Fiscal Responsibility
Fiscal Responsibility Policy
Policy
________________________________________
Document Number: HR--159 Revision #: 1.0
Document Owner: Executive VP Date Last Updated: 08/17/2012
Primary Author: VP of Business and Finance Status: Approved
Date Originally Created: 01/17/2012
________________________________________
General Description
Description: Information about fiscal responsibility policies relative to HR policy.
Purpose: Delineation of policy.
Scope: All faculty, staff, students, and administrators
Responsibility: Human Resources
VP of Business and Finance
________________________________________
Requirements
Relevant Knowledge: In order to comply with this policy you should know:
Current University policy
Terms and Definitions: Additional training
Corrective Action
Loss of privilege, general
________________________________________
Policy Provisions
1. Fiscal Responsibility Policy
The University has a fiduciary responsibility to fulfill its overall mission in compliance with applicable laws, policies, regulations and rules, and contracts, grants and donor restrictions. All employees are entrusted with the responsibility of preserving University resources and using those resources in a prudent manner for their designated purposes as prescribed by laws, policies, regulation, rules, contracts, grants and donor restrictions.
1.1 Professional Values
Employees should demonstrate the following behaviors in carrying out fiscal transactions by:
• According respect to self and others
• Exhibiting commitment to both the University and the department within the University
• Accepting responsibility
• Striving to enhance self capabilities.
1.2 Employment Responsibility
Employees shall in performance of their responsibilities be accountable for:
• Knowing, supporting, and implementing the University's operational plan budget
• Exercising prudence and integrity in the management of resources in their custody and in all fiscal transactions in which they participate
• Acting in a competent manner and in compliance with applicable laws, policies, regulations and rules, and contracts grants and donor restrictions.
• Not knowingly being a party to or condoning fiscal misconduct and shall report fiscal misconduct
• Not knowingly signing, subscribing or permitting the issuance of any financial statement or report that contains any material misstatement or that omits any material fact
• Not using University property or resources for personal gain
• Protecting privileged or confidential information to which they have access by virtue of the position in which they work
1.3 Fiscal Responsibility
In order for the University to carry out fiscal responsibility, the following financial responsibility is set forth.
The Office of Fiscal Affairs through the Office of Human Resources will provide training and support on fiscal roles and responsibilities. Employees participating in financial transactions shall:
• Ensure the transaction has proper authorization as described in approval hierarchy table.
• Ensure the transaction is properly documented per the requirements set forth in Fiscal Travel and Purchase Policies.
• Ensure that the donor designations are followed.
• Ensure that the transaction is handled timely following the cash deposit procedure set forth in Fiscal Policy for Cash Management.
• Ensure that University funds are used only for official University business (See policy regarding non-university expenses in Fiscal Travel and Purchase Policies)
• It is the responsibility of approvers to be familiar with all financial policies within their areas of supervision.
2. Approval Process
See attached chart.
________________________________________
Performance Evaluation
Performance Metrics: Compliance with standard policy and procedure
Consequences: Further training
Loss of privileges
________________________________________
Subject Experts
The following may be consulted for additional information.
Director of Human Resources
VP of Business and Finance