Administration
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1.10.1 |
Financial |
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1.10.2 |
Long-Term Financial Planning |
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1.10.3 |
Awarding Contracts |
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1.10.4 |
Audits |
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1.10.5 |
Consultants to the Board |
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1.10.1 |
Financial
The fiscal year of the College shall be from July 1 to
June 30, inclusive.
The Board shall adopt a budget on or before June 30 of
each year and shall provide for a public hearing to be held on the proposed
budget in accordance with the Act. No later than the third Monday in April
of each year, the President, or his or her designee, shall present an
estimate of the amount of taxes or appropriation deemed necessary for the
ensuing fiscal year for the purposes of expenditures authorized by law.
The Administration shall operate within approved budget
allotments and policy restrictions; no allotment
shall be deemed a mandate to spend. The Board must first approve any
expenditure in excess of an approved budgetary limit. At the fiscal
year-end, the Board shall return the balance of credits in the operating
budget to the general fund for reappropriation.
MCL389.141; MCL389.143., and
consistent with Governance Policies EL-202, 203, 204.
(Amended 10/17/05, 9/18/06)
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1.10.2 |
Long-Term
Financial Planning
The Administration shall
be charged with the responsibility of following accepted accounting
procedures as established by law and shall provide the Board with such
interim fiscal reports as set forth in the Board Financial Monitoring and
Reporting Policy. Long-term financing forecasts must include the protection
of adequate fiscal reserves and available cash sufficient to meet payroll
and debts in a timely manner.
(Amended 9/18/06)
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1.10.3 |
Awarding Contracts
The
Administration shall award contracts and make purchases in accordance with
Board and College policies.
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1.10.4 |
Audits
All
accounts of the College shall be audited once each year and at such other
times as the Board may determine. Copies of the reports and audits shall be
filed as required by state law and shall be available at the principal
business office of the College for public inspection,
consistent with Governance Policies EL-202, 203, 204.
MCL 389.143.
(Amended 10/17/05)
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1.10.5 |
Consultants to the Board
The Board of Trustees may hire external consultants,
including but not limited to legal counsel, auditors, and accountants. The
full Board will meet before a consultant is hired to determine the scope of
the issues to be addressed by the consultant, the consultant's budget, and
the scope of contact with the Board. The Board will decide on one Board
member to be authorized as the primary contact with the consultant. If time
constraints preclude a meeting of the full Board to discuss hiring the
consultant, the Executive Committee may meet to approve the initial contact
with the consultant, but may not authorize an expenditure of more than
$1,000 to a consultant without the approval of the full Board. The consultant's work product shall be written and shall be immediately
transmitted to all Board members, via the Board Liaison, upon completion of
the requested work. All payments to consultants hired by the Board shall be
deducted from the Board's budget.
(Amended 3/19/07)
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