The Clinton Central School District Foundation Board has a fiduciary responsibility of managing the financial resources of the Foundation in a manner consistent with the Foundation’s Mission Statement.
The CCSD Foundation Board includes a Finance Committee, Treasurer and Associate Treasurers to manage its finances. The Finance Committee oversees the investment of Foundation Funds (both those raised by the Foundation and those donated to it) in safe, high yielding investments. This committee is responsible for maintaining and recommending to the full Board, a set of procedures that will enhance the Foundation’s fiduciary responsibility.
The Treasurer and Associate Treasurers are responsible for conducting all operating transactions including depositing incoming funds, paying expenses and reconciling all accounts. The Treasurer also prepares a budget each year that is presented to the Foundation Board. At this time we have funds invested in the Vanguard Star fund, the Vanguard Short term bond fund, Money Market funds and a checking account. We also have an endowment fund with the Herkimer/Oneida Community Foundation.
The Board hires an accounting firm, each year, to provide a fiscal review of our finances. The financial review has always been extremely positive. Each year, we are praised for the high level of Board involvement in the management of the finances of the Foundation.
A copy of our latest Financial Review is available upon request.