2.6. Asset Protection
First Reading: May 18, 2021
Adopted: June 1, 2021
Policy Title: 2.6. Asset Protection
The Superintendent shall not cause or allow district assets to be unprotected, inadequately maintained, or unnecessarily risked.
Further, without limiting the scope of the foregoing by this enumeration, the Superintendent shall not
- Fail to insure against theft and casualty losses to the organization to at least 80 percent of replacement value and against liability losses to board members, staff, and the organization itself in an amount greater than the average for comparable organizations.
- Allow unbonded personnel access to material amounts of funds.
- Subject facilities and equipment to improper wear and tear or insufficient maintenance.
- Unnecessarily expose the organization, its board, or its staff to claims of liability.
- Make any purchase (a) wherein normally prudent protection has not been given against conflict of interest; (b) in violation of 16 V.S.A. § 559 Public Bids
- Allow information and files to be exposed to loss or significant damage.
- Allow for practices that do not comply with Generally Accepted Accounting Procedures.
- Compromise the independence of the board’s audit or other external monitoring or advice, such as by engaging parties already chosen by the board as consultants or advisers.
- Endanger the organization's public image, its credibility, or its ability to accomplish Ends.