3.2.2 Governing board control
The legal authority and operating control of the institution are clearly defined for the following areas within the institution’s governance structure:
3.2.2.1 institution’s mission;
3.2.2.2 fiscal stability of the institution;
3.2.2.3 institutional policy, including policies concerning related and affiliated corporate entities and all auxiliary services; and
3.2.2.4 related foundations (athletic, research, etc.) and other corporate entities whose
primary purpose is to support the institution and/or its programs.
Judgment of Compliance
Compliance
Narrative of Justification
The Board of Trustees (BOT) has legal authority and operating control of the institution. This authority and control is outlined in the Board of Trustees By-laws 2005. The authority of the BOT is clearly defined as it relates to the institution’s mission, fiscal stability, policy-making and any related entities of support. The College’s governance structure does not include a related foundation or other corporate entity.
Legal authority and operating control of the institution is posited with the BOT in the Board of Trustees By-Laws 2005 as follows:
Article 1 (Section 1)
The Board of Trustees shall have the power to manage the property and business of the corporation (referred to in this and the following articles as "College"), and shall have the power to carry out any other functions which are permitted by the Articles of Incorporation, Constitution, or these Bylaws, except insofar as such powers may be limited by law. These powers shall include but shall not be limited to the following:
(1) Appoint or remove the President. The power to appoint or remove other College personnel is delegated to the President of the College.
(2) Approve degrees upon recommendation of the faculty.
(3) Establish and review the educational program of the College.
(4) Establish annually the budget of the College, which shall be submitted to it upon recommendation of the Committee on Financial Affairs.
(5) Authorize the construction of new buildings and major renovations of existing buildings.
(6) Authorize the sale and purchase of land, buildings or major equipment for the use of the College.
(7) Institute and promote major fundraising efforts of the College.
(8) Authorize any changes in tuition and fees within the College.
(9) Authorize officers or agents of the College to accept gifts for the College.
(10) Authorize the incurring of debts by the College and securing thereof by mortgage and pledge of real and personal property, tangible and intangible.
3.2.2.1 Institution’s Mission
Bennett College’s current mission statement evolved from a revision coordinated by the President in 2002-2003 and approved by the Board of Trustees in 2003. The institution’s mission is reviewed regularly by the BOT. As stated in the Board of Trustees By-Laws 2005 Article X (Section 6), The Executive Committee of the BOT is responsible for Long Range Planning. In the execution of this function, the mission of the institution is considered and reviewed as needed. (Board of Trustees Minutes Approving Mission)
3.2.2.2 Fiscal Stability
More specifically, the authority of the Board of Trustees related to the aforementioned functions is captured by the role and responsibilities of the various committees of the BOT. The Audit Committee regularly examines the financial stability of the College and on an annual basis calls for an independent audit of finances. At the October meeting of the BOT, opinions and findings form the audit are issued. As it directly relates to fiscal stability, two committees have oversight as lifted from the Article X (Section 9 and 10) of the Board of Trustees By-laws 2005;
Section 9. Committee on Financial Affairs
The Committee on Financial Affairs shall be composed of not fewer than five members. The Treasurer of the College shall be a member of the committee which:
(a) Shall be responsible for an annual review of operating and capital budgets prepared and presented under the direction of the President and shall make recommendations with respect thereto to the Board of Trustees; and
(b) Shall review major financial transactions not provided for in the budget and submit proposed variances with recommendations to the Board of Trustees or Executive Committee.
Section 10. Audit Committee
The Audit Committee shall be composed of not fewer than three members.
(a) Shall periodically evaluate the financial control and accounting systems of the College and recommend any changes it deems appropriate.
(b) Shall recommend each year the designation of an independent auditor who shall be appointed by the Board of Trustees and shall cause to prepare annually an audited statement of the financial condition of the College as of the end of the fiscal year and of the receipts and expenditures for each year. The Committee may request any designated independent auditor, or any officer or employee of the college, to appear before it to report on the financial condition of the College and answer any questions the Committee may have.
3.2.2.3 Related Corporate Entities and Auxiliary Services
As it relates to institutional policy, those policies associated with affiliated corporate entities, auxiliary services, and other corporate entities are approved and/or developed by the BOT through various committees. The Board of Trustees By-Laws 2005 describes the role and function of four committees in this regard in Article X (Committees).
Section 11. Development Committee
The Development Committee shall be composed of not fewer than three members. It shall have the responsibility for development of policies related to comprehensive institutional advancement including fundraising, projecting the image of the College to provide proper support for the College; alumnae activities; information services; public relations and all relations with the external public. It shall have oversight responsibilities for the Bennett College Community Development Corporation. It shall report on these activities to the Board of Trustees".
Section 12. Buildings and Grounds Committee
The Buildings and Grounds Committee shall be composed of not fewer than three members. It shall review and analyze maintenance and operations policy, recommend improvements, review and recommend approval of plans and cost estimates for new facilities, review the annual operating and capital budgets of the Department of Buildings and Ground, and recommend approval to the Committee on Financial Affairs. It shall report on its activities at the meeting of the Board of Trustees and at such other times as it may be requested to do so by the Board of Trustees.
Section 13. Student Affairs Committee
The Student Affairs Committee shall be composed of not fewer than three trustee members, the President of the Student Government Association (SGA), and a student representative from each class level. The Committee is charged with recommending policies which govern student life including policies on: recruitment and admissions, student financial aid, counseling, career and health service, athletics, student housing, student activities, and student government. This Committee, in cooperation with the
Academic Affairs Committee may also recommend policies, which govern academic advisement and special programs to improve retention. The Committee shall act as the final appeals board for decisions about student rules, regulations and/or student policies. The Committee shall ensure that students' views are considered in all policy decisions made by the board and that board policies keep pace with the changing needs of students.
Section 14. Committee on Investments
The Committee on Investments shall be composed of not fewer than three members, the chair and at least one other member of which shall also be members of the Committee on Financial Affairs. Acting within the scope of investment policies and guidelines established by the Board of Trustees, the Committee on Investments shall be responsible of the supervision and control of the investment of all funds of the College, including the power to affect purchases, sales or exchanges of securities and other investment assets of the College. The Committee may recommend investment counsel, asset managers, trustees or other agents and may delegate authority to purchase or sell securities for the account of the College to such investment counsel, asset manager, trustee or other agent or to any officer of the College, subject to such limitations as the Committee may impose. The Committee shall be responsible for seeing that changes in investments are reported to the Board of Trustees at each board meeting and shall, from time to time, prepare and submit to the Board of Trustees estimates of expected endowment income. The Committee on Investments shall report its actions at each meeting of the Committee on Financial Affairs.
Supporting Documents