Ohio Administrative Code
Title 3358:5 - Clark State College
Chapter 3358:5-1 - College Mission, Vision and Principles; Board Responsibilities
Section 3358:5-1-30 - Asset protection
Universal Citation: OH Admin Code 3358:5-1-30
Current through all regulations passed and filed through September 16, 2024
(A) The vice president for business affairs shall ensure that the assets of the college are maintained and protected from unnecessary risk. This shall include updating the risk assessment instrument every two years, reviewing actions taken with the board finance and facilities committee, and discussing with the external auditor at the audit exit conference.
(B) Accordingly, the vice president for business affairs shall not:
(1) Fail to
insure against theft and casualty losses to at least eighty percent replacement
value and against liability losses to board members, faculty, staff, or the
organization itself in an amount comparable to similar community
colleges.
(2) Fail to adequately
bond all persons who have access to college funds and monies, nor allow
unbonded personnel access to college funds and monies.
(3) Unnecessarily expose the college, its
board and its faculty and staff to claims of liability.
(4) Acquire, encumber or dispose of land
and/or buildings without board approval and Ohio Revised Code compliance.
Additionally, the college shall follow Ohio Revised Code procedures for the
disposal of other surplus property.
(5) Fail to present to the board annually a
three-year renewal and replacement schedule for capital assets.
(6) Fail to protect the college trademarks,
copyrights, and any other interests the college may have.
(7) Allow the investment of funds in
violation of the procedures set forth in the Ohio Revised Code.
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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