GOVERNANCE POLICY: EL-5  Asset Protection

 POLICY TYPE: Executive Limitations
 DATE APPROVED: April 16, 2010

The Registrar shall not allow assets to be unprotected, inadequately maintained or unnecessarily risked.

Accordingly, the Registrar shall not:

 1. Fail to maintain adequate insurance against theft, fire and casualty losses, and against liability losses to Councilors, staff and individuals engaged in activities on behalf of the College, or the College itself.

 2. Unnecessarily expose the College, its Councilors or staff to claims of liability.

2.1  Fail to arrange for adequate indemnification against potential claims of liability.

 3. Fail to maintain employee dishonesty insurance coverage for all employees.

 4. Receive, process or disburse funds under internal controls which do not meet the Council-appointed auditor's standards.

 5. Cause or allow plant and equipment to be subjected to improper wear and tear or insufficient maintenance.

 6. Make purchases without due consideration to quality, after-purchase service, value for dollar, and opportunity for fair competition.  The Registrar shall not:

6.1  Make any purchase wherein normally prudent protection has not been given against conflict of interest.

6.2  Make any unbudgeted capital expenditure of greater than $10,000.

 7. Fail to protect intellectual property, information and files from loss or significant damage.

 8. Fail to comply with the investment policies developed by the Finance Committee and adopted by the Council.

 9. Acquire, encumber or dispose of land or buildings.