Control of Financial Resources

Policy number: 4.1

Policy section: Business & Finance

Revised Date: January 2, 2019

1.  Definitions

Definitions of capitalized terms are set forth in Appendix A.

2.  Policy Statement

It is the policy of the University that the Office of the Vice President for Business and Finance will have primary responsibility for managing University financial resources. The authority to make investment decisions, manage accounts, and take other actions relating to endowment assets rests with the Treasurer and Chief Investment Officer of the University and the University’s Investment Committee.

3.  Purpose

The purpose of this policy is to promote effective stewardship of all of the University’s financial resources. 

4.  Applicability

This policy applies to all University financial assets and financial assets under the care of the University, and to all University Personnel and others responsible for promoting effective stewardship of the University’s financial resources.

5.  Responsibilities

  1. The Vice President for Business and Finance is responsible for all accounting, bookkeeping, non-endowment investments and banking operations, and budget control functions of the University. The Vice President for Business and Finance may delegate these responsibilities to other University Personnel.
  2. Full cooperation of all University Personnel and others when applicable is required to administer and budget funds fairly, to safeguard University assets, and to account accurately for University expenses, revenues, assets, and liabilities.

6.  Questions

Questions about this policy may be directed to the Vice President for Business and Finance.

Appendix A: Definitions

“Financial Resources” means tangible and intangible assets of the University or under the University’s stewardship, including, but not limited to, moneys, investments, funds, Capital Assets as defined in University Policy 4.3, Capital Assets, and other property that benefits the University.

“University Personnel” means faculty, staff, students, volunteers and contractors.

Revised: January 2, 2019

Adopted: June 1, 1994