Ohio Admin. Code 3354:1-20-12
The unrestricted fund reserve is maintained to provide stability and flexibility to respond to unexpected adversity and/or opportunities. In establishing the level of unrestricted fund balance, the college should consider a variety of factors, including:
The college shall maintain an unrestricted budgetary fund balance of no less than two months of regular general fund operating expenditures, plus amounts that are sufficient to provide stability and flexibility to address various factors as outlined, above. The college will measure its compliance with this policy as of June thirtieth year, as soon as practical after final year-end account information becomes available.
It is the intent of the college to limit use of unrestricted fund reserves to address unanticipated, non-recurring needs that cannot be funded from other available sources. Subject to compliance with other college policies, the treasurer should take all steps necessary to authorize the use of reserves.
In instances where the unrestricted fund reserve balance falls below the established threshold, the college shall seek to replenish the reserve through yearend surpluses or other means.
The president or the president's designee is hereby directed to take all steps necessary and appropriate for the effective implementation of this policy.
Ohio Admin. Code 3354:1-20-12
Promulgated Under: 111.15
Statutory Authority: 3354.09
Rule Amplifies: 3354.09