Administration

Board of Trustees Policy

SUBJECT:

State of Relationship: Montgomery County Community College Foundation and Montgomery County Community College

NUMBER:
5.9
DATE:
May 2005
SUPERSEDES:
 

Purpose

The College and the Foundation are fully committed to advancing the mission of the College. The purpose of this policy is to define the role of the Foundation in the achievement of the College’s mission.

Policy

The purpose of the Montgomery County Community College Foundation, Inc. is to be exclusively for the purpose of providing support and assistance to Montgomery County Community College (College) in developing programs, facilities and services necessary to carry out the educational mission and functions of the College. Private fundraising priorities must be aligned with the fulfillment of the College’s strategic plan.

The Foundation is to carry out this purpose by encouraging, soliciting, receiving, holding, investing and administering gifts of funds and property and making expenditures to, or for the benefit of, the College, faculty, and students, and is to exercise such powers as are set forth in its Articles of Incorporation (Articles) filed with the Secretary of State of the Commonwealth of Pennsylvania and which may be amended from time to time.

All private gifts on behalf of the Montgomery County Community College shall be received, credited and acknowledged by the Foundation unless the donor specifically direct otherwise. The Foundation and the College President have the responsibility for the solicitation of private gifts on behalf of the College. This is accomplished in collaboration with College faculty and staff members.

The Foundation is to undergo an annual audit of the fiscal status by an independent public accountant that provides sufficient detail to allow the College and governing boards to ascertain the purpose of expenditures, assuring that funds are credited and allocated in accordance with donor instructions. The result of this audit must be of sufficient excellence to be placed alongside that of the College without disclaimer.

The Foundation is to assume a portion of the burden of overhead costs associated with the operation of the Foundation. Such amount is to be determined annually by the mutual agreement of the Foundation Board of Directors and the College Board of Trustees.

The Foundation is to comply with the legal requirement to prepare an annual report stating major activities, officers and finances that is available to the general public at all times.

Notwithstanding anything contained herein to the contrary, any inconsistency with the 50 1(c) (3) designation or the Foundation bylaws shall be controlled by the bylaws and the I.R.S. designation as opposed to this policy.

 

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