Policies and Procedures
College of Business
Administrative Services Office

Policies & Procedures
University Resources
Background
Staff
Official Notice

Background

In an October 1999 meeting of the College business representatives, recommendations from earlier Campus audits were shared on ways to improve the way the College conducted financial transactions. Specifically, the following topics were discussed:

• Reconciliation of monthly UFAS statements -- units were reminded that duties are to be segregated in such a manner that the person responsible for initiating financial transactions is not also responsible for their approval and the reconciliation of the UFAS statements.

• P-cards and other electronic means of purchasing -- units were urged to have all receipts from goods/services purchased through these means to be signed by an authorized approver. Even though the approval is after the fact, it does indicate that an approver has reviewed the purchase. This signed receipt should be attached to the monthly reconciliation of the UFAS statements.

• Cash receipts -- a reminder that Campus policy calls for deposits to be made weekly or once $200 has been received (whichever comes first).

• Petty cash -- reminder to do spot checks for fund balances.

• Inventory -- review current procedures to improve on the timely return of receiving reports and getting inventory onto PAS.

• A reminder that reimbursements to unit heads or expenditures made on their behalf (e.g., conference registration fees, etc.) should be signed by a person above them on the College organization chart.

At that time it was also decided that there should be a compilation of College policies and procedures on various transactions that occur in College and unit business offices. Sandra Frank, Associate Dean for Administration, developed a list of items to be included in the College Policies and Procedures Manual. Eight categories of information were created.

The College Policies and Procedures Manual is now available to everyone in the College via a link on the College of Business homepage. Personnel in College units should know that this resource is available for their reference. New employees, in particular, will benefit from reviewing the information. Departments are encouraged to adapt any of this material to be used by departmental personnel.