards.
- Invest or hold operating capital in high or moderate risk instruments with the exception of "as-is" donated funds, except where necessary to facilitate ease in operational transactions.
- Acquire, encumber or dispose of real estate except as per legislation.
- Treat any particular College holding, including capital items, as an asset specifically for the community in which it is located.
- Endanger the organization's public image or credibility, particularly in ways that would hinder its accomplishment of mission.
Date Approved: 19 Jun 2007
Date Reviewed: 17 Jun 2009
Date Revised: 17 Jun 2009