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.
Deans and Heads of Departments
Deans and Heads of Departments are responsible for ensuring that the Director of Finance is informed promptly of all income due to the University or its subsidiaries 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 its subsidiaries should be settled through official invoices issued through the finance system.
University sales invoices may only be issued by, or on the authority of, the Director of Finance. All invoices must be raised promptly through the finance system. Where goods and services are supplied by the University an appropriate charge must be made by raising an invoice. Most income is invoiced directly by the F&PO on instruction from departmental staff using Agresso. Whilst some research funding income is invoiced, a proportion is claimed in arrears. This depends on the rules of the funder. It is essential that all invoicing is as up to date as possible and all staff have a responsibility to support the recording of transactions in a timely manner such that this can be achieved.
Invoices must treat VAT appropriately and the applicable VAT treatment must be included on invoices raised and reflect the correct tax code to reflect this classification.
Only standard University invoices must be used.
Student tuition fees are approved by Finance Committee. The procedures for collecting tuition and accommodation fees must be approved by the Director of Finance who is responsible for ensuring that all student fees due to the University are received. Any student who has not paid an account for fees relating to academic debt owing to the University shall not receive the certificate for any degree, diploma or other qualification awarded by the University until all outstanding debts have been cleared. Such students shall be prevented from re-enrolling at the University and from using any of the University’s facilities unless appropriate payment arrangements have been made.
Any student who has not paid an account for any other item will be dealt with in accordance with procedures set by the Director of Finance.
Receipts and Income
The settlement of University invoices should be in the manner described on the invoice and settlement should be made direct to the F&PO.
The University may only receive payments by debit or credit card using procedures approved by the Director of Finance. All procedures must be compliant with Payment Card Industry Data Security Standard (PCI DSS) regulations, the Consumer Rights Act, and the Anti-Money Laundering Act.
Cash and cheques should only be taken in exceptional circumstances where there is no viable alternative for other methods of payment. Where cash is taken departments should refer to their cash handling procedures or contact the Income Office within F&PO for further advice.
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. Only the Director of Finance can implement credit arrangements and indicate the periods in which may differ from the terms and conditions of the contract or as recorded on the original sales invoice. Debts must not be in any way amended or written-off except by the Director of Finance.
Research Funding and Contracts
Applications and Administration
The Director of Research and Innovation Services (RIS) is administratively responsible to the Senate and the Council, through the Vice-Chancellor, for the approval of applications to outside bodies for research funding and contracts.
The financial details of each application to an external sponsor, and the implications for the use of University resources, must be approved through the Pre-Award team in RIS followed by the head of department before the application is submitted to the funder. This includes both applications for revenue and capital funding.
It is the responsibility of the Head of Department to ensure that all research proposals contracts are costed in full, in accordance with TRAC principles and the University Policy on Full Economic Costing.
The acceptance of funding from sources which choose not to pay the full economic cost (excludes those such as research councils and charities, (whose funding regime prevents them paying in full) must be explicitly justified and may only be accepted with the authority of the Faculty Dean prior to submission.
Ordinance 22 sets out in detail the University’s policy on Intellectual Property.
The current thresholds for the distribution of residual income are set out in the Intellectual Property Policy. Intellectual Property Policy
Short Courses and Services Rendered
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.
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 Research Contracts.
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.
Endowments and Donations
Heads of Department are responsible for promptly notifying to the Department of Development & Alumni Relations (DDAR) of any potential and received donations, in cash or in kind, to be made to the University. DDAR will assess any ethical implications in line with the University’s Ethical Fundraising and Naming Policies, (links required) arrange appropriate Gift Agreements, obtain consents if necessary and maintain records in respect of donations and will notify the F&PO in order for any potential tax implications to be assessed.
Gifts to the University with a minimum value of £5,000, where endowment of capital is not a condition of the gift, will be treated as a donation. Gifts in excess of £50,000 where endowment of capital is a condition of the gift, is usually classified as an expendable endowment. Should the donor require retention of capital, this must be explicitly stated in the Gift Agreement and classified as a permanent endowment. All new endowments, both expendable and permanent will be reported to Finance Committee who may in exceptional circumstances approve the creation of an endowment of less than £50,000. Endowment fund policy July 2018
All staff have a responsibility to help ensure that the University complies with HMRC rules across the range of its activities. These rules cover VAT, corporation tax, UK employee taxes, expense allowances and international tax rules.
VAT is a particularly complex area of taxation. The University has a broad range of diverse activities and the application of VAT legislation to specific situations will often require specialist advice and further support should be sought as necessary from the Financial Accounts Team.
Heads of Department are responsible for ensuring that VAT guidance is sort when creating new projects or new activities to ensure the correct VAT recovery is achieved.
Departments must confirm the Value Added Tax liability on research contracts and agreements with RIS.