5.10 Reserves and Year-End Balances
Chapter 5 - Administration
Part 1. Authority. Pursuant to Minnesota Statute 136F.06, subd. 1 (see related documents below) , the Board shall possess all powers necessary to govern the state colleges and universities and all related property. Those powers shall include adopting suitable policies for the institutions it governs. Board Policy 7.1, Finance and Administrative Authority of Board, Chancellor and Presidents, delegates authority to the chancellor to develop procedures and guidelines which implement the Board's policies for the administrative and financial management of the system, including all colleges and universities.
Part 2. Overview It is the policy of the Board that the Minnesota state colleges and universities shall maintain an appropriate portion of general fund balances designated as a reserve for which no use is presently planned.
Part 3. Accountability/Responsibilities The system office is responsible for maintaining a portion of the overall system resources as a system reserve. The office may maintain a system general fund reserve of up to two percent of the annual Minnesota State Colleges and Universities state appropriation, which can be used at the discretion of the chancellor.
The president at each college and university is responsible for maintaining a portion of the college or university resources as a reserve. A college or university general fund reserve should be five to seven percent of the previous year's general fund operating revenues.
- Procedure 5.10.1 General Operating Fund Reserve
- Board Policy 7.1 Finance and Administrative Authority of Board, Chancellor and Presidents
To view the following related statute, go to the Revisor's Web site (http://www.revisor.leg.state.mn.us/). You can conduct a search from this site by typing in the statute number.
- Minnesota Statute 136F.06
Date of Adoption: 06/21/00,
Date of Implementation: 06/21/00,
Date & Subject of Revisions:
11/16/11 - Effective 1/1/12, the Board of Trustees amends all board policies to change the term "Office of the Chancellor" to "system office," and to make necessary related grammatical changes.
06/18/03 - changes "MnSCU" to "system" or "Minnesota State Colleges and Universities"
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