Function: Governance
Policy: 2.7 Asset Management
CMHO Standard(s): G.B.1.7, G.B.1.19
Approved: June 2008

2.7 ASSET MANAGEMENT

The Executive Director will ensure that the physical assets are adequately insured and maintained. The Executive Director will not acquire, encumber or change the permitted use of or dispose of real property without Board approval.

The Executive Director will ensure a prudent level of liability insurance for the Agency, its related entities and its Board of Directors.

The Executive Director will ensure that procedures are in place so that:

  1. there are appropriate financial controls and procedures;
  2. purchases are not performed in a way that leads to the unfair personal benefit of an Agency staff member or Board member or to the detriment of the Agency.  Suppliers of goods and services will not be treated in an unfair, arbitrary or abusive manner. 
  3. the principle of competitive quotation will guide major purchase decisions and all appropriate factors including price will be considered for all purchasing decisions; and,
  4. funds that are not required for immediate use are invested prudently.

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