Article 13: Financial Responsibility
The Board of Governors, being statutorily vested with the general supervision of Shepherd University and the control and direction of all its funds, recognizes a vital and crucial institutional responsibility to those with whom it has financial transactions. Accordingly, it is the policy of the Board to maintain adequate income and reserves to assure payment of principal and interest on the due date of its obligations. To the end that the financial integrity of the University shall always remain inviolate, the Board of Governors pledges that it will maintain constant vigil over its funds through regular review and periodic reports, and such adjustments in income and reserves as shall guarantee the probity of its obligations.
The Board of Governors is concerned that maximum value be obtained for funds expended to procure goods and services. Whenever possible, competitive processes will be utilized to obtain the lowest cost consistent with acceptable quality.