Ohio Administrative Code
Title 3357:15 - Stark State College
Chapter 3357:15-3 - Compensation and Benefits
Section 3357:15-3-06 - Asset protection
Universal Citation: OH Admin Code 3357:15-3-06
Current through all regulations passed and filed through September 16, 2024
(A) The president may not allow assets to be unprotected, inadequately maintained, or unnecessarily risked.
(B) 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
fund.
(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 auditing
standards.
(6)
Invest funds in non-interest bearing accounts or in
investments not permitted by Ohio 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 (i) and
(ii) are relatively
equal.
(d)
Dispose of real and personal property in excess of
$ fifty thousand dollars without
board approval.
(e)
Fail to protect property, information, and files from
loss or damage.
Replaces: 3357:15-3-06
Disclaimer: These regulations may not be the most recent version. Ohio may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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