Income, Commercial Activity and Debtors

4.1 Invoicing and Collection of ‘Non-Cash’ Income

4.1.1 All student fee income must be collected in accordance with the University Regulations.

4.1.2 All research, educational contract and consultancy activity should be undertaken in accordance with procedures approved by the Director of Research and Enterprise.

4.1.3 Levels of charges for contract research, services rendered, goods supplied and rents and lettings are determined by procedures approved by the Senior Management Team.

4.1.4 The setting of credit limits for commercial customers shall be determined by procedures set out by the Chief Finance Officer. No commercial activity should be undertaken for a new customer until appropriate credit checks have been carried out by the Finance Department. It is the responsibility of the relevant officer or employee to inform the Finance Department of new commercial customers and request the appropriate credit checks.

4.1.5 The collection of all income due to the University is under the control of the Chief Finance Officer. All monies should be promptly paid over to the Finance Department unless the Chief Finance Officer has specifically approved alternative paying-in arrangements.

4.1.6 All sales invoices or requests for payment shall be controlled and raised by Finance except where specific approval to make alternative arrangements has been granted by the Chief Finance Officer.

4.1.7 All sales invoices or requests for payment shall specify that cheques should be made payable to “University of Lincoln” and not to any other commercial body or individual.

4.1.8 Refunds shall only be made in accordance with the Refund Policy and the Schedule of Delegated Financial Authorities set out in Appendix A.

4.1.9 Debts can only be written off in accordance with the Schedule of Delegated Financial Authorities set out in Appendix A.

4.2 Cash Income

4.2.1 All cash received by the University must be recorded at source. Staff at designated collection points must prepare monies for banking and the appropriate paperwork should be forwarded promptly to the Finance Department in line with the University’s banking procedures. Cash should only be accepted at designated collection points (where till points and PDQ machines are located).

4.2.2 Cash should not be sent through the internal post. Any losses incurred in this way will be required to be made good by the sender.

4.2.3 All cash income must be held securely within insurance limits.

4.2.4 Cash received should not be diverted for expenditure or used for the encashment of personal cheques or for loans. All income must be promptly paid intact to the Finance Department or the University’s bank account.

4.2.5 Colleges and Professional Service Departments are not permitted to operate petty cash floats unless specifically approved by the Chief Finance Officer.

4.3 Fundraising and Gifts Received

4.3.1 The Chief Finance Officer is responsible for maintaining financial records in respect of gifts, benefactions and donations made to the University and initiating claims for recovery of tax where appropriate.

4.3.2 The Development Office is responsible for ensuring that all gifts, benefactions and donations are operated within any relevant legislation and any individual specific requirement.

4.4 Student Welfare and Access Funds

4.4.1 The Chief Finance Officer is responsible for prescribing the system for the recording of student welfare and access funds.

4.4.2 Student Affairs are responsible for maintaining accurate financial records in respect of student welfare and access funds and reporting to HEFCE in accordance with their requirements.

4.5 Private Work and Other Appointments

4.5.1 Unless otherwise stated in an employee’s contract outside consultancies or other paid work may not be accepted without the written consent of the Head of College or Head of Professional Service (and in the case of the Head of College or Director of Professional Service, the Vice Chancellor).

4.5.2 Applications for permission to undertake work as a purely private activity must be submitted to the Head of College/ Professional Service or Vice Chancellor, as appropriate.

4.6 Subsidiaries, Joint Ventures and Associated Companies

4.6.1      Investments in and disposals of subsidiaries, joint ventures and associated companies (including spin-outs companies) shall be approved by the Board of Governors. The Board of Governors may formally delegate this responsibility to the Senior Leadership Team but must ensure compliance with Element 5 of the CUC Code of HE Governance. Where this responsibility is delegated, the Senior Leadership Team shall provide regular updates to the Board of Governors on such activities and their progress.

4.6.2      All University appointees to the boards of such subsidiaries, joint ventures and associated companies shall be approved by the Board of Governors.

4.6.3      For each company which the University is a majority shareholder, the board of directors shall submit an annual report to the Board of Governors.

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

4.6.5      Separate accounting arrangements shall be established by the Chief Finance Officer for each subsidiary, joint venture or associated company, such that all transactions with the University are transparent and authorised in accordance with the Scheme of Delegated Financial Authorities.

4.6.6      Funds from public sources shall not be used to subsidise the operation of subsidiary or associated companies.

4.6.7      Any new aspect of business, other than teaching and research activities, requiring an investment up to £100,000 in buildings, resources or staff time should be presented for approval to the Senior Leadership Team. Any investments over £100,000 must be approved by the Board of Governors.

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