Section: 400
Section Title: Administration and Finance
Policy Name: Borrowing – Short Term
Policy Number: 402
Approval Authority: Board of Trustees
College Policy Executive: Chief Planning Officer
Responsible Executive: Vice President for Administration & Finance
Responsible Unit: Administration and Finance
Date Adopted: June 3, 1987
Date Revised: June 7, 1995, September 11, 2008, September 21, 2009, August 1, 2013
1. Policy :
The Vice President for Administration & Finance is authorized, with the prior written approval of the President and the Finance Committee Chair of the Board of Trustees, to borrow sums as set out in the Short-term Borrowing Procedures, when such borrowing is necessary to meet College financial obligations.
2. Reason for Policy:
To set out process and procedures for short-term borrowing to meet financial obligations of the College.
3. To Whom Does The Policy Apply:
College officers and Controller
4. Related Documents:
Procedure
5. Contacts:
Vice President for Administration & Finance/Controller
201-684-7621/ 201-684-7494
Borrowing – Short Term