Asset Protection

The President may not allow assets to be unprotected, inadequately maintained or unnecessarily risked.

Accordingly, the President may not:

1. Fail to insure against theft and casualty losses in amounts consistent with replacement values or against liability losses to Board members, staff or the college itself in amounts consistent with limits of coverage obtained by comparable organizations.

2. Allow unbonded personnel access to material amounts of funds.

3. Permit plant and equipment to be subjected to improper wear and tear or inadequate maintenance.

4. Unnecessarily expose the college, the Board or staff to claims of liability.

5. Receive, process or disburse funds under controls which are not sufficient to meet the auditor’s standards.

6. Invest funds in non-interest bearing accounts or in investments not permitted by Kansas law. Further, no investments shall be made without compliance with, in order of priority, the following principles: (a) security of the investment; (b) receiving favorable consistent interest earned on the investment;(c) local financial institutions receiving favorable consideration where (a) and (b) are relatively equal.

7. Acquire, encumber or dispose of real property without Board approval.

8. Fail to protect property, information and files from loss or damage.