Article IX Management of the College

Management of the College

1. The President shall submit a comprehensive annual budget for the operation of the College prior to the beginning of each fiscal year. Upon approval of this budget by the Board, the President shall be authorized to conduct the affairs of the College in accordance with the budget. Only after express authorization of the Board may the President negotiate for the acquisition, disposal or encumbrance of major assets of the College. The Board reserves the right to set limits of expenditure of funds that expressly require approval.

2. The President is directed to maintain a General Fund from which all general expenditures of the College shall be made and through which its general financial affairs will be carried on. The President is also authorized to establish and maintain such other separate funds as the President may deem necessary in order to conduct the business of the College.

3. Regular financial reports shall be made by the President or the chief financial officer to the Board on the condition of the General Fund. A comprehensive annual financial report upon all fiscal affairs of the College shall be made at the first regular meeting of the Board following the close of the fiscal year. An audit of the financial statements of the College for each fiscal year shall be conducted by independent certified public accountants approved by the Board of Trustees and the results of such audit shall be reported to the Board as soon as practicable after the completion of such fiscal year.

4. The financial practices and records of the College shall be maintained in accordance with generally accepted accounting standards of private educational institutions.

5. The fiscal year of the College shall extend from July 1 through June 30.

6. The President is authorized to conduct such auxiliary enterprises to the educational program as may be consistent with the Charter of the College and with federal and state law.

7. The officers of the College shall not be permitted to purchase goods and services for the College from Trustees or from firms in which they have a substantial interest unless such transactions are specifically authorized in advance by the Board of Trustees.

8. Officers and employees of the College shall be subject to such bonding requirements as the Board may determine.

9. Centre College practices equal opportunity policies in both admission and employment.