Students Staff

28 February 2014

Our financial regulations are changing – make sure you comply

Filed under: Latest news — Tags: , — Communications, CER @ 4:22 pm

Major changes have been made to our financial regulations, changes that affect working processes for many of us.

Our Financial Regulations set out mandatory requirements which apply to all our staff, not just budget holders, and failure to comply with these Regulations may be a disciplinary offence.

An updated set of the University’s Financial Regulations are available on the finance page of our website. These were approved by Council on 17 February 2014.

It is important that all staff are familiar with these documents. If you would like advice on any aspect of the Financial Regulations and Finance Procedure Notes please contact your service accountant. Advice is also available from our Internal Audit team.

Some key features of the Financial Regulations, include:

  • Expense claims and card statements MUST be signed by the claimant’s line manager and supported by receipts – there are no exceptions to this. [Fin Regs 13.9]
  • Business class travel is NOT PERMITTED other than in very exceptional circumstances and with prior approval of an Executive Dean on a case by case basis. [Fin Regs 13.17]
  • Corporate credit cards are issued to designated ‘frequent travellers’ but these cards MUST NOT be used for claiming entertaining or hospitality which can only be reclaimed via an expense claim form. Cards MUST NOT be used for withdrawing cash. [Fin Regs 13.22 – 13.24]
  • All hospitality and entertainment claimed MUST be accompanied by a ‘Hospitality and Entertainment Form’ to demonstrate compliance with HMRC tax rules. [Fin Regs 13.19]
  • All goods and services MUST be supplied against an Agresso Purchase Order (with limited exceptions for library books, stationery, on-line purchases, items procured using a purchasing card, petty cash items and internal supplies such as catering). [Fin Regs 12.2]
  • Thresholds for ordering goods/services are changing, please see [Fin Regs 11.12] for more details.

It is everyone’s responsibility to comply with these mandatory regulations, ensure you know what they contain.

 

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