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In accordance with N.C.G.S. \u00a7 115D-20(9) and the Board\u2019s by-laws, the Board hereby recognizes the legal authority of the Western Piedmont Foundation, Inc. (\u201cFoundation\u201d) as a nonprofit 501(c)(3) corporation organized and operated exclusively for the College\u2019s educational purposes. \u00a0<\/p>\n
The Board of Directors governing the Foundation 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. \u00a0To the extent allowed by the Internal Revenue Code, the Board shall have the ability to appoint a certain number of the Foundation\u2019s Directors and require that all changes to the Foundation\u2019s By-Laws and Articles of Incorporation are approved by a majority vote of the Board of Trustees which will be stored in the Western Piedmont Foundation office.\u00a0<\/p>\n
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.\u00a0<\/p>\n
The Board of Directors shall secure and pay for the services of the State Auditor\u2019s Office or employ a certified public accountant to conduct an annual audit of the Foundation\u2019s accounts.\u00a0 The Board of Directors shall transmit to the Board a copy of the annual financial audit report.\u00a0<\/p>\n
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Adopted:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 February 2022<\/strong><\/p>\n <\/p>\n <\/p>\n Legal Reference:\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 N.C.G.S. \u00a7 115D-20(9)<\/p>\n <\/p>\n <\/p>\n Revised\/Updated:<\/p>\n <\/p>\n[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]\n","protected":false},"excerpt":{"rendered":" In accordance with N.C.G.S. \u00a7 115D-20(9) and the Board\u2019s by-laws, the Board hereby recognizes the legal authority of the Western Piedmont Foundation, Inc. (\u201cFoundation\u201d) as a nonprofit 501(c)(3) corporation organized and operated exclusively for the College\u2019s educational purposes. \u00a0 The Board of Directors governing the Foundation shall promote, establish, conduct and […]<\/p>\n","protected":false},"author":29,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","_monsterinsights_skip_tracking":false,"footnotes":""},"class_list":["post-24748","page","type-page","status-publish","hentry"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t