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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 8 September 2015
Sponsor Chief Financial Officer
Responsible Officer Financial Controller
Review Date 1 September 2017

Purpose

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

Policy Content

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.

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.

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 in the form prescribed.

All expenditure must be adequately supported by invoices and/or receipts. No staff member may approve reimbursement of their own expenditure. This shall be done by a higher authority. An exemption for amounts of $250 and under is granted for those persons who are members of the Vice Chancellor's Advisory Group.

Holders of a University purchase card must have their card expenditure approved by a higher authority. Approval of card expenditure for the following positions applies

  • Chancellor - will be approved by the Chair, Audit and Risk Committee
  • Vice-Chancellor - will be approved by the Chancellor
  • Vice-Chancellor's direct reports - will be approved by the Registrar and Secretary to the Council
  • Registrar and Secretary to the Council - will be approved by the Vice-Chancellor

This policy is supported by and subject to the Schedule of Financial Delegations.

Related Policies, Procedures and Forms

Contact for Further Information

For further information, contact the Financial controller, extn 9247 or email financial.controller@otago.ac.nz