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Financial and Legal Services Financial Regulations, Policies and Procedures

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D. Income

D1 - General
D2 - Receipts
D3 - Research Grants and Contracts
D4 - Other Income-generating Activity
D5 - Intellectual Property Rights and Patents
D6 - Funds Held on Trust

D1 - General

D 1.1     Director of Finance

The Director of Finance is responsible for ensuring that appropriate procedures exist to enable the University to receive all income to which it is entitled. The Director of Finance is also responsible, on behalf of the Finance and Resources Committee, for liaising with the University’s bankers in relation to the proper operation of the University’s bank account. 

D 1.2     Heads of Departments

Heads of department are responsible for ensuring that the Director of Finance, or their nominee, is informed promptly of all income due to the University or a University Company and should provide promptly such information as is required for the purpose of collecting such income. All requests for monies due to the University or University Companies should be rendered on official invoices issued through Financial and Legal Services. 

 

D2 - Receipts

D 2.1     Collection

It is the responsibility of departments to ensure that all cash and cheques received are deposited with the Finance Service Centre or Cashiers Office intact on the day of receipt, and that payments are not disbursed out of receipts. 

The Director of Finance will arrange for the prompt collection, security and banking of all funds received by the University and will ensure that:

  • such income is fully recorded either by a receipt or other appropriate method;
  • all income is banked intact to the University’s bank account, as soon as possible. 

D 2.2     Debt Control

The Director of Finance is responsible for an efficient and effective debt control and collection system. The Director, or nominee, must be informed if there is any reason why a debt may prove difficult to recover. 

D 2.3     Sales Invoices

University sales invoices may only be issued by, or on the authority of, the Director of Finance.  All invoices must be raised through the University Finance System. 

D 2.4     Credit Terms and Debt Write Offs

Sums due to the University should be paid in accordance with the terms of the contract or standard commercial terms where applicable.  No extended credit or delayed payment will be permitted normally. Debts must not be in any way amended or written-off except by the Director of Finance or their nominee. 

Further guidance on the receipt of monies, the collection of debts and the University’s credit management policies can be found in the University’s Income and Banking Policy [under review].  

 

D3 - Research Grants and Contracts

The internationally recognised definition of research is as follows:

‘Research and experimental development (R&D) comprise creative work undertaken on a systematic basis in order to increase the stock of knowledge, including knowledge of man, culture and society, and the use of this stock of knowledge to devise new applications.’ (Frascati Manual). 

Where bids are to be submitted to outside bodies for support for research funding or where contracts are to be undertaken on behalf of such bodies, it is the responsibility of the head of department/dean of faculty to ensure that the financial implications have been fully appraised and that the relevant documentation has been fully completed and authorised. 

The research contract should comply with the University´s procedures with regard to costing and pricing, indirect costs, and other expenses and take account of different procedures for the pricing of research projects dependent upon the funding body.  All applications will be on behalf of and in the name of the University. 

No application should be submitted for any external funding that has not been authorised by both the relevant departmental and University authorities prior to submission. 

Each grant or contract will have a named Principal Investigator, be allocated a specific project code and budget, and will be assigned to a specific department. 

Control of expenditure will be contained within the grant. The head of department may delegate day-to-day control of the account to the Principal Investigator, but any overspend or under recovery of full economic costs is the responsibility of the department with any loss being a charge on department funds.  It is the responsibility of the Principal Investigator to ensure that conditions of funding are met. 

It is the responsibility of Financial and Legal Services to raise all invoices and claims for research projects in accordance with the terms and conditions of the contract. The Principal Investigator must provide Financial and Legal Services with all necessary information to complete the financial returns on time. 

All accounts will be closed in a timely manner following the end date of the contract.

 

D4 - Other Income-generating Activity

D 4.1     Consultancy Activity

The University has a policy on consultancy activity carried out by all University staff. This should be read in conjunction with other university policies, notably the policies on Conflicts of Interest and Intellectual Property

University staff should follow the processes set out in this policy for the approval, carrying out and recording of consultancy and external activity.  All consultancy activity should be declared and agreed with the relevant member of Executive in accordance with this policy. 

Consultancy should comply with the University´s procedures with regard to costing and pricing, indirect costs, and other expenses.  

D 4.2     Short Courses and Conferences

In this context, a short course is any course that does not form part of the award-bearing teaching load of the department.  A conference is an event where the primary purpose is the exchange of information and the facilitation of networking, as distinct from the payment of experts for the imparting of knowledge (which will constitute a short course). 

Any member of staff wishing to organise and run a short course or conference must have agreement from their head of department. The course/conference organiser will be responsible for the day-to-day management of the course/conference. 

Courses or conferences should comply with the University´s procedures with regard to costing and pricing, indirect costs, and other expenses.   

The Conference and Events Office offers a planning, advisory and management service for the delivery of conferences and events across the University. 

D 4.3     Services Rendered

When a Department or member of staff is considering an application for external non-research funding or entering into an agreement for the provision of a service to an external party, contact shall be made with the appropriate University office, which shall advise and assist in the preparation of the application and preparation of any formal agreements. 

Prior to the involvement of the appropriate office, there must be no serious "informal" discussions with potential sponsors about costs in general and no commitment in respect of pricing the activity should be given to a sponsor. 

D 4.4     Accommodation Fees, Catering and Conference Services

The University will take steps to recover monies from students who do not pay their accommodation fees this may include eviction from accommodation and instigation of legal action to recover sums owed. 

The Accommodation and Conference and Events Offices are responsible for invoicing clients for catering and conference services. 

D 4.5     European Union and other ‘match funding’

Any such project requires the approval of the appropriate officer prior to any commitment being entered into.  Such approval shall be dependent upon the relevant head of department being able to demonstrate that eligible matching funds are available and that the project is financially viable by the application of the University’s costing and pricing policy. 

D 4.6     Profitability and recovery of overheads

All other income-generating activities must be self-financing or surplus generating unless it is intended that the activity be undertaken for other than non-financial reasons.  If that is the case, the reason for it must be specified and agreed by the head of department and the Director of Finance. 

Provision must be made for charging both direct and indirect costs in accordance with the University’s costing and pricing policy, in particular for the recovery of overheads.

 

D5 - Intellectual Property Rights and Patents

Certain activities undertaken within the University (whether by its students, staff, contractors and/or agents), including research and consultancy will give rise to intellectual property rights, some of which may be patentable.  The University’s Intellectual Property Policy  sets out clear guidance for the disclosure, ownership and management of intellectual property rights.

  

D6 - Funds Held in Trust

D 6.1      General

The Director of Finance  is responsible for ensuring that incoming funds are properly classified and designated as appropriate.

D 6.2      Gifts, endowments and donations

The Director of Finance is responsible for maintaining financial records in respect of gifts, benefactions and donations made to the University and initiating claims for recovery of tax where appropriate. 

D 6.3      Student welfare and access funds

The Director of Finance will prescribe the format for recording the use of any student welfare funds.  Records of welfare funds will be maintained according to any HEFCE requirements. 

D 6.4      Trust funds

The Director of Finance is responsible for maintaining a record of the requirements for each trust fund and for advising Finance and Resources Committee on the control and investment of fund balances. 

The Finance and Resources Committee is responsible for ensuring that all the University’s trust funds are operated within any relevant legislation and the specific requirements for each trust.  They will also be responsible for investment of fund balances.

Article last updated: Friday, September 29, 2017

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