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Financial Delegations Policy

Category Finance
Type Policy
Approved by University Council
Date Policy Took Effect 1 January 1995
Last approved revision 28 August 2020
Sponsor Chief Financial Officer
Responsible officer Financial Controller

Purpose

The purpose of this policy is to provide appropriate financial authority to cost centres to expend their approved budgets.

Organisational scope

 

This is a University wide policy.

Content

  1. This policy is supported by and subject to the Schedule of Financial Delegations, which is updated and approved by the University Council annually.
  2. The Schedule provides delegated authority and expenditure limits (where applicable) for:

    • Capital expenditure (including Finance Leases)
    • Operating Expenditure
    • Transferring budget between operating and capital expenditure
    • Expenditure of Carry Forward Balances
    • Establishment and Approval of Contracts
  1. Subject to specific University policy, cost centres are free to spend their approved budget for business related operating expenditure and capital expenditure in the manner that best achieves the objectives of the University and their Division, and, in the case of externally funded activities, meets the obligations in the contract between the University and the external funding provider.
  2. Budget allocations may be transferred from operating expenditure to capital expenditure in accordance with the Schedule of Financial Delegations. All expenditure must be business related and must be properly authorised in accordance with the Schedule of Financial Delegations.
  3. Cost centre heads or research grant holders may delegate authority for initiating and approving expenditure. All such delegations must be approved and provided to Financial Services using the online form prescribed:
    Authorisation for Delegated Signing Authority/Finance One Application Form
  4. All expenditure must by supported by adequate documentation and approved by the appropriate authority. Purchase card and staff reimbursements must be approved on a one-up basis, refer to the Staff and Non Staff Reimbursement Procedure and the Purchase Card Policy.

Related policies, procedures and forms

Contact for further information

For further information, contact:

The Financial Controller
Email financial.controller@otago.ac.nz