FINANCIAL MANAGEMENT POLICY
3. Ownership of University property
5. Integrity
6. Care and use of University property
7. Compliance
OVERVIEW
The University has been entrusted with public and private funds to fulfil its mission of learning and teaching, research and community engagement. In carrying out activities to support its mission, the University must comply with specific financial administration, accounting, control, management, audit and reporting requirements, as specified in legislation and by various government and auditing agencies including the South Australian Auditor-General. (For a list of applicable legislation, see Legislation Directory: Tax, Finance & Procurement.)
To assist the University to meet these requirements, this policy and a series of detailed procedures have been developed. Their purpose is to ensure that University funds and resources are used only for University purposes, and that appropriate financial controls are developed, documented and applied to prevent the abuse or misuse of University funds and other resources.
This policy sets out the principles of financial management which underpin all financial activities undertaken by, and within, the University. The detailed procedures are included in the Financial Services Handbook (link to come).
SCOPE
This policy applies to the University community.
POLICY PRINCIPLES
1. Authorisations
No University funds may be committed or expended except by approval of a University staff member with documented authority to approve, in accordance with the University's financial delegations.
Where a financial delegate has a direct or personal interest in a transaction, neither the delegate, nor any other delegate who reports to him or her, can approve that transaction.
2. Use of University funds
University funds must only be expended on goods and services for University purposes.
Funds from external sources tied to particular purposes, such as grant funds, must be used only for the specified purposes.
3. Ownership of University property
All items purchased from University funds are the property of the University, unless there is an agreement in writing to the contrary associated with a particular grant or contract.
Where there is a tangible output from a service purchased with University funds, e.g. a report or video, that output is the property of the University, unless there is an agreement in writing to the contrary at the time the service was engaged.
4. Financial records
All financial transactions must be properly documented and accurately recorded in a timely manner and in accordance with University policies, procedures and business processes.
5. Integrity
All members of the University community are to act in an ethical and honest manner in all aspects of procurement and financial expenditure involving University funds.
6. Care and use of University property
All users of University property must:
i. treat University property with care and consideration, in accordance with accepted community standards,
ii. use University property for University purposes only, and in accordance with manufacturers' instructions, safe work practices and any relevant University procedures, and
iii. ensure University property is appropriately secure from damage, theft or misappropriation.
7. Compliance
All members of the University community are required to comply with this policy and related University procedures and business processes. Failure to do so may result in disciplinary action and/or the withdrawal of University privileges, services and facilities.
This document is a component of Financial Management Policy and Procedures
https://www.adelaide.edu.au/policies/3823
Policy Control Information
RMO File No. | 2014/8258 |
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Policy custodian | Chief Operating Officer |
Responsible policy officer | Chief Financial Officer |
Endorsed by | Vice-Chancellors Executive |
Approved by | Policy Custodian |
Related Policies | See the Financial Services Handbook for additional procedures. |
Related legislation | Australian Accounting Standards Board (AASB) Accounting Standards
Australian Auditing Standards (AUS) and Auditing Guidance Statements (AGS) |
Superceded Policies | Capital Expenditure Policy Amortisation of Software and Development/Implementation Costs All Revenue and Accounts Receivable Policies: Amending Customers Policy; Collecting Debts Policy; Creating Customers Policy; Credit Notes (Adjustment Notes) Policy; Customer Credit Policy; Invoicing (Billing) Policy; Managing and Reporting Debts Policy; Receipting and Banking Policy; Refunds Policy; Revenue and Accounts Receivable Overview; Writing Off Debts Policy Strategic Procurement Procedures: merged with Procurement Procedures |
Effective from | 1 February 2021 |
Review Date | 31 January 2024 |
Contact for queries about the policy | Financial Services on ext. 34265 |
Please refer to the Policy Directory for the latest version.