California Code of Regulations › Title 5 - Education › Division 5 - Board of Trustees of the California State Universities › Chapter 1 - California State University › Subchapter 5 - Administration › Article 15 - Alumni Associations › Section 42397.4 - Financial Activities

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
					 Financial Control: Financial activities of a campus alumni association shall be
					 administered and reported to its governing body in accordance with prudent business
					 practices, generally accepted accounting principles, and this article.
(b) State Funds: State Funds shall not be
					 transferred to a campus alumni association. Payments for commensurate value received
					 are permitted, but gifts or unrestricted grants are not.
(c) Submission of Budget and Report of
					 Expenditures: The campus alumni association shall submit its budget to the campus
					 president for review at least 30 days prior to the commencement of the fiscal year.
					 Within 180 days of the close of each fiscal year, the campus alumni association
					 shall submit to the campus president a detailed report comparing budgeted to actual
					 expenditures by fund source. Upon request, a campus alumni association shall submit
					 to the president, within 30 days of such request, interim financial
					 information.
(d) Bonding and Insurance:
					 The governing body of a campus alumni association shall make an express
					 determination of the appropriateness, necessity, and amounts of any bonds for
					 officers and staff members. General liability and directors' and officers' liability
					 insurance also shall be obtained in amounts determined annually by the governing
					 body to be reasonable, appropriate, and necessary. The insurance may be provided by
					 a campus auxiliary organization. Any general liability insurance obtained by or on
					 behalf of a campus alumni association shall name the campus as an additional
					 insured.
(e) Funds for Support of
					 University Departments: Restricted funds received or unrestricted funds, including
					 investment payout, allocated for support of campus departments or programs, shall be
					 transferred at least annually to the campus, unless otherwise provided by the campus
					 president, and shall be administered in accordance with campus policies and expended
					 from campus department or program accounts.
(f) Bank Accounts: Only the following expenditures
					 for campus alumni association activities may be made from bank accounts:
(1) payments for goods, facilities, and services
					 including salaries of staff, if the goods, facilities, and services are in
					 connection with official activities of the campus alumni association;
(2) payments for audit, tax preparation, and legal
					 fees;
(3) payments to donors and members
					 to refund contributions and dues as permitted by law, or to return overpayments
					 pursuant to a donor's or member's request;
(4) payments to other organizations of donations
					 or other remittances made in error;
(5)
					 transfers to the campus or a campus auxiliary organization;
(6) travel expenses reimbursement, scholarships,
					 support of campus activities; and
(7)
					 legally appropriate payments from its bank account to support ballot measures
					 beneficial to the university and endorsed by the trustees.