Financial Policies Training: Formulation and Issuance of University Financial Policies (2.1.9) Effective: October 1, 20

1. Financial Policies Training:Formulation and Issuance of University Financial Policies (2.1.9)Effective: October 1, 2008

2. These PowerPoint slides are intended for training purposes. In the event of any discrepancy or interpretation difference between the policy and the slides, the policy dictates.

3. Formulation and Issuance of University Financial Policies (2.1.9) • University policies should be thoroughly • Reviewed • Maintained • Made available to promote • Awareness • Compliance • Accountability

4. Formulation and Issuance of University Financial Policies (2.1.9) • Policy 2.1.9 addresses • Proposing and developing a university-wide financial policy • Updating a financial policy • Mandatory review of financial policies • Withdrawing a financial policy

5. Proposing and Developing a University-wide Financial Policy • How? • Any individual or unit may identify a need for a new policy • A policy may be formulated or revised in response to audit findings • What and where? • Policy must conform to the standard policy format (see next slide) • Policy must be available on university’s Policies and Procedures Web site

6. Standard Policy Format

7. Proposing and Developing a University-wide Financial Policy Steps when an individual/unit identifies the need for a new financial policy: • Administrator at VP level or higher * Appoints a responsible office(s) to consult with the Financial Development Policy Committee (FDPC) to develop a draft policy * Agrees to be accountable for policy’s procedures • Responsible office(s) and FPDC agree on policy draft content and procedures • FPDC takes policy draft to various bodies for review/feedback (Examples: Council of Deans, Academic Operations Committee, Cabinet, Financial Coordinating Committee, President’s Budget Advisory Committee) • FPDC shares feedback with responsible administrator/offices; makes appropriate changes • FPDC recommends policy to Senior Vice President for Executive Committee approval • Following approval, FPDC, in collaboration with responsible offices, provides * Communication and training to university community

8. Proposing and Developing a University-wide Financial Policy Steps when a financial policy is formulated or revised in response to audit findings: • FPDC develops or revises a policy in conjunction with the Office of the Vice President of Finance • FPDC is responsible for * Appropriate review processes * Recommendation processes * Communication and training

9. Updating a Financial Policy • When? • As needed • How? • Responsible office requests Administration & Finance Business Affairs to make routine changes (e.g., contact and title info)

10. Mandatory Review of Financial Policies • What? • Allfinancial policies • When? • At least once every three years • How? • FPDC prompts responsible executives/offices to review policies originated by them • Extent of changes resulting from review determines the review process

11. Withdrawing a Financial Policy • When? • In special circumstances, a responsible executive may deem it appropriate to • Withdraw an existing policy • Consolidate a policy with another policy • How? • FPDC is informed of the intent • In collaboration with the responsible executive and with approval of the Senior Vice President and Executive Committee, FPDC issues announcement of a withdrawn policy

12. Formulation and Issuance of University Financial Policies (2.1.9) • The Policy (2.1.9): www.uc.edu/af/documents/policies/PolFinPolicies.pdf • Policy questions e-mail: policyquestions@uc.edu • UC Policies and Procedures Web site:www.uc.edu/about/policies