8.4 Staff Advances 8.4.1 Staff Advances – Foreign Currency 8.4.2 Staff Advances – Per Diem Rates 9.3 Tuition Fee Invoices 10.11 Non Statutory Deductions 10.13 Real Time Information (RTI) e 11.2 Student cheque cashing facilities Cash
Controller, the Chief Financial Officer, and the Principal and Vice-Chancellor having regard to the circumstances of the case. 11.5 Treasury Management 11.5.1 Treasury Management Policy Please refer to the for information and guidelines. 11.5.2 University Bank Accounts – Payments and Transfers All payments from the University and subsidiaries Bank Accounts must be authorised in accordance with the guidelines documented in the Delegated Authority Policy prior to being passed to Finance for payment. Funds may be disbursed from the University Bank accounts by the following method of payment: BACS This is the University’s preferred payment method as it is the most efficient and economical. BACS payment runs are prepared by Operational Services and reviewed by a member of the Senior Finance team before being passed to Treasury Management who are responsible for the secure transfer of the encrypted BACS payment files that are automatically generated by the financial system. Online banking system payments The University has the facility to make payments via the online banking system. Payment documents are processed by Operational Services and transmitted by the Senior Finance team. The main types of transactions paid by this method are: emergency payments; inter account bank transfers; Treasury transfers; and foreign payments. Inter account bank transfers are defined as transfers between University and subsidiary company bank accounts with the operational Bank or the University Santander Campus Branch account, and should be authorised for payment by Senior Finance staff on completion of an Inter Account Transfer Request with supporting documentation. Treasury transfers, defined as transfers of funds in excess of working capital needs to/from approved institutions, requires authorisation by two signatories from the University Executive Authorised Signatory Panel. Actual transfers are executed in line with the approved means – either CHAPS or telephone instruction. The Chief Financial Officer, the Financial Controller and the Treasury HOS are all authorised to provide telephone instructions for the movement of funds, where applicable. Senior Finance staff process all authorised payments made via the online banking system. Cheques Cheque payment runs are reviewed by a member of the Senior Finance team. Treasury Management are responsible for the printing of cheques from a file automatically generated by the financial system. The cheques are printed on a Troy Security Printer using watermarked A4 Laser cheques printed with MICR toner and will contain the Principal and Vice-Chancellor’s
Research (R) Accounts Research Grant has been awarded and completed paperwork has been received from Research, Innovation Services & Enterprise. Only for activity agreed in the terms of the award. Account is unique to a project. GCUC (K) Accounts Project of a commercial nature is to be undertaken and completed paperwork has been received from Research, Innovation Services & Enterprise. Only for activity associated with the terms of the contract. Account is unique to a project. GCU Academy (D) Accounts Where there is provision of a ‘closed’ course that lead to a university qualification. Only for activity associated with the terms of the contract. Account is unique to a project. GCU NYC In. (N) Accounts Where there is provision of a CPD course or town hall event. Only for activity relating to the individual course. Account is unique to a project. For further assistance in terms of project codes, Management Accounts can be contacted directly. 12.6 Finance Reports & Financial Discoverer Reports showing transactions through accounts are available to Account Holders and specifically authorised personnel through the online reporting systems – Financial Discoverer. Access to accounts through Financial Discoverer will be granted to account holders & other personnel specified within the Scheme of Delegation during the set up of a new account. Access can be granted to additional users by completing a Financial Discoverer Access . Users can access account information at any time of the month. Information retrieved for a current month can change before the end of the month. Finance will communicate via e-mail when processing for a period is complete so that account holders are aware of when figures retrieved through Financial Discoverer to that period will not change. The Executive Board will receive monthly summary reports provided by the CFO. Where a standard Financial Discoverer report does not provide the required information, Management Accounting should be contacted directly. 12.7 Transfers & Coding Corrections 12.7.1 Budget Transfers (Virements) Virement is the ability to transfer budget amounts between or within Cost Centres. Virements can only be exercised under the following circumstances: Payroll
If appropriate, a certified copy of the petty cash reconciliation as at the end of the financial year. If appropriate, a copy of the certified stock list as at the end of the financial year. 17 AUDIT 17.1 Introduction The Chief Financial Officer, authorised representatives and internal and external auditors shall have authority, on production of identification, to: Enter, at all reasonable times, any University building. Have access to all records, documents and correspondence relating to any financial and other appropriate transactions of the University. Require and receive such explanations as are necessary concerning any matter under examination. Require any employee of the University to account for cash, stock or any other University property under their control. 17.2 Irregularities Any evidence or reasonable suspicion of any financial irregularity relating to funds, stock or other property of the University shall be reported immediately by the Chief Financial Officer or the Financial Controller. Such irregularities shall be dealt with in accordance with the Financial Misconduct Policy and with Section 11.4. 18 VALUE ADDED TAX The University is regarded for VAT purposes as an “eligible body”. VAT will be charged at the appropriate rate for all goods and services purchased by the University. Schools and Professional Support Departments are reminded to allow for VAT within costs when purchasing goods and services. Schools and Professional Support Departments should charge VAT on goods and services provided, in appropriate circumstances (e.g. sale of equipment, consultancy and contract funded research work). They should consult Finance for guidance on VAT matters and for detailed guidance please refer to the . 19 BUSINESS GIFTS & HOSPITALITY No monetary reward or equivalent can be accepted from outside individuals or organisations, except for gifts with minimal value (for example, calendars or diaries). Members of University Court and staff may accept meals and equivalent hospitality only in the normal course of business and only when the hospitality is of a reasonable level. Reasonableness should take into account the nature of the event, and the University representative should ensure the hospitality does not compromise them in any way. In general a meal and refreshment would be regarded as acceptable.