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Overview Signature Authority For Financial Transactions. Michele M. Mock October 20, 2005. What is a Financial Transaction?. Accrual requests Conference and training fees Procurement requisitions Request for issuance of check Resource adjustments (over $5K) Travel requests. Agenda.

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Overview signature authority for financial transactions

OverviewSignature AuthorityFor Financial Transactions

Michele M. MockOctober 20, 2005


What is a financial transaction
What is a Financial Transaction?

  • Accrual requests

  • Conference and training fees

  • Procurement requisitions

  • Request for issuance of check

  • Resource adjustments (over $5K)

  • Travel requests


Agenda
Agenda

  • Roles and Responsibilities

  • Procedures

  • Scenarios


Roles and responsibilities
Roles and Responsibilities

  • Ultimate Responsibility – Lab Director

    • UC Standing Order of the Regents 100.4 Delegation of Authority

  • In order for an employee to obtain signature authority, approval from one of the following must be documented:

    • Laboratory Director

    • Deputy Director

    • Associate Laboratory Director

    • Chief Financial Officer

    • Division Director

    • Department Head

    • Business Manager (or designee)


Roles and responsibilities1
Roles and Responsibilities

  • What Does Your Signature Ensure?

    • Understanding of transaction

    • Information, supporting documentation – complete and accurate

    • Allowable, reasonable, and justified

    • Allocable to correct project(s)

    • Adequate funds to cover expense

    • Awareness of your authority level ($ limit)


Procedures
Procedures

  • Managed by the OCFO

  • New Form (to be deployed January 2006)

    • Actions

      • Delegate

      • Change $

      • Transfer Departments

      • Cancel

    • Submit form to the Policy/Training Office, 937-600

    • Provides auditable documentation and justification


Procedures1
Procedures

  • Certification

    • Online questionnaire

    • Signature on File (SOF) form

    • Bi-annual, proposed rollout January 2006

  • Authorized Signers Database

    • List of authorized signers/dollar limits

    • Located in IRIS, link from our website

    • Maintained by the Office of the CFO

  • Formal Notification Provided via Email


What s new process flow
What’s New? Process Flow

Complete the new form

Potential Signatory

Mail to FPT Office

Mail to FPT Office

Sign the SOF four times

Complete the Online Survey

You now have Signature Authority and the responsibilities that accompany it!

Info entered into database

FPT Office emails confirmation and limit amount

Note: Process repeats bi-annually


Get ready
Get Ready!

  • Scenarios


Check request red
Check Request - Red

  • Review your sample RFIC with a red square

  • Will you approve? Why or why not?


Check request green
Check Request - Green

  • Review your sample RFIC with a green square

  • Will you approve? Why or why not?


Allowability
Allowability

  • It’s the end of year and your department has some money left over. It has been decided to contribute $5K to the Berkeley Democrats Association. They have generously supported the Berkeley Lab throughout the years, in particular in the last election.

  • Will you approve?


Authority
Authority

  • You are an LBNL employee that has an important financial transaction that urgently needs to be processed and requires your supervisor’s approval. However, your supervisor is out of town and has not formally delegated signature authority to you.

  • Is it appropriate for you to sign the transaction for your supervisor, provided you notify your supervisor immediately of the transaction upon their return?


Allocability
Allocability

  • Background

    • Project ID #1 = Widget Design

    • Project ID #2 = Widget Construction

    • Final Project = Widget Structure

  • Scenario

    • Project ID #1 Funding – Overspent by $10K

    • Project ID #2 Funding - $150K Remaining

  • OK to Move $10K From #1 to #2?


Quick review
Quick Review

  • Know what you are approving

  • Know your responsibilities, procedures

  • Know your authorization limits

  • Follow guidance

    • Lab policy

    • Contract 31, FAR


Questions
Questions?

  • Be sure you have signed in to receive credit for this course


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