Plans and Budget
will develop and maintain a long-range plan that includes development
initiatives, projections on growth of Foundation funds, and long-range spending
plans that take into account the long-range needs of the College. This plan
will be updated annually as part of the budget preparation process.
The Foundation will also prepare an annual operating, capital, and staffing
budget. The Finance and Investment Committee will be responsible for overseeing
the update to the long-range plan and the preparation and approval of the annual
budget. The Committee will obtain input on the development portion from the
Fund Development Committee.
Updates to the plan and the preparation of the annual budget should begin
each year in January or February with input from the College on its long-range
and annual priorities. The plan and the budget should be presented to the
Executive Committee for approval at its April/May meeting and to the Board at
its May/June meeting.
On an annual basis, the Finance
and Investment Committee will review the fee structure that generates the funds
to operate the Foundation. The fee structure should be sufficient to provide
adequate operating funds, but should be adjusted so as not to build up
unnecessary reserves. Changes should be brought to the Executive Committee for
Quid Pro Quo Agreement
The Finance and
Investment Committee shall be responsible for overseeing the annual update to
the Quid Pro Quo Agreement with the College, which spells out the annual support
provided by the College to the Foundation and the support provided by the
Foundation to the College. A report on this support will be provided annually
by the Finance and Investment Committee to the Executive Committee and the
The Finance and Investment
Committee shall arrange for an audit, at least bi-annually, of the Foundation by
an independent accountant. The Finance and Investment Committee’s
recommendation for the type of examination and subsequent appointment of the
independent accountant shall be presented to the Executive Committee
The Committee will also review the work of the independent accountant,
discuss all reports and resolve all matters of a material nature with the
Accounting and Reporting Policies
and Investment Committee will review and recommend all changes in accounting
investment and reporting policies. The Committee will ensure that management
reports contain sufficient information to reflect the activities of the
Foundation and provide sufficient information for management, committees, and the
Board to make accurate operating decisions.
The Finance and Investment Committee is
responsible for reviewing the Foundation’s insurance coverage and ensuring that
coverage for all risks is adequate.
The Finance and Investment
Committee is responsible for reviewing the Foundation’s information systems and
ensuring that they are cost effective and adequate to support the Foundation’s
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