Comprehensive Standard 3.2.13
Any institution-related foundation not controlled by the institution
has a contractual or other formal agreement that (1) accurately describes the
relationship between the institution and the foundation and (2) describes any
liability associated with the relationship.
In all cases, the institution ensures that the relationship is
consistent with its mission. (Institution-related
foundations)
aCompliance ___Partial Compliance ___Non-Compliance
Narrative:
The Lawson State Community College Foundation exists for
the purpose of providing support for programs and activities which enhance and
expand educational opportunities for students enrolled at Lawson State
Community College The (Memorandum of Agreement)
between the college and the Foundation states that the “Foundation” exists to
raise and manage private resources supporting the mission and priorities of the
College, to provide opportunities for students and a margin of institutional
excellence not achievable with institutional funds alone, and to otherwise
support and assist the College in its educational, economic development, and
public service programs and activities….”
The Memorandum of Agreement also describes any liability associated with the
relationship between the college and Foundation. Alabama State Board policy
requires that the Foundation obtain reasonable and prudent insurance coverage
to cover customary risks pertaining to the Foundation’s operations.
The College President is responsible for
communicating the College’s priorities and long-term plans and goals to the
Foundation. Consequently, the
fund-raising efforts of the Foundation are in keeping with the mission of
Lawson State Community College. (LSCC Mission) (Foundation
Articles of Incorporation)
The Lawson State Community College Foundation abides by the Alabama State Board of Education policies and guidelines. College-related Foundations, Policy 213.01, allow each Foundation a mechanism to provide the College with additional gifts, gift revenues and other assets of the Foundation available to the College.
The Foundation is responsible
for the performance and oversight of all aspects of its operations based upon a
set of by-laws (Foundation
By-laws)
that address the fiduciary
responsibilities of the Foundation’s Board of Directors. The books and records of the Foundation are
kept in accordance with generally accepted accounting principles and are
audited regularly in accordance with generally accepted standards by an
independent audit as required by Alabama State Board of Education policy 213.01.
Documentation:
|
Documentation |
Location |
|
Memorandum of Agreement between LSCC and LSCC Foundation, page 1 |
|
|
LSCC Mission Statement |
|
|
LSCC Foundation Articles of Incorporation |
|
|
LSCC Foundation By-Laws |
|
|
State Board Policy-Foundations |