Policy Statement

The Vice President for Administration & Finance is authorized, with the prior written approval of the President and the Finance Committee Chair of the Board of Trustees, to borrow sums as set out in the Short-term Borrowing Procedures, when such borrowing is necessary to meet College financial obligations.

Reason for Policy

To set out process and procedures for short-term borrowing to meet financial obligations of the College.

To Whom Does the Policy Apply

College officers and Controller

Related Documents

Procedure

Contacts

Vice President for Administration & Finance / Controller
(201) 684-7621
(201) 684-7494

When it is necessary to meet College financial obligations, the Vice President for Administration and Finance is authorized, with the prior written approval of the President and the Finance Committee Chair of the Board of Trustees, to borrow sums not to exceed $4,000,000 for periods not to exceed 120 days.

The Controller is authorized to arrange for an appropriate line of credit to be available to the College for such purposes. The terms and conditions of that banking arrange­ment will be reported to the Finance Committee of the Board and to the Board of Trustees at the next regularly scheduled meeting(s).