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188.8.131.52 The legal authority and operating control of the institution are clearly defined for the following areas within the institution’s governance structure: the fiscal stability of the institution; (Legal Authority and Operating Control: Fiscal Stability)
JUDGMENT OF COMPLIANCE
Richard Bland College receives the vast majority of its funding in appropriations from the Commonwealth of Virginia and student tuition and fees; in addition, some funds are supplied by the endowment of Richard Bland College. It is clear that the board of visitors has the legal authority and control of the fiscal stability of the College. Statute 23-49.1 of the Code of Virginia states, “Appropriations directly and indirectly from the State to the college shall be expended as directed by the Board of Visitors of The College of William and Mary in Virginia.”
The Board of Visitors has charged the President of Richard Bland College with the responsibility for the fiscal affairs of the College. The 2007 Bylaws of the Board of Visitors, Article II, Section 1, states, “The President [of Richard Bland College] is accountable to the Board for the administrative, fiscal and program performance of the College."
Code of Virginia, Statute 23-1.01, requires each Board of Visitors of a public institution of higher education in the Commonwealth of Virginia to submit an annual report to the Governor and General Assembly on or before November 1 of each year that contains, “at a minimum, the annual financial statements for the year ending the preceding June 30 and the accounts and status of any ongoing capital project."
In the summer of each odd-numbered year Richard Bland College prepares and the Board approves a detailed biennial budget proposal, with annual components. This proposal is then submitted to the Governor. The Governor prepares an operating biennial budget proposal for the Commonwealth, of which the RBC component is a part, and submits it to the General Assembly. The General Assembly convenes in January of the next even-numbered year. It may amend the Governor’s proposed budget. By April the Assembly has passed and the Governor has signed a budget bill which includes the authorization of appropriations for Richard Bland College for the next two years beginning July 1. Richard Bland College then reconciles its budget to that of the appropriations by the Commonwealth. Biennial budgets and annual budgets are submitted to the Board of Visitors for approval. The Board approves the budgets and tuition and fee charges at the same time. The Commonwealth of Virginia and the Board of Visitors of The College of William and Mary are responsible for the financial stability of Richard Bland College.
On recommendation of the President of Richard Bland College, the Board appoints a Dean of Administration and Finance. As stated in the 2007 Bylaws of the Board of Visitors of The College of William and Mary, Article II, Section 3 and Article II, Section 9, the Dean of Administration and Finance “is responsible for providing analysis and recommendations to the President and Provost regarding budget development and execution.” “The Dean of Administration and Finance is responsible for budget execution activities including the allocation of resources available to the College, regardless of source; oversight of expenditures within College programs; and the availability of incremental revenue to meet College needs.” “All reports prepared by the Dean of Administration and Finance will be submitted to the President and, where applicable, transmitted by the President to the Board of Visitors."
The Richard Bland College Faculty Handbook, Section IV, B-3, describes the appointment and responsibilities of the Dean of Administration and Finance of Richard Bland College.
Code of Virginia, Statute 23-49.1
Document only available to SACS reviewers.
|The College of William and Mary Board of Visitors Bylaws 2007, Article II, Section 1||Document only available to SACS reviewers.|
|Code of Virginia, Statute 23-1.01||Document only available to SACS reviewers.|
|The College of William and Mary Board of Visitors Bylaws 2007, Article II, Section 3||Document only available to SACS reviewers.|
|The College of William and Mary Board of Visitors Bylaws 2007, Article II, Section 9||Document only available to SACS reviewers.|
|RBC Faculty Handbook, Section IV, B-3||Document only available to SACS reviewers.|
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