|Section 3000: Fiscal Management
Board Policy: 3040
|Board of Education
The College Foundation is an independent, nonprofit 501(c)(3) tax exempt charitable organization, the purpose of which is to foster friends and raise funds for the College. The Foundation receives, invests, administers, and disburses restricted and unrestricted gifts. Foundation activities focuses on creating opportunities for students, encouraging College-wide innovation, and building partnerships with the community. The Foundation acts as a separate organization from the College, with bylaws set forth by the Foundation Board of Directors, which is made up of voluntary members.
he Foundation will seek to further the interests of the students, alumni, faculty and staff of the College, and to promote the development of the College's educational, cultural, recreational, research, service and facility programs. Foundation projects selected for funding should enhance efforts and priorities of the Board.
he College Foundation will have the authority to exercise all powers granted by ORS 65.036, and to exercise such other and additional powers as may be necessary, suitable, or proper for the furtherance or accomplishment of any of the above purposes. This authority is at all times limited to the exercise of only such powers as are in furtherance of the tax-exempt purposes of the corporation and as may be exercised by an organization exempt under Section 501 (c) (3) of the Internal Revenue Code and by its regulations as they now exist or as they may hereafter be amended.
The functional responsibility for the Foundation rests with the president or designee.
END OF POLICY