JAMES MADISON UNIVERSITY FOUNDATION

POLICIES AND PROCEDURES

BUDGETING ATHLETIC FUNDS

POLICY #J1O1

APPROVED: July 27, 1999

POLICY:        

The James Madison University Foundation, Inc. will follow NCAA guidelines in preparing a budget for expenditures of restricted and unrestricted athletic funds.

PROCEDURES:

1.  The James Madison University Foundation, Inc. will accept requests for expenditure of athletic funds from the Duke Club Director and the Athletic Director of the University.

2.  Upon completion of a proposed budget, the James Madison University Foundation, Inc. will submit the preliminary budget to the President of the University, or his designate, for approval.

3.  Upon approval by the President, the budget will be finalized.

4.  Any expenditure outside the budget approved by the President must be approved by the President, or his designee.