|EP 4: FINANCIAL CONDITION
|S.C. CODE ANN. §§59-53-410 to -440 (1997)|
The President shall administer the budget as approved by the Commission without material deviation and shall protect the college from financial risk.
A material deviation is defined as:
- Expenditure of more funds than have been budgeted in the fiscal year without prior Commission approval.
- Indebtedness of the college in an amount greater than can be repaid either by otherwise unencumbered revenues within the current fiscal year or from accounts previously established by the Commission for that purpose.
- Expenditure of funds from restricted or designated accounts, except for the purposes and in the amounts for which the account was established, without prior Commission approval.
Furthermore, the President must:
- Make all purchases in accordance with state procurement laws and regulations and with prudent protection against conflict of interest.
- Maintain adequate reserves sufficient to provide operating expenses, in accordance with state requirements.
- Safeguard and prudently administer all funding from state, federal, or other sources.
- Invest funds of the college in approved financial institution investment accounts to include federally backed securities and notes. The President may delegate the authority to invest college funds. The investments shall be in accordance with state requirements and shall have maturities consistent with the time or times when the invested monies will be needed in cash.
Trident Technical College Area Commission approved Executive Parameters Policies and Commission President Relationship Policies on July 29, 1997 for adoption on January 1, 1998.
Updated July 15, 2008
Updated November 29, 2011