The Board of Trustees delegates to the President, the Treasurer and Vice President for Finance and Administration, the Provost, the Vice President for Student Life, the Vice President of Enrollment Management, the Vice President of University Relations, and the Vice President for Development and their designees, the authority to collect funds and to authorize payments on behalf of the university.  Any such payments or collections must be consistent with the policies and procedures of the university and must adhere to reasonable and prudent business principles.

The President is responsible for the overall fiscal integrity of the university.  The Treasurer and Vice President for Finance and Administration is operationally responsible for all transactions affecting the fiscal status of the university.

All funds, regardless of the source or the manner in which they are acquired, are considered to be university funds.  The only exception to this is agency funds, where a university official may have responsibility to a third party.

IV.  Expenditure Authority

University faculty and staff who have been authorized as organization managers are responsible for the adherence to published university policies and procedures in the expenditure of the funds under their management.  Further requirements for an individual organization may exist as a result of grant requirements, donor stipulations, or contract terms.  Organization managers have the responsibility of compliance with any additional terms. 

No organization manager may sign off on payroll/personnel forms that affect their own salary or approve reimbursement of their own expenses or those of their direct supervisor.  No organization manager may expend funds for personal gain. 

Review of Expenditures:

Organization managers are expected to conduct a review of all charges to their organization on not less than a monthly basis and to ensure that corrections are made in a timely manner. 

V.  Records

The Treasurer and Vice President for Finance and Administration maintains the official financial records of the university.  Supplemental financial records may also be retained, but must be consistent with and reconcile to the official information maintained by the Treasurer and Vice President for Finance and Administration.

VI.  Internal Controls

Internal controls are policies and procedures designed to safeguard assets, verify the accuracy and reliability of accounting information, to promote operational efficiency and to ensure compliance with applicable laws and regulations.  The Treasurer and Vice President for Finance and Administration is responsible for the creation and implementation of University internal controls.

VII.  Revenue

Any request to establish a new revenue source or to substantially change the purpose of an existing revenue operation must be presented to the University Budget Committee.  The Treasurer and Vice President for Finance and Administration will certify that the request receives appropriate financial and legal review and that it adheres to existing policy and law.  The Budget Committee will certify to the President that the revenue source fits within the university’s mission and goals.