With respect to the ongoing condition of the college’s financial health, the college president may neither cause nor allow the development of fiscal jeopardy nor a significant deviation of actual expenditures from the approved budget.

Accordingly, he or she may not:

1. Violate laws and regulations related to the expenditure of funds and procurement of contracts and goods.

2. Fail to provide for an annual, independent audit of college accounts by an auditing firm approved by the board.

3. Violate auditing standards as defined by the independent firm.
4. Make expenditures not provided for in the approved budget.

5. Fail to have fair and equitable purchasing practices that takes into account the following criteria:

• Competitive price
• Quality
• Use of state vendors
• Best interest of the college

6. Make a single purchase or enter into a contract of greater than $100,000.

7. Fail to seek bids or requests for proposals in a competitive process for purchases over $25,000.

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Approved 1/15/03; modified 3/22/06
Reviewed w/ no changes made November 15, 2017
Reviewed w/ no changes made October 15, 2019
Reviewed w/ no changes made October 15, 2025