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Comprehensive Standards 3.2.13

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

compliance

Summary

This comprehensive standard does not apply to Cape Fear Community College (CFCC) because the only CFCC-related foundation is controlled by the College.

Narrative

This standard is not applicable because the College controls the Cape Fear Community College Foundation. The CFCC Foundation is a non-profit tax-exempt corporation under North Carolina law and section 501c(3) of the Internal Revenue Code (IRS Regulation). The foundation receives money to support the educational mission of the college. Funds raised by the Foundation are used for scholarships and other needs of the College. All gifts to the College (cash and in kind gifts) are used to support the educational programs of the College and must be donated through the Foundation. These are outlined responsibilities in the Faculty and Staff Handbook (CFCC Faculty and Staff Handbook). The Foundation is the designated fund raising unit of the College. All external grants and contracts must be related to the stated purpose of CFCC. The College’s President and the chief fiscal officer, Vice President of Business Services, sign all checks issued by the foundation (CFCC Foundation Inc., By-Laws pg 5). All funding of programs, services, and activities of the College are outlined in the Purpose of the Foundation By-Laws (CFCC Foundation Inc., By-Laws pg 3).

Documentation

Source Location

IRS Regulation,
Internal Revenue Service Website
Section 501(c)(3): Organizations
Educational Organizations and Private Schools

irs_p557ch03.pdf

CFCC Faculty and Staff Handbook,
Section 4.1: CFCC Foundation, Inc.

handbook2005.htm

CFCC Foundation Inc., By-Laws
Article V (G): Officers
Executive Director of the Foundation (pg 5)

foundation_policyproced0605.pdf
See bookmarks

CFCC Foundation Inc., By-Laws
Article III: Purposes (pg 3)

foundation_policyproced0605.pdf
See bookmarks


 

 

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