4000-1-5Procedure for Establishment of Annual Budget for the Lambton College Foundation

Issue Date:
May 03, 1995

Upon request, the college will provide a copy of this policy in an alternate format.

Policy

Operating Budget

  1. The Foundation draft budget will be developed by the Foundation Secretary/Treasurer.
  2. The proposed operating budget will be reviewed by the Senior Management Advisory Committee.
  3. The budget as finally approved by the President will be submitted to the College Board.
  4. The College Board approved proposal for the Foundation budget will be sent to the Foundation Board.

Allocation Of Foundation Capital Funds to Project Proposals

  1. Development of the Foundation budget will be done in conjunction with development of the College budget.
  2. As part of the process, proposals will be invited from the College for projects to be funded from the Foundation funds during the following year.
  3. These proposals will be reviewed by the normal College mechanisms – e.g. computer committees, Educational Technology Committee, divisional reviews, etc.
  4. A ranking of Foundation proposals will be done by a College-wide committee representing all divisions, with membership from support staff, faculty and administration, chaired by the Secretary/Treasurer to the Foundation.
  5. Recommended rankings from this Committee will be submitted to the College President, and will be considered together with all the recommendations.
  6. The final list of recommendations, like College capital expenditure recommendations, will be submitted to the College Board by the President.
  7. The proposed allocations, as approved by the College Board, will be incorporated into the annual budget, prepared by the Secretary/Treasurer to the Foundation.

For questions or concerns regarding policies, please contact:

Jim Elliott
Director, Quality Assurance & Institutional Research
519-542-7751 x 3489
jim.elliott@lambtoncollege.ca

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