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Roane State Community College

RSCC Policies & Guidelines
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RSCC Policy GA-27-02; Roane State Foundation

Roane State Community College
Policy Number: GA-27-02
Subject: Roane State Foundation
  1. Purpose
    A written agreement(s) between Roane State Community College (RSCC) and the RSCC Foundation and outlines the responsibilities of both organizations in regard to fundraising and data sharing, describes the services provided the Foundation by the college.
  2. Policy
    1. The RSCC president will maintain membership in the Roane State Foundation and on the Foundation executive committee, as outlined in the Foundation bylaws.
    2. The Roane State Foundation shall adopt an annual budget, recommended to the Foundation by the executive committee of the Foundation board in addition to the budget provided by RSCC in support of the foundation.
    3. Solicitation and disbursement of Foundation funds shall be overseen by the Executive Director of the Foundation, under the direction of the Foundation's Executive Committee. Investment of funds shall be made by the Executive Director of the Foundation as recommended by the Foundation's Investment Committee.
    4. Any gift to Roane State which requires institutional support, such as storage, staff salary, service contracts, etc., shall be approved by the president of RSCC or designee, or by the Tennessee Board of Regent's (TBR) chancellor as appropriate.
    5. Accurate records of all investments shall be maintained in the Foundation office at all times.
    6. No college funds will be transferred to the Roane State Foundation unless to correct a mistake in deposit. Documentation shall be made of any such transfers.
    7. If questions arise concerning donor intent, the donor will be contacted for clarification.
    8. All Foundation expenditures for compensation of college personnel must be approved in advance by the president of Roane State Community College and by the TBR chancellor.
    9. Roane State Foundation accounting records shall be maintained separately from RSCC records. All Foundation records, however, shall remain available to the college upon request.
    10. The Roane State Foundation shall submit an annual report to the president of RSCC. 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 board members, the college president, and other designated persons as deemed appropriate.
    11. 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.
    12. The solicitation and acceptance of all gifts to the college and to the Foundation shall be coordinated with the Foundation's office staff and be in compliance with RSCC policy GA-27-01, Acceptance and Solicitation of Gifts.
    13. 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 RSCC to the chancellor for review.

Revision History: 07/01/1995, 01/10/2000, 01/05/2007, 01/27/2025
TBR Policy Reference: 4.01.07.02
Revision Date Effective: 01/27/2025
Revision Approval By: Christopher L. Whaley, President
Original Date Effective: 07/01/1990
Original Approval By: Sherry L. Hoppe, President
Office Responsible: Office of the President
Reviewed: 01/08/2025

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