Memorandum
To: Members of the President's Cabinet
Members of the Administrative Forum
From: Ronald J. Paprocki
Date: April 23, 2003
Financial Authorization and Signature Policy
This revised Financial Authorization and Signature Policy supercedes the Authorization Policy Statement (Version 1 dated July 2000) distributed September 13, 2000. Any copies of the previous version of this policy should be discarded.
This policy outlines the highest level of authorization and signature required for various types of financial transactions.
- Overview
- Scope of Policy
- Responsibilities
- Definitions
- Authorizations / Required Signatures
- Non-Capital purchases (i.e., supplies)
- Capital purchases (i.e., equipment, fixed assests)
- Construction—Capital non-CON projects
- Physician practice acquisitions
- Contracts (services, consultants)
- Real Estate (acquisitions and dispositions)
- Leases
- Checks (second signature)
- Investments
- Bank accounts
- Debt
- Electronic funds transfers
- Research grant proposals
- Additional Reviews
Additionally, in Section 6, we have outlined additional reviews that may be needed prior to final authorization. For instance, any contract which changes the University's standard terms and conditions must be reviewed with the Office of Counsel prior to being finalized.
This policy takes effect immediately and will be periodically audited for compliance by the Office of University Audit. Please circulate this document to the appropriate individuals in your organization. Any questions or comments may be addressed to Holly Crawford, University Budget Director at x34734.
