Recognition of Independent Foundations
Policy Number: 7.4
Current Effective Date: 09/23/2005
Original Effective Date: 06/18/1999
Revision Dates: 09/23/2005
Revision Number: 1
Responsible Official: Vice President, Institutional Advancement
Any independent, not-for-profit foundation organized for the purpose of raising private funds and working to enhance the programs and services for the Kentucky Community and Technical College System (KCTCS) and/or its colleges shall seek recognition as the fund-raising arm of the institution with which it is associated and shall adhere to KCTCS Board of Regents policy.
7.4.4 Legal Status
A copy of the Articles of Incorporation as recorded with the Secretary of State shall
be supplied to the college and be made available for review upon request to officials
A copy of the By-Laws shall be supplied to the college and be made available for review upon request to officials of KCTCS.
7.4.5 Board of Directors Auditing and Reporting Guidelines
The foundation Board of Directors shall select an independent accounting firm to conduct an annual audit unless the assets of the foundation are less than $100,000. A copy of the annual audit report should be placed on file in the college president/chief executive officer’s office and made available for review upon request by officials of KCTCS. Foundations that are not required to submit annual audits based on these guidelines shall instead provide an annual balance sheet and income statement.