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Fiscal Responsibility Policy

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Document Number: BUSF--101
Revision #: 3.0
Document Owner: Vice President for Finance
Date Last Updated:02/04/2020

Date Originally Created: 09/26/2011
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General Description

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.  This includes following the Uniform Guidance rules for grants and purchases promulgated by the Office of Management and Budget (OMB).

 

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. The University and its employees will strive to obtain the highest quality in purchasing with the lowest price; to use local vendors when applicable to be supportive of our community; to comply with our fiscal policy in exercising prudence and integrity in the management of resources in our custody and in all fiscal transactions in which we participate.

The Office of Fiscal Affairs through the Office of Human Resources will provide training and support on fiscal roles and responsibilities. To assist employees in this process and to ensure purchases fall within established budgets, the University uses a combination of purchase orders and travel authorizations.

 

Approved purchase orders are required on all purchases prior to placing an order or making a purchase. Once the purchase order is submitted, and verified to be within budget, it must be approved by the appropriate Dean/Executive Director/Vice President. It is the responsibility of approvers to be familiar with all financial policies within their areas of supervision.

All trips should have a travel authorization prior to the trip.

 

If an employee has been issued a commercial credit card (P-Card) for approved purchases and other university-related financial transactions, purchase orders and travel authorizations are still required. (Refer to the Commercial Card Cardholder Policy)

 

Employees participating in financial transactions shall:

  1. Ensure the transaction has proper authorization.
  2. Ensure the transaction is properly documented per the requirements set forth in Fiscal Travel and Meal Policy.
  3. Ensure that the donor designations are followed.
  4. Ensure that University funds are used only for official University business.

 

Any exceptions to the above policies require the approval of the Vice President responsible for that area of operations or the Vice President for Finance.