Board of Trustees

Financial

The fiscal year of the College shall be from July 1 to June 30, inclusive.

The Board shall adopt a budget on or before June 30 of each year and shall provide for a public hearing to be held on the proposed budget in accordance with the Act. No later than the third Monday in April of each year, the President, or his or her designee, shall present an estimate of the amount of taxes or appropriation deemed necessary for the ensuing fiscal year for the purposes of expenditures authorized by law.

The Administration shall operate within approved budget allotments and policy restrictions; no allotment shall be deemed a mandate to spend. The Board must first approve any expenditure in excess of an approved budgetary limit. At the fiscal year-end, the Board shall return the balance of credits in the operating budget to the general fund for reappropriation.

MCL389.141; MCL389.143., and consistent with Governance Policies EL-202, 203, 204.

(Amended 10/17/05, 9/18/06)

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Long-Term Financial Planning

The Administration shall be charged with the responsibility of following accepted accounting procedures as established by law and shall provide the Board with such interim fiscal reports as set forth in the Board Financial Monitoring and Reporting Policy. Long-term financing forecasts must include the protection of adequate fiscal reserves and available cash sufficient to meet payroll and debts in a timely manner.

(Amended 9/18/06)

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Awarding Contracts

The Administration shall award contracts and make purchases in accordance with Board and College policies.

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Audits

All accounts of the College shall be audited once each year and at such other times as the Board may determine. Copies of the reports and audits shall be filed as required by state law and shall be available at the principal business office of the College for public inspection, consistent with Governance Policies EL-202, 203, 204.

MCL 389.143.

(Amended 10/17/05)

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Consultants to the Board

The Board of Trustees may hire external consultants, including but not limited to legal counsel, auditors, and accountants. The full Board will meet before a consultant is hired to determine the scope of the issues to be addressed by the consultant, the consultant's budget, and the scope of contact with the Board. The Board will decide on one Board member to be authorized as the primary contact with the consultant. If time constraints preclude a meeting of the full Board to discuss hiring the consultant, the Executive Committee may meet to approve the initial contact with the consultant, but may not authorize an expenditure of more than $1,000 to a consultant without the approval of the full Board. The consultant's work product shall be written and shall be immediately transmitted to all Board members, via the Board Liaison, upon completion of the requested work. All payments to consultants hired by the Board shall be deducted from the Board's budget.

(Amended 3/19/07)

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