Primary responsibility for ensuring that proper accounting records are kept | Council | Executive Director of Finance | Finance, Planning and Analytics Department | As per section 386 of the Companies Act 2006 – Duty to keep accounting records. |
Approval of Finance policies | Council | Finance Committee | Finance, Planning and Analytics Department | Finance Policies and Procedures are used to define correct practice. |
Approval of, and alterations to, tuition fees and other academic fees, and associated fees policies | Council | Finance Committee | Finance, Planning and Analytics Department | Information comes from the Student Recruitment Management Group on fee setting, then approved by PRG before going to other committees. Finance Committee only approve non-regulated fees. Relegated fees are not delegated. |
Write-off bad debt related to tuition fees above £50,000 | Council | Treasurer | Finance, Planning and Analytics Department | |
Write off bad debt related to tuition fees up to £50,000 | Council | Executive Director of Finance OR Director of Finance (Operations) | Finance, Planning and Analytics Department | Manager of Student Fees and Credit Control can write off bad debt related to tuition fees up to £3,000. |
Write off non-student bad debt between £50,000 and £250,000 | Council | Finance Committee | Finance, Planning and Analytics Department | |
Write off non-student bad debt between £100 and £50,000 | Council | Executive Director of Finance OR Director of Finance (Operations) | Finance, Planning and Analytics Department | |
Approval for student payments to be deferred / paid in instalments | Finance Committee | Finance Committee | Finance, Planning and Analytics Department | |
Approval to engage external auditors for non-audit services | Audit and Risk Committee | Audit and Risk Committee | Finance, Planning and Analytics Department | |
Acceptance of gifts up to £99,999 | Council | Director of Development and Alumni Relations | Office of Development and Alumni Relations | Annual report to Finance Committee |
Acceptance of gifts between £100,000 and £999,999 | Council | Gift Acceptance and Naming Committee | Office of Development and Alumni Relations | Annual report to Finance Committee on recommendation of Office of Development of Alumni Relations |
Acceptance of gifts between £1,000,000 and £9,999,999 | Council | Finance Committee | Office of Development and Alumni Relations | Approval from Finance Committee required after GANC have approved. Annual report to Council. |
Procurement of goods and services | Council | Executive Director of Finance | Head of Procurement | As per financial regulations and policies approved by Council |