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.

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 addresses Proposing and developing a university-wide financial policy Updating a financial policy Mandatory review of financial policies Withdrawing a financial policy Formulation and Issuance of University Financial Policies (2.1.9)

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 sitePolicies and Procedures Proposing and Developing a University-wide Financial Policy

Standard Policy Format

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 Proposing and Developing a University-wide Financial Policy

When? As needed How? Responsible office requests Administration & Finance Business Affairs to make routine changes (e.g., contact and title info) Updating a Financial Policy

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 Mandatory Review of Financial Policies

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 Withdrawing a Financial Policy

Formulation and Issuance of University Financial Policies (2.1.9) The Policy (2.1.9): Policy questions UC Policies and Procedures Web site: