A written agreement between the RSCC Foundation and Roane State Community College outlines the responsibilities of both organizations in regard to fundraising and describes the services provided the Foundation by the college.
The president of Roane State Community College will maintain membership in the Roane State Foundation and on the Foundation executive committee, as outlined in the Foundation bylaws.
The Roane State Foundation shall adopt an annual budget, recommended to the Foundation by the executive committee of the Foundation board.
Solicitation and disbursement of funds for the Foundation shall be overseen by the Vice President for Institutional Advancement, under the direction of the Foundation's executive committee. Investment of funds shall be made by the Vice President for Institutional Advancement as recommended by the Foundation's investment committee. Any gift to Roane State which requires institutional support, such as storage, staff salary, service contracts, etc., shall be approved by the president of the college or by the TBR chancellor as appropriate.
Accurate records of all investments shall be maintained in the Foundation office at all times.
The solicitation and acceptance of all gifts to the college and to the Foundation shall be coordinated by the Foundation's office staff and be in compliance with institutional policy.
No institutional funds will be transferred to the Roane State Foundation unless to correct a mistake in deposit. Documentation shall be made of any such transfers. If questions arise concerning donor intent, the donor will be contacted for clarification.
All Foundation expenditures for compensation of institutional personnel must be approved in advance by the president of Roane State Community College and by the chancellor.
Roane State Foundation accounting records shall be maintained separately from the institution. All Foundation records, however, shall remain available to the institution upon request.
The Roane State Foundation shall submit an annual report to the president of the institution and to the chancellor. This report may be included in the President's Annual Report to the chancellor. In addition, a comprehensive financial report shall be prepared in accordance with generally accepted accounting principles and shall be issued to Foundation members, the college's executive council, and other designated persons as deemed appropriate.
The Roane State Foundation account shall be audited on the same cycle as the institutional audit performed by the Tennessee Comptroller’s Office, unless the Foundation elects to obtain approval from the TBR and the comptroller to use an independent public accountant for the audit.
All amendments to the Roane State Foundation Charter and Bylaws will be filed with the secretary of state and shall be submitted by the president of the college to the chancellor for review.