Executive Director
Authority and Responsibility
(approved by the Board of Directors on September 22, 1993)

The Executive Director of the Foundation is granted the following authority to act on behalf of the Board of Directors:

1. Co-sign checks in any amount.
   
   
2. Sign contracts up to $25,000 in total amount. All contracts in excess of $25,000 must be approved by the Board, and all contracts between $5,000 and $25,000 shall be reported to the Finance Committee and the Board.
   
   
3. Investments of the Foundation's funds shall be handled by the Treasurer and Assistant Treasurer. Transfer of funds from the investment accounts shall be within the guidelines of the Foundation Investment Policy.
   
   
4. All Foundation budgets must be approved by the Finance Committee and the full Board. Budget transfers within major categories of expenditures must be approved by the Finance Committee. Budget changes/amendments must be approved by the Board of Directors. Changes of the amounts budgeted for object codes within a category may be approved by the Executive Director, Treasurer, or Assistant Treasurer.
   
   
5. Noncash gifts (real estate, boats, planes, etc.) must be approved by the Finance Committee prior to acceptance.
   
   
6. All significant expenditures not included in the budget must get Finance Committee approval prior to commitments, for example, legal fees, insurance, audits, etc.
   
   
7. Since the Foundation Board is the legal entity, no Foundation organization may sign contracts except as delegated by the Foundation Board of Directors. Examples of current delegations are to the Alumni Association and to the Panther Club for contracts up to $2,500. The Executive Director shall be responsible for recommending adjustments to the amounts and conditions for additional delegations.
   
   
8. Make recommendations for opening or closing Foundation accounts.
   
   
9. Suggest policies and/or policy changes.
   
   
10. Furnish the Finance Committee a listing of pledge writeoffs and adjustments each year.
    
    
11. Provide the Finance Committee with a recommended budget for the Unrestricted and Restricted funds for the next budget year each year.