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Cash Reserves Policy

In spending money from its cash reserves, the College is committed to ensuring full satisfaction of its bonded financial obligations. Accordingly, the College’s first priority in spending down its reserves is to fully and timely make all bond payments, including payments for both principal and interest.

In theory, the College’s cash reserves may be comprised of monies both appropriated by the State of Missouri and received from other revenue sources (e.g., tuition and fees). In practice, however, the amount of appropriations received by the College is less than the College’s incurred instructional expenses, such that appropriations are not included in the College’s cash reserves. In the unlikely future event that appropriations exceed expenses, such that the excess appropriations are added to the College’s cash reserves, in spending money from its reserves, the College will first exhaust all appropriations (for the purpose(s) set forth in the applicable appropriation language) before spending money received from other revenue sources.

 

LINE OF AUTHORITY

Responsible administrator or office: Business Office

Contact person in that office: Jenny Jacobs

EFFECTIVE DATE

January 2022

Approved by President: January 2022

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