In accordance with N.C.G.S. § 115D-20(9), the College Board of Trustees (“College Board”) hereby recognizes the legal authority of the Montgomery Community College Foundation, Inc. (“Foundation”) as a nonprofit 501(c)(3) corporation organized and operated exclusively for the College’s educational purposes.
The Foundation’s Board of Directors (“Foundation Board”) shall promote, establish, conduct and maintain activities on its own behalf and solicit and receive funds and other real property; it may invest, reinvest, hold, manage, administer, expand and apply such funds and property so long as such procedures and/or actions do not violate or otherwise infringe upon the College. College employees who are approached by prospective donors who wish to make gifts to the College should refer all such donors to the Foundation.
To the extent allowed by the Internal Revenue Code, the College Board shall have the ability to appoint a certain number of the Foundation Board and require that all changes to the Foundation’s By-Laws and Articles of Incorporation are approved by a majority vote of the College Board. The President may assign employees to assist with the Foundation and may make available to the Foundation corporate office space, equipment, supplies and other related resources.
The Foundation Board shall secure and pay for the services of a certified public accountant to conduct an annual audit of the Foundation’s accounts. The Foundation Board shall transmit to the College Board a copy of the annual financial audit report.
Legal Reference: N.C.G.S. § 115D-20(9)
Adopted: January 9, 2019