Financial Policy Manual

Financial Policies Qtab

Financial Policy Manual

This Financial Policy Manual contains policies related to the financial operation of the University. The Manual is published through the Office of the Vice President of Finance which is responsible for the financial operation and fiscal control of the Corporation. This Manual is not to be distributed without the prior approval of the Vice President for Finance.

The policy statements contained herein have been assembled from several sources, as follows: 1) actions of the Trustees related to their financial authority; 2) policy statements incorporated from the previously issued Accounting, Insurance and Purchasing Manuals; and 3) the codification of current practices.

The Manual is directed to those administrators who have responsibility for the financial operation of the University and is intended to serve as a reference guide. The policies contained herein delineate responsibility, authority and accountability. It is the responsibility of all administrators with financial responsibility to familiarize themselves with these policies in order to provide proper guidance to all University employees. It is the responsibility of every University employee to follow the stated policy.

The Financial Policy manual is divided into subject areas, each of which contains a group of related policies. For example, all policies related to the disbursement as well as the collection of loans can be found in section 1700: LOANS AND RECEIVABLES.

Policy statements are sequenced by section and identified by a four digit numeric code. The first two digits identify the subject area, while the third and fourth digits indicate the specific policy within the subject area, e.g., policy number 1705 identifies the fifth policy of subject area 17, LOANS AND RECEIVABLES.

Each policy statement is presented in a standardized format. Each page heading indicates the subject area and policy title on the left hand margin. The right hand margin identifies the policy number, effective date, responsible office and the office, officer or group having the authority to approve changes to the policy.

The effective date indicates the inception date of the policy. Revisions to the policy are shown under Last Revision, by month and year of change.

The responsible office has the responsibility to develop, promulgate, monitor and revise the applicable policy. When additional guidance or interpretation of a specific policy is required, that office should be consulted. The Office of the Vice President for Finance should be consulted when an issue arises which is not addressed by the Financial Policy manual.

The responsible office department head will designate a staff member that is responsible for ensuring that policies are developed and/or updated in a timely manner for all significant functional responsibilities.

A formal review of policies will be conducted at least annually. This review will be documented in the policy manual by adding a review date or revision date to the introductory section of each policy.

The Office of Comptroller will request responsible office department heads to annually confirm that policies have been reviewed and updated as necessary.