1.1 Funds received by the Fanshawe College Foundation shall be held by the Fanshawe College Foundation until such time there is proper authorization for disbursement.
1.2 Prior authorization is required for all disbursements as follows:
1.2.1 Where the amount of the disbursement is equal to or greater than $100,000, prior authorization is required by the Board of Directors.
1.2.2 Where the amount of the disbursement is less than $100,000 and equal to or greater than $20,000, prior authorization is required by any Officer of the Foundation and shall be disclosed to the Board Chair.
1.2.3 Where the amount of the disbursement is less than $20,000, prior authorization may be delegated by the Corporate Secretary-Treasurer to another administrator of Fanshawe College.
1.2.4 Transactions shall not be divided to avoid expense thresholds.
1.3 Any two of the following shall carry signing authority on the Foundation's bank accounts:
1.3.1 The President of Fanshawe College
1.3.2 The Executive Director of the Foundation
1.3.3 The Corporate Secretary-Treasurer of the Foundation
1.4 Disbursements may only take the form of a cheque to a third party, or an electronic transfer of funds from the Fanshawe College Foundation bank account to the Fanshawe College bank account. In both instances, proper authorization is required.
D-30 Disbursements (Amended Draft)
2.1 The Corporate Secretary-Treasurer shall provide a quarterly report of disbursements to the Fanshawe College Foundation Board of Directors.
Disbursement - a disbursement is a single transaction recorded in the general ledger that involves one of the following:
a) A payment awarded to a Fanshawe College student in accordance with donor's wishes;
b) A transfer of funds provided to Fanshawe College to finance expenditures in accordance with donor's wishes;
c) An expenditure pertaining to the operations of the Fanshawe College Foundation.
Fanshawe College Foundation
Board of Director's Policy Manual
Category D- Board-Operational Expectations
Policy Number: D-30
Effective Date: 2013 09 11
Reference: 903, 2705