Policies and Guidelines
The Creswell Education Foundation is dedicated to the support of educational programs for both the students and staff of the Creswell School District. CEF activities and funds will be used to facilitate student achievement, to recognize and encourage staff excellence and expand community commitment to its schools
CEF is committed to responsible governance and financial management. These policies and guidelines are designed to protect the assets of CEF, ensure accurate records, provide a framework of operating procedures and ensure compliance with reporting requirements.
In the event of a conflict between these policies and guidelines and CEF’s Articles of Incorporation or Bylaws, the Articles of Incorporation or Bylaws, in that order, control.
GENERAL BOARD POLICIES
Authority and Accountability
The CEF Board will make every effort to retain the trust placed in it by our community, donors and the Creswell School District. CEF retains ultimate responsibility for the acts of its directors.
The CEF Finance Committee shall develop a budget, with an annually agreed upon reserve, for the board of director’s approval at our Annual Meeting. The budget shall adhere to the Board commitment to disburse funds:
- By June 30 of each year.
- At least 90% disbursed for specific programs or funding priorities of the Creswell School District, as approved by the CEF board of directors.
- An amount, not to exceed, 10% will be used for general operation of CEF, to include printing costs, office supplies, postage, event costs, etc.
FINANCIAL POLICIES AND GUIDELINES
Financial Controls and Operating Procedures
The Chair of the Finance Committee shall have primary responsibility for designing and maintaining the accounting process. Bookkeeping or other accounting support may be provided by others as designated by the Chair of the Finance Committee. Monthly reports should be submitted to the board.
A review of any changes to the Internal Revenue Tax Code pertaining to 501(c)(3) organizations will be conducted annually. The Finance Committee shall provide fiscal oversight in the safeguarding of CEF assets and ensuring that all financial reports fairly represent its financial condition.
- A budget shall be prepared by the Finance Officers for CEF board consideration.
- Check signers should not be persons responsible for routine bookkeeping or issuing checks. The CEF Chair and Secretary will be designated check signers.
- Bank statements should be reconciled at least monthly by someone other than the bookkeeper.
Types of Funds
The Foundation recognizes two types of funds or gifts:
Unrestricted: A donation given for distribution as directed by the board of directors, guided by the mission and funding priorities of CEF
Restricted: A donation given for a specific purpose as directed by the donor. The CEF Board must determine that the purpose of the donation is consistent with CEF’s mission and funding priorities before the acceptance of the donation.
Funds will be disbursed in accordance with guidelines and charitable organization requirements as determined by local, state and federal statutes. Funds will be disbursed following approval of the CEF board of directors. Disbursements will be issued by check for all requests and accompanied with documentation. as approved by the board.
Upon approval of the board of directors, CEF will distribute funds in the form of one check payable to the school district for restricted purposes. Funds will not be allocated to individuals. The following guidelines will apply:
- CEF will present its awards to the Creswell School District Board not less than once annually.
- The procurement and purchase order procedure of the School District shall be adhered to. All assets purchased shall become the property of the Creswell School District.
- The allocation of funds shall be as specified in the approved award application.
- Upon completion of the program, project or service, the award recipient shall complete an evaluation form.
- Funds not allocated will be returned to CEF.
Reimbursements and Operations
- Receipts for reimbursement or documentation for the expenditure are required.
- Invoices received by CEF shall be paid in a timely manner.
It shall be the goal of CEF to establish and maintain an endowment account. Once established, this fund will provide a permanent base from which earnings can be used for purposes determined by the board. An investment policy shall be developed for CEF once such an account seems a next step for the Foundation.
CEF will follow the reporting requirements for local, state and federal tax compliance. A professional accountant may be retained to file the appropriate documents.
CEF will comply with the Oregon Nonprofit Corporation Act and any other laws which may require nonprofit corporations to maintain financial records and minutes of certain proceedings
GIFT ACCEPTANCE POLICIES
A gift is defined as anything of value given to CEF. The donor relinquishes all possession and control at such time as the donation is accepted by CEF. The donor does not have the right of final selection of recipients. CEF reserves the right to refuse all, or any part, of a gift that is not consistent with its mission. It is the responsibility of the donor to seek professional advice with regard to any gift made to CEF and the tax advantages/disadvantages thereof.
Gifts to CEF may be cash, service, goods, stocks, memorials, property or any item of value. CEF reserves the right to accept or reject any funds or gifts as deemed appropriate by the board. CEF will typically not accept gifts that:
- do not conform to CEF’s mission
- cause an additional financial burden
- violate the law
Liquidation of Gifts
All gifts, other than cash, made to CEF will be held or liquidated based upon the decision of the board. In general, such gifts shall be liquidated as soon as practical.