Section 1 - Introduction
Section 2 - Organization & Responsibility
Section 3 - Personnel
Section 4 - Administrative Rules and
Regulations
Section 5 - Educational Programs
Section 6 - Student Development Services
Section 7 - Miscellaneous Information
|
7.5 VHCC Educational Foundation, Inc. Policy
The Virginia Highlands Community College
Educational Foundation, Inc. (the
Foundation) was established in 1981 under
provisions of Chapter 2 of Title 13.1 of the
Code of Virginia (now Chapter 10, Virginia
Non-stock Corporation Act [selected
provisions from Articles 1-17] ).
The Foundation is recognized as a
separately-incorporated affiliated
organization of the College whose mission,
as stated in the Articles of Incorporation
of the Virginia Highlands Community College
Educational Foundation, Inc., is compatible
with and supportive of the mission, goals,
and educational philosophy of the Virginia
Community College System and Virginia
Highlands Community College.
The Foundation’s
Articles
of Incorporation
and
Bylaws include the following elements:
- A statement of purpose specifying
that the Foundation fosters and promotes
the growth, progress, and general
welfare of Virginia Highlands Community
College and the VCCS.
- A description of the Foundation’s
activities.
- A statement demonstrating the manner
in which the activities relate to the
purpose of the College.
- A provision for an investment policy
with the primary aim of preservation of
principle.
As a part of the Foundations
accountability, the following documents
are available through the Foundation
office:
- Current roster of
Board members.
- Copy of the Foundation’s
annual
financial audit report and Internal
Revenue Service Form 990, “Return of
Organization Exempt from Income Tax”,
for the most recently completed year.
- Copies of the Foundation’s
Articles
of Incorporation and
Bylaws.
The Chair of the Foundation Board shall
be responsible for communicating with the
VHCC President and the Chair of the local
College Board about Foundation activities
and policy matters. The Foundation agrees to
supply to the VCCS Vice Chancellor of
Administrative Services, the Director of
Internal Audit, and the VHCC President a
copy of the Foundation’s annual financial
audit report conducted by an independent
certified auditing firm for the most
recently completed year for informational
purposes only.
The College, in compliance with
VCCS Policy
Section 4.2.2, has an agreement with the
Foundation that local funds of the College
of more than $500 per year may not be
disbursed or transferred to the Foundation
for any purpose. Likewise, except with the
prior approval of the Treasury Board, the
State Board and review by the Attorney
General’s Office, the College will not
borrow funds from the Foundation creating an
indebtedness to repay on behalf of the
Commonwealth.
The
VCCS Policy Section 2A-X G
on
Educational Foundations also applies.
|
|
