Finance & Procurement

D Income

D 1 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.

D 1.2 Heads of Departments

Heads of Departments are responsible for ensuring that the Director of Finance is informed promptly of all income due to the University or a University Company and should provide promptly such information as the Director of Finance requires 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 the Finance Office.

D 2 Receipts

D 2.1 Collection

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

D 2.2 The Director of Finance will make arrangements for the prompt collection, security and banking of all funds received by the University and will ensure that:

  1. such income is fully recorded either by a receipt or other appropriate method;
  2. all income is banked intact to an official account of the University, as soon as possible.

D 2.3 Debt Control

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

D 2.4 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 Systems.

D 2.5 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 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.

D 3 Research Grants And Contracts

D 3.1 Applications and Administration

The Manual on the Administration of University Grants and Contracts contains full details of the regulations governing support from external sponsors.

D 3.2 The Head of the Grants & Contracts Support Unit is administratively responsible to the Senate and the Council, through the Vice-Chancellor, for the approval of applications to outside bodies for grants and contracts.

D 3.3 The financial details of each application to an external sponsor, and the implications for the use of University resources, must be approved through the Grants & Contracts Support Unit before the application is submitted to the sponsor.

It is the responsibility of the Head of Department to ensure that all Research Grants and Contracts are costed in full, in accordance with TRAC principles and the University Policy on Full Economic Costing (see Policy UP1). The acceptance of grants or contracts from sources which choose not to pay the full economic cost (excludes those such as research councils, charities and the Europe an Commission, (whose funding regime prevents them paying in full) must be explicitly justified and may only be accepted with the authority of the Faculty Dean.

D 3.4 Employees

Individuals employed under Research Grants and Contracts or funds arising from other services rendered are employees of the University and thus subject to these Financial Regulations.

D 4 Intellectual Property

D 4.1 Ordinance 22 sets out in detail the University’s policy on Intellectual Property.

D 4.2 The current thresholds for the distribution of residual income are set out in Policy UP9.

D 5 Short Courses and Services Rendered

D 5.1 All non-graduating courses and conferences outside the University prospectus organised by a member of staff must be costed in full and the financial provisions approved in advance by the Director of Finance.

D 5.2 Similarly, all consultancy services rendered to organisations and individuals outside the University which have the contractual involvement of the University must be costed in full and the financial provisions approved in advance by the Head of KTP and Consultancy Services.

D 5.3 Prior authorisation for courses, conferences or services rendered should be obtained from the Head of Department, as any deficit arising will be transferred to the Department operating budget.

D 6 Endownments

D 6.1 Gifts to the University with a minimum value of £5,000, where endowment of capital is not a condition of the gift, may be treated as a qualified University endowment; where endowment of capital is a condition of the gift, it is termed a permanent University endowment. All new endowments, both qualified and permanent, will be reported to Council.

D 7 Value Added Tax

D 7.1 The University is registered for VAT.

D 7.2 Departments must confirm the Value Added Tax liability on research contracts and agreements with the Research Support Unit. All other VAT liabilities should be confirmed with the Finance Office.