POLICY NUMBER: A.070
POLICY TYPE: EXECUTIVE DIRECTIONS
POLICY TITLE: ASSET PROTECTION
The president shall assure that assets are protected, adequately maintained, and not placed at risk.
Accordingly, the president shall:
- Insure against theft and casualty losses and against liability losses to board members, staff, and the organization itself in an amount similar to the average for comparable organizations.
- Prevent uninsured personnel from access to material amounts of funds.
- Assure that plant and equipment are not subjected to improper wear and tear or insufficient maintenance.
- Assure that the organization, its board, or staff, are not unnecessarily exposed to claims of liability.
- Assure that every purchase:
- includes normally prudent protection against conflict of interest; and
- of over $100,000 for goods and services contracts, or $150,000 for public improvements contracts includes a stringent method of assuring the balance of long-term quality and cost.
- Protect intellectual property, information, and files from loss or significant damage.
- Receive, process, or disburse funds under sufficient controls to meet the board-appointed auditor's standards.
- Invest or hold operating capital in excess of daily requirements in accordance with ORS 294.035.
- Not endanger the organization's public image or credibility, particularly in ways that would hinder the accomplishment of its mission.
- Not name a building, substantial parts of buildings, or significant landscape features of Lane Community College without prior approval of the board; and, when a building has substantial support from a donor, without prior involvement of the Foundation.
ADOPTED: November 9, 1998
REVISED: April 12, 2000
REVISED: December 13, 2000
REVISED: September 10, 2003
REVISED: January 14, 2004
REVISED: July 19, 2006
