Board of Trustee Policy
Subject: State of Relationship: 海角社区 Foundation and Montgomery County Community College
Number: 5.9
Date: October 2022
Supersedes: May 2005
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鈥檚 mission.
Policy
The purpose of the 海角社区 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鈥檚 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 海角社区 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 College, after consultation with the Foundation, will annually determine the operating budget and agreed upon cost allocations between the Foundation and the College, prior to the beginning of the forthcoming fiscal year (July 1).
Notwithstanding anything contained herein to the contrary, any inconsistency with the 501 (c) (3) designation or the Foundation Bylaws shall be controlled by the Bylaws and the I.R.S. designation as opposed to this policy.