Non-substantive Amendments*

Policy

The College is committed to building and maintaining reserves in fund balances available for operational emergencies, contingency funding, critical needs, and for capital projects, including new construction.

Any drawdown of reserves must be authorized in advance by the Board of Trustees upon recommendation by the Resources Committee except in the case of emergency. In emergency circumstances, the president may approve a drawdown of reserves upon written request by the chief planning officer, and will advise and request approval of the Resources Committee and the full Board of such drawdown of reserves at the next regular meeting. The College plans to maintain unrestricted reserves in the fund balances of approximately 10% of the annual budget for Educational and General expenditures.

Reason for Policy

Sets forth policy and procedures for the use and drawdown of reserve funds.

To Whom Does The Policy Apply

Board of Trustees, President, Senior Leadership, Controller

Supplemental Resources

• None

Contacts

Vice President for Fiscal Health
(201) 684-7494