Safekeeping of Funds

Policy Type:

Finances

I. Policy Title Safekeeping of Funds

II. Who Does This Policy Affect

Board of Trustees and all employees

III. Purpose

Protection of College Funds via Bonding & Insurance

IV. Policy Statement

The Board of Trustees recognizes that prudent trusteeship of the resources of this College dictate that employees responsible for the safekeeping of College monies be bonded, or the College appropriately insured, against theft, errors, and omissions of its officers and employees.

The College shall be indemnified against loss of money by bonding or insuring of employee holding positions connected with the administration of College funds.

All other employees handling money shall be covered under College insurance.

The College administration shall annually review, with the College insurance carrier, to determine appropriate levels of insurance coverage.

V. Definitions

N/A

VI. Responsible Party for Policy Interpretation/Review

President of the College
Vice President of Finance

VII. Related Documents

N/A

VIII. Policy History:
a. Adopted by Board: February 20, 1995
b. Previous Policy Section Operations; Previous Policy No.3450

Reviewed/Updated

April 15, 2024 - changes approved by Board

This policy supersedes and replaces any and all policies related to this subject

Adopted Date:

Monday, February 20, 1995

Revised Date:

Monday, April 15, 2024

Status:

Board Approved