1. THEY APPLY TO YOU
The Financial Regulations are mandatory and apply to everyone who works for the University, including temporary staff and contractors. (Section 1.3)
2. THEY PROTECT YOU
The Financial Regulations protect both members of staff and the University by providing a framework to undertake financial transactions.
3. THEY PROVIDE YOU WITH FINANCIAL GUIDANCE
It is a principles-based document that does not include guidance on every situation. Where no specific guidance exists in either the Regulations or supporting policy, refer to the Statement of Financial Guiding Principles.
4. THEY APPLY TO EVERY ACTIVITY WE DO
The Financial Regulations apply to all activities undertaken by the University, irrespective of source of funding. (Section 1.2)
5. YOU MUST ACCOUNT FOR INCOME PROPERLY
University activities that generate income must be accounted for in a proper manner. Under no circumstances can income from University activities be banked or held by individual members of staff. (Section 4)
6. IF YOU BUY SOMETHING, YOU MUST KEEP TO THE RULES
There are specific rules about buying goods and services. These rules are set out in detail in the Procurement Policy. (Section 5)
7. THERE ARE FINANCIAL LIMITS FOR THE APPROVAL OF TRANSACTIONS
There are financial limits assigned within your own College/Professional Service for approval of financial transactions. Your Finance Officer will have details of these limits. (Appendix A)
8. YOU MUST NOT SIGN CONTRACTS WITHOUT PROPER AUTHORITY
There are only certain people who can sign contracts on behalf of the University. Details are included in the Scheme of Delegated Financial Authority. (Appendix A)
9. ASSETS BELONG TO THE UNIVERSITY, NOT TO YOU
Equipment and other assets bought by the University belong to the University and not to individuals, even if they are used only by a single member of staff. (Section 6)
10. YOU MUST TELL US IF YOU THINK SOMETHING IS WRONG
It is everyone’s responsibility to report a matter if you suspect something is wrong. (Section 2.5)