Associated Policy
Policy III.3001.B, Financial Standards
Procedures
Acceptance of donations valued at $30,000 or less in the form of cash or other assets from private sources directly to the College is delegated by the Chancellor to members of the Strategic Leadership Team (SLT) based on his/her respective reporting structure. Acceptance of donations valued at more than $30,000 will require the Chancellor’s approval. Any donations of real estate will require the approval of the Board of Trustees.
The form entitled ‘Approval of Donation’ shall be completed by departmental personnel and forwarded for approval through their normal chain of command. The form is available on the College website, and from the Office of Budget Control.
Considerations prior to acceptance of non-cash donations should be:
- usability of the asset to the College overall, or to a particular department
- working order of the asset
- potential liabilities, operating costs or facilities/infrastructure needs
- proof of ownership, as needed
Upon approval, donations will be recorded by the Accounting Department. Additionally, items reaching the fair market value threshold of $5,000 or greater will be recorded and tagged as Fixed Assets.
|
Date of SLT Approval |
July 31, 2018 |
|
Effective Date |
September 11, 2018 |
|
Associated Policy |
Policy III.3001.B, Finance Standards |
|
Primary Owner of Policy Associated with the Procedure |
Vice Chancellor, Fiscal Affairs |
|
Secondary Owner of Policy Associated with the Procedure |
Associate Vice Chancellor, Finance |