11.1-11.5 | 11.6-11.10 | 11.11-11.15 | 11.16-11.17
11.6-11.10
Finance and Document Execution Authority
Effective Date: 09/01/2010
11.6 Trust Reserves
The Treasurer is authorized to establish additional internal equipment and maintenance reserves for the various trusts and Auxiliary Enterprises facilities, in order to establish reserves for those facilities not now covered and to supplement the existing reserves to compensate for the erosion of real value caused by inflation.
The aggregate total of such reserves, now existing or hereafter established, shall not exceed 7.5% of the then current insurable replacement value of facilities without Board approval. The Treasurer, in response to the requirements of then current conditions, may reallocate funds between these internal reserves.
Funding sources for these reserves may include, but are not necessarily limited to, such Auxiliary Enterprises activities accounts as unpledged revenues, unpledged interest income, and refunded excess net revenues.
History
- 01/27/1984
- 07/17/1987: Deleted interest accumulation requirement
- 09/18/1992: Changed responsibility
- 09/24/1999: Changed Chief Financial Officer's title to Vice President for Finance and Administration
- 03/14/2003: Changed Treasurer/Vice President for Finance and Administration to Treasurer
- 07/15/2010: Was previously Policy 13.22. Renumbered only.
Effective Date: 02/24/2011
11.7 Policy Regarding Non-Mandatory Transfers
The Audit and Finance Committee of the Board of Trustees will review, as part of the review of the audited financial statements, all non-mandatory transfers in excess of $500,000 that have not been approved as part of the annual operating budget. Non-mandatory transfers under $50,000, there is no special authority needed. Non-mandatory transfers of $50,000 to $250,000 shall be approved by the Treasurer or designee, and non-mandatory transfers above $250,000 shall be approved by both the Treasurer (or Secretary if Treasurer position vacant) and the President of the University.
History
- 07/16/1993
- 09/24/1993: added retirement reserve accounts restriction
- 07/21/1995: clarified approval process
- 09/24/1999: changed approval to review by the Finance Committee of the Board and all non-mandatory transfer above $200,000 shall be approved by the Treasurer and President
- 07/15/2010: Was previously Policy 13.23. Renumber and corrected committee title to "Audit and Finance" to correlate with Policy 1.15.
- 02/24/2011: Deleted Board approval for all transfers in and out of R&I Fund.
- 8/4/2022: Increased non-mandatory transfers authorization amount to $50,000 to $250,000, and added designee language.
Effective Date: 09/01/2010
11.8 Funds Received by Faculty and Staff
Any and all moneys that may come into the possession of any employee for the use or benefit of the University, its employees or students, shall be immediately deposited to the appropriate University account, together with a detailed statement of the source of the revenue and disposition to be made thereof.
History
- 10/31/1941
- 01/28/1982
- 07/15/2010: Was previously Policy 13.16. Renumbered and changed "with the cashier's office" to "the appropriate University account".
Effective Date: 09/01/2010
11.9 Policy Regarding Capital Additions
Approval by the Treasurer or designee is required for capital additions from $50,000
to $500,000.
Approval by the President is required for capital additions from $500,000 to $5,000,000
Board of Trustees approval is required for all capital additions in excess of $5,000,000.
All capital additions for which a project-specific state appropriation has been made
must, in addition to Board of Trustees approval if above required, be approved as
required by the applicable legislation and the appropriate legislative committee or
subcommittee, if any. Capital additions include but are not limited to maintenance,
remodeling, additions, land acquisition, utility, landscaping, equipment,
telecommunications, roads and parking.
History
- 07/23/1890: less than $10,000 no approval needed
- 08/17/1894: less than $25,000 no approval needed
- 12/01/1967
- 08/08/1969
- 04/02/1971
- 12/14/1979
- 02/21/1980
- 01/28/1982
- 07/12/1985: increased amount to $150,000
- 05/22/1987: increased amounts
- 09/18/1992: changed responsibility
- 09/24/1999: Changed Chief Financial Officer's title to Vice President for Finance and Administration
- 03/14/2003: Changed Treasurer/Vice President for Finance and Administration to Treasurer
- 08/04/2005: Increased amount to $500,000 for Board approval
- 12/09/2005: Added second paragraph acknowledging acceptance of the Use and Finance process established by policy and law
- 12/14/2007: Capital additions threshold requiring State approval increased to $3,000,000 from $1,000,000 per JCOS
- 07/15/2010: Was previously Policy 13.11. Renumbered and clarified language of first paragraph.
- 02/19/2015: Increased approval authority
- 08/04/2022: Increased capital additions amount to $500,000. Capital additions threshold requiring State approval increased to $5,000,000 from $3,000,000.
Effective Date: 09/01/2010
11.10 Cost Overruns/Special Maintenance Projects
The Treasurer or designee has discretionary authority to approve overruns on Board authorized special maintenance projects up to 10% of any single project cost up to a maximum project overrun of $50,000 and subject to the availability of funds for the project overrun in question.
History
- 10/16/1970
- 01/28/1982
- 03/23/1990: changed amount from $10,000 to $25,000
- 09/18/1992: changed responsibility
- 09/24/2000: Changed Chief Financial Officer's title to Vice President for Finance and Administration
- 03/14/2003: Changed Treasurer/Vice President for Finance and Administration to Treasurer
- 07/15/2010: Was previously Policy 13.12. Renumbered and increased overrun limit from $25,000 to $50,000.
- 08/04/2022: Added designee language.