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 promoteAwarenessComplianceAccountability

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

Formulation and Issuance of University Financial Policies (2.1.9)

How?Any individual or unit may identify a need for a new policyA 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

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 proceduresFPDC 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 changesFPDC recommends policy to Senior Vice President for Executive Committee approvalFollowing 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 themExtent 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 policyConsolidate a policy with another policy

How?FPDC is informed of the intentIn 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): www.uc.edu/af/documents/policies/PolFinPolicies.pdf

Policy questions e-mail: policyquestions@uc.edu

UC Policies and Procedures Web site: www.uc.edu/about/policies