Transcript Financial Policies Training: Formulation and Issuance of University Financial Policies (2.1.9) Effective: October 1, 2008

Financial Policies Training:
Formulation and Issuance of University
Financial Policies (2.1.9)
Effective: October 1, 2008
These PowerPoint slides are intended for
training purposes. In the event of any
discrepancy or interpretation difference
between the policy and the slides, the
policy dictates.
Formulation and Issuance of
University Financial Policies (2.1.9)
University policies should be thoroughly
Reviewed
Maintained
Made available to promote
Awareness
Compliance
Accountability
Formulation and Issuance of
University Financial Policies (2.1.9)
Policy 2.1.9 addresses
Proposing and developing a university-wide
financial policy
Updating a financial policy
Mandatory review of financial policies
Withdrawing a financial policy
Proposing and Developing a
University-wide Financial Policy
How?
Any individual or unit may identify a need for a
new policy
A policy may be formulated or revised in
response to audit findings
What and where?
Policy must conform to the standard policy
format (see next slide)
Policy must be available on university’s Policies
and Procedures Web site
Standard Policy Format
Proposing and Developing a
University-wide Financial Policy
Steps when an individual/unit identifies the need for a new financial policy:
Administrator at VP level or higher
* Appoints a responsible office(s) to consult with the Financial Development Policy
Committee (FDPC) to develop a draft policy
* Agrees to be accountable for policy’s procedures
Responsible office(s) and FPDC agree on policy draft content and
procedures
FPDC takes policy draft to various bodies for review/feedback
(Examples: Council of Deans, Academic Operations Committee, Cabinet, Financial Coordinating
Committee, President’s Budget Advisory Committee)
FPDC shares feedback with responsible administrator/offices; makes
appropriate changes
FPDC recommends policy to Senior Vice President for Executive Committee
approval
Following approval, FPDC, in collaboration with responsible offices, provides
* Communication and training to university community
Proposing and Developing a
University-wide Financial Policy
Steps when a financial policy is formulated or revised in response
to audit findings:
FPDC develops or revises a policy in conjunction with the Office of
the Vice President of Finance
FPDC is responsible for
* Appropriate review processes
* Recommendation processes
* Communication and training
Updating a Financial Policy
When?
As needed
How?
Responsible office requests Administration &
Finance Business Affairs to make routine
changes (e.g., contact and title info)
Mandatory Review of
Financial Policies
What?
All financial policies
When?
At least once every three years
How?
FPDC prompts responsible executives/offices to
review policies originated by them
Extent of changes resulting from review
determines the review process
Withdrawing a Financial Policy
When?
In special circumstances, a responsible executive
may deem it appropriate to
Withdraw an existing policy
Consolidate a policy with another policy
How?
FPDC is informed of the intent
In collaboration with the responsible executive and
with approval of the Senior Vice President and
Executive Committee, FPDC issues
announcement of a withdrawn policy
Formulation and Issuance of
University Financial Policies (2.1.9)
The Policy (2.1.9):
www.uc.edu/af/documents/policies/PolFinPolicies.pdf
Policy questions e-mail:
[email protected]
UC Policies and Procedures Web site:
www.uc.edu/about/policies