Policy IV. G. - Asset Protection
The President shall not allow College assets to be unprotected, inadequately maintained, or unnecessarily placed at risk.
Accordingly, the President shall not:
- Fail to insure against: (a) theft and casualty losses in amounts consistent with replacement values, and (b) liability losses to Board members, employees, or the College itself in amounts consistent with limits of coverage obtained by comparable organizations.
- Allow unbonded personnel access to material amounts of funds.
- Subject plant and equipment to improper wear and tear or inadequate maintenance.
- Unnecessarily expose the College, the Board, or employees to claims liability claims.
- Receive, process, or disburse funds under controls that are not sufficient to meet auditing standards.
- Invest funds in non-interest bearing accounts or in investments not permitted by Oregon law. Further, no investments shall be made unless they provide for the following, listed in order of priority: (a) security of the investment; and (b) competitive, consistent interest earned on the investment. Local financial institutions may receive favorable consideration where (a) and (b) are relatively equal.
- Acquire, encumber, name, or dispose of real property without Board approval.
- Fail to protect information, files, and intellectual property from loss or damage.