COMPLIANCE AUDIT REPORTS

Section 3: Comprehensive Standard 3.2.13

Any institution-related foundation not controlled by the institution has a contractual or other formal agreement that (1) accurately describes the relationship between the institution and the foundation, and (2) describes any liability associated with that relationship. In all cases, the institution ensures that the relationship is consistent with its mission.

Statement of Compliance: Dyersburg State Community College is in compliance with Comprehensive Standard 3.2.13.

Rationale for Judgment of Compliance:

Dyersburg State Community College (DSCC) has a formal agreement with its Foundation, in accordance with Tennessee Board of Regents (TBR) policy [Ref 1]. The agreement [Ref 2] between DSCC and the DSCC Foundation describes their respective responsibilities and the services the institution provides the Foundation. The agreement further states that the Foundation and institution relationship is derived from a shared interest in the institution’s development. DSCC allocates human and material resources in support of the Foundation’s operations. Even though the Foundation’s identity is separate from the institution, the accountability and conduct of the Foundation are concerns common to the Foundation, the institution, and the Board. Prior acceptance of any gifts to the Foundation which require institutional support, must be obtained from the DSCC President and, if applicable, by the TBR Chancellor. The purposes for which this Corporation is organized, and for which it at all times hereafter shall be operated exclusively, are to benefit, promote and otherwise support, through financial and other means, the purposes of DSCC [Ref 3].

Foundation accounts are held separately from College accounts. An annual financial report, prepared by the Foundation treasurer and executive committee, is submitted to the DSCC President, Foundation Board members, the TBR Chancellor, and the Secretary of State [Ref 4] [Ref 5].

Initial and amended Foundation charters and bylaws filed with the Secretary of State shall be submitted by the President of the institution to the Chancellor for review [Ref 6].

Authored by Dr. Karen A. Bowyer in coordination with the SACS Leadership Team

Documentation: