Chapter 11

11.01-11.05 | 11.06-11.10 | 11.11-11.15 | 11.16-11.17

11.06-11.10

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
  01/27/84  
  07/17/87 Deleted interest accumulation requirement
  09/18/92 Changed responsibility
  09/24/99 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.

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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 from $25,000 to $200,000 shall be approved by the Treasurer, and non-mandatory transfers above $200,000 shall be approved by both the Treasurer and the President of the University.

History
  07/16/93  
  09/24/93 added retirement reserve accounts restriction
  07/21/95 clarified approval process
  09/24/99 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.

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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
  10/31/41  
  01/28/82  
  07/15/2010 Was previously Policy 13.16. Renumbered and changed "with the cashier's office" to "the appropriate University account".

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Effective Date: 09/01/2010

11.9 Policy Regarding Capital Additions

Approval by the Treasurer is required for capital additions from $50,000 to $250,000.
Approval by the President is required for capital additions from $250,000 to $3,000,000.
Board of Trustees approval is required for all capital additions in excess of $3,000,000.

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
  07/23/90 less than $10,000 no approval needed
  08/17/94 less than $25,000 no approval needed
  12/01/67  
  08/08/69  
  04/02/71  
  12/14/79  
     
  02/21/80  
  01/28/82  
  07/12/85 increased amount to $150,000
  05/22/87 increased amounts
  09/18/92 changed responsibility
  09/24/99 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

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Effective Date: 09/01/2010

11.10 Cost Overruns/Special Maintenance Projects

The Treasurer 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
  10/16/70  
  01/28/82  
  03/23/90 changed amount from $10,000 to $25,000
  09/18/92 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.

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