3.1      Accounting Records, Procedures and Principles

3.1.1      All accounting records and procedures of the University are subject to the approval and control of the Chief Finance Officer.

3.1.2      All officers and employees shall make available any relevant accounting records or information to the Chief Finance Officer as requested.

3.1.3      Changes to accounting records, documents or procedures may only be made following consultation with the Chief Finance Officer or their deputies, acting with delegated authority.

3.1.4      The Chief Finance Officer shall be responsible for keeping all financial procedures under review and will implement changes to procedures or systems as may be necessary for efficient and effective financial control.

3.1.5      All receipt books, forms, tickets and sales invoices shall be ordered, controlled and issued by the Finance Department under the direction of the Chief Finance Officer.

3.1.6      The Chief Finance Officer shall be responsible for the preparation of a report to the Board of Governors on the Annual Accounts of the University following the end of the Financial Year on 31 July, together with reports on actual and forecast financial performance throughout the year.

3.1.7      The Chief Finance Officer shall be responsible for the preparation of cash flow forecasts as required as part of the on-going monitoring of bank balances and current/future debt exposure and to present to Board of Governors to support the affordability of Income and Expenditure Budgets and capital investment proposals.

3.1.8      All financial information to be included on a Board of Governors and Senior Leadership Team agendas shall be subject to assessment by the Chief Finance Officer or an appropriate delegate, prior to being considered by committee.

3.1.9      The minimum period for the retention of financial records and related documents shall be specified by the Chief Finance Officer.

 

3.2      Treasury Management

3.2.1      The Board of Governors is responsible for approving the University’s Treasury Management Policy, which sets out a strategy and policies for cash management, long-term investments and borrowings. The Treasury Management policy must comply with the requirements of CIPFA’s Code of Practice on Treasury Management.

3.3      Banking Arrangements

3.3.1      In this section the term ‘bank’ includes all types of funds transfer facilities including, but not limited to, current accounts, deposit accounts, credit cards, prepaid debit cards and PayPal accounts.

3.3.2      All arrangements with the University’s bankers concerning the operation of bank accounts for the receipt and disbursement of University funds will be made by the Chief Financial Officer and approved by Board of Governors.

3.3.3      Payments will be made out of the University’s bank accounts by authorised electronic transfer and by cheques bearing the manuscript signatures of those individuals specified in the Bank Mandate.

3.3.4      The Bank Mandate shall be reviewed at least annually and any amendments should be in accordance with the Scheme of Delegation and approved by the Chief Finance Officer.

3.3.5      All bank accounts relating to the University shall include in their title “University of Lincoln”.

3.3.6      The Chief Financial Officer and one other member of the Senior Leadership Team are jointly authorised to open bank accounts as and when required for the receipt and disbursement of University Funds. No other officer or employee may open any form of banking facility on behalf of the University.

 

3.4      Contracts

3.4.1      In this section the term ‘contract’ specifically refers to any contract that enters the University into a legal financial commitment (excluding contracts of employment). Any contract that involves the creation of, or investment in, any form of subsidiary, joint venture, associate or spin-out company is considered in section 4.

3.4.2      Contracts may only be made by persons acting under the express or implied authority of the Board of Governors within the parameters defined in the Scheme of Delegated Financial Authorities (as set out in Appendix A).

3.4.3      Contracts may only be made where the appropriate legal and professional advice has been taken. Any contract entered into by any officer or employee without appropriate legal and professional advice shall be considered a breach of these Financial Regulations.

3.4.4    Contracts valued over £100,000 require advice from the Head of Purchasing and Procurement to determine the most appropriate method of execution of that contract.

3.4.5      Certain documents that are executed by the seal being affixed must be signed by the Vice Chancellor (or in their absence a Deputy Vice Chancellor) and a lay Governor.  The Clerk to the Board of Governors is responsible for submitting a report to each meeting of the Board of Governors detailing the use of the University’s seal since the last meeting.

3.4.6      The Chief Finance Officer should be consulted before any form of indemnity, security or compensation arrangement, for whatever purpose, is given.