|Section 3000: Fiscal Management
Board Policy: 3100
|Board of Education (BE)
The Board of Education will designate qualified banks or trust companies which meet college, state and federal guidelines to act as official depositories for Mt. Hood Community College (MHCC) funds. The custodian of funds is authorized to place College funds in the State Investment Pool administered by the Oregon State Treasurer.
For the purpose of receiving deposits of community college funds, the Board will designate such bank or banks as it deems safe and proper to be depositories for College funds.
The custodian of funds will not be liable personally for money lost by reason of failure or insolvency of any bank which is designated as a depository.
END OF POLICY