Finance, Administration and Technology
Principles and Expectations between the Board of Trustees/Chancellor/Presidents
Extracts from Board Policy Chapters 5, 6, and 7
Principles
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The Board is charged with providing autonomy to the colleges and universities, to the extent
practicable, while protecting statewide interests, and holding the colleges and universities
accountable for the decisions made.
•
The Board will provide sound financial administration to safeguard the resources of the State of
Minnesota and the Minnesota State Colleges and Universities and the constituencies they serve.
•
All financial, administrative and information technology policies are in support of the Minnesota
State Colleges and Universities' educational mission.
•
The Board is responsible for overall systemwide financial management assurance.
•
The Board will be provided financial statement information that is accurate, timely, reliable and
consistent.
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The Board is committed to long-term stewardship of the state's facilities resources.
•
Long-range plans must be developed addressing the physical plant needs of the office of the
chancellor, colleges, and universities.
•
Facilities of state colleges and universities are to be used primarily for purposes of fulfilling the
college's or university's missions of teaching, research, and public service.
Expectations
•
The chancellor, in consultation with the Board, is responsible for overall systemwide financial
management.
•
The Board delegates authority to the chancellor to develop procedures and guidelines, which
implement the Board's policies in the area of administrative, financial management and
information technology for the system, including all colleges and universities.
•
The president is responsible for assuring financial administration and information technology
security for a college or university in conformance with Board policies and system procedures.
•
The chancellor and presidents will be dedicated to continuous improvement of financial reporting.
•
The president shall maintain an effective program of cash management and follow the legal
requirements regarding depositories and collateral requirements.
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The president is responsible for developing and maintaining an ongoing master facilities plan.
•
The president is responsible for developing and maintaining a current facilities assessment and
record of space utilization as a base for multi-year capital program planning requests.