Financial Management Policies. The School's Governing Board shall develop and adhere to policies for the School’s financial management. The School’s current policies must be posted on the School’s official website. These policies shall allow the School to maintain and implement appropriate governance and management procedures and financial controls which shall include, but not be limited to:
Financial Management Policies. The University has operated for many years at Level II under the Act and at Level 2.5 under § 4-9.02 of Chapter 780 of the Acts of Assembly of 2016. Accordingly, the University currently operates a system of independent financial management policies guided by the general principles contained in the Commonwealth's Accounting Policies and Procedures, such as establishing strong risk management and internal accounting controls to ensure University financial resources are properly safeguarded and that appropriate stewardship of public funds is obtained through management's oversight of the effective and efficient use of such funds in the performance of University programs. The President of the University, acting through the Senior Vice President for Administration and Finance or designee, shall have the authority to create and implement any and all new financial management policies necessary to maintain the University's current financial management system for the continued effective protection and management of all University financial resources. Upon the effective date of its initial management agreement with the Commonwealth, the University shall continue to follow its current independent financial management policies, as well as any new policies that have been developed and submitted to the State Comptroller for review and comment as a result of the management agreement. Any significant new policies developed after the effective date shall be submitted to the State Comptroller for review and comment before being implemented by the University.
Financial Management Policies. The President, acting through the Executive Vice President and Chief Operating Officer, shall create and implement any and all financial management policies necessary to establish a financial management system with adequate risk management and internal control processes and procedures for the effective protection and management of all University financial resources. Such policies will not address the underlying accounting principles and policies employed by the Commonwealth and the University, but rather will focus on the internal operations of the University's financial management. These policies shall include, but need not be limited to, the development of a tailored set of finance and accounting practices that seek to support the University's specific business and administrative operating environment in order to improve the efficiency and effectiveness of its business and administrative functions. In general, the system of independent financial management policies shall be guided by the general principles contained in the Commonwealth’s Accounting Policies and Procedures such as establishing strong risk management and internal accounting controls to ensure University financial resources are properly safeguarded and that appropriate stewardship of public funds is obtained through management’s oversight of the effective and efficient use of such funds in the performance of University programs. Upon the Effective Date of its initial Management Agreement with the Commonwealth, the University shall continue to follow the Commonwealth’s accounting policies until such time as specific alternate policies can be developed, approved and implemented. Such alternate policies shall include applicable accountability measures and shall be submitted to the State Comptroller for review and comment before they are implemented by the University.
Financial Management Policies. The following financial management policies are adopted effective January 1, 1998. Provided, further, that the city manager is hereby authorized to revise said policies as necessary during the course of day-to-day operations. Any such revisions made by the city manager shall be distributed to the board of directors. Revisions which amount to a material change to the overall intent or spirit of the following policies shall be submitted to the board of directors.
