Ohio Admin. Code 3358:5-1-30 - Asset protection

(A) The executive vice president for finance, facilities and operations 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 executive vice president for finance, facilities and operations business affairs shall not:

(1) Review the outcomes of the risk assessment instrument utilized annually by the external auditors, take action as approriate, and inform the board finance and facilities committee on any measures being implemented to mitigate risk for the college.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) Maintain appropriate insurance coverage (property, casualty, athletic, cyber, etc.) against liability losses to board members, faculty, staff, or the organization itself in an amount comparable to similar colleges within our peer group.

(2)(3) Fail to adequately Adequately bond all persons who have access to college funds and monies, nor allow unbonded personnel access to college funds and monies.

(3)(4) Mitigate Unnecessarily unnecessary expose exposure of the college, its board and its faculty and staff to claims of liability.

(4)(5) Obtain board approval prior to Acquire, encumber or dispose acquiring, encumbering or disposing 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)(6) Fail to present Present to the board annually a three-year renewal and replacement schedule for capital assets. every two-years a six-year capital improvement plan for the renovation and modernization of the college's infrastructure in a manner that maximizes resources and better aligns space utilization needs, facility condition needs, and programmatic needs in support of the college's mission and strategic plan.

(6)(7) Fail to protect Protect the college trademarks, copyrights, and any other interests the college may have.

(7)(8) Allow Maintain the investment of college funds following the in violation of the procedures and guidance set forth in the Ohio Revised Code.

Notes

Ohio Admin. Code 3358:5-1-30

Effective: 4/7/2025
Promulgated Under: 111.15
Statutory Authority: 3358
Rule Amplifies: 3358
Prior Effective Dates: 10/14/2002, 07/12/2011, 03/18/2015, 10/15/2015, 07/01/2018, 11/15/2022, 04/01/2025