Finance Policy

Plans and Budget
The Foundation 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.

Fee Structure
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 approval.

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 Board.

Audit/Review
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 annually.

The Committee will also review the work of the independent accountant, discuss all reports and resolve all matters of a material nature with the accountants.

Accounting and Reporting Policies
The Finance 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.

Insure
The Finance and Investment Committee is responsible for reviewing the Foundation’s insurance coverage and ensuring that coverage for all risks is adequate.

Information Systems
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 mission.