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Policy 524: Reporting of Loss or Suspected Loss of College Resources

Operational Policy
Policy Number: 524
Adopted: March 2011

Purpose

To safeguard College resources by ensuring that the loss, suspected loss, or misappropriation of assets is promptly reported, appropriately addressed, and managed in accordance with applicable laws and sound financial practices.

Policy Statement

Grays Harbor College is committed to safeguarding public resources and ensuring accountability for all College assets. The College requires prompt reporting of any known or suspected loss, theft, or misuse of College resources in accordance with applicable laws and state requirements.

Policy

The College shall:

  • Require employees to report any known or suspected loss, theft, or misuse of College resources in a timely manner through designated reporting channels.
  • Ensure that reported losses are promptly reviewed and, when appropriate, reported to the Washington State Auditor’s Office and applicable law enforcement agencies.
  • Maintain appropriate internal controls and oversight to protect College resources and minimize risk of loss.

Definitions

College Resources include, but are not limited to:

  • Assets with College identification tags
  • Cash and cash equivalents
  • Checks and deposits
  • Equipment and inventory

College resources do not include routine or immaterial discrepancies inherent in operations, such as minor cash overages/shortages or normal bookstore inventory variances, unless patterns or irregularities suggest potential loss or misuse.

Responsibilities

  • All employees are responsible for safeguarding College resources and reporting concerns.
  • The Vice President for Administrative Services (or designee) shall oversee compliance with this policy and ensure appropriate response and reporting.
  • Designated College officials shall coordinate investigations and required external reporting.

Procedures

The College shall maintain procedures to implement this policy, including:

  • Reporting requirements and timelines
  • Roles and responsibilities for response and investigation
  • Notification of external agencies, including the State Auditor’s Office and law enforcement
  • Documentation and resolution of incidents

Policy Review History

Reviewed: N/A
Revised: April 2020, August 2026

Review and Revision refers to the College’s cyclical process for evaluating and updating all institutional policies and procedures. At minimum, each policy or procedure will undergo review once every five years to ensure accuracy, relevance, and alignment with current practices and regulatory requirements. If the scheduled review results in no changes, the date of that review will be recorded in the Reviewed field. If updates or edits are made, the date will be recorded in the Revised field. This process maintains transparency regarding the history of each policy or procedure and ensures the College remains responsive to evolving needs and standards.

Related Procedures

  • No related procedures