FINANCIAL MANAGEMENT POLICY

1. Authorisations

2. Use of University funds

3. Ownership of University property

4. Financial records

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.

Please use the following URL instead of linking to individual documents:
https://www.adelaide.edu.au/policies/3823