Recognition of Independent Foundations | KCTCS

Administrative Policies

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

Revision Summary:

Responsible Official: Vice President, Institutional Advancement

References:


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 of KCTCS.

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.