The Chancellor shall not cause or allow institutional assets to be unprotected, inadequately maintained, or unnecessarily risked.
AMENDED October 22, 2013, Motion No. 10112
AMENDED February 22, 2011, Motion No. 9781, 9782
I interpret this policy to mean that the MCCCD will be operated with an adequate system of internal controls, both accounting and administrative and that are sufficient to meet generally-accepted accounting principles and auditing standards. Compliance will be met when:
- An organizational governance structure is implemented that allows for independent assessment & reporting to the Chancellor or the Board as appropriate. This includes mechanisms to identify when conditions exist and processes for the institution to respond appropriately.
- Investment or reinvestment of moneys received by the District will occur in a manner allowed under the laws of the State of Arizona.
- The District's public image, its credibility are not endangered.
REVISED November 26, 2013