Revision effective February 1, 2018.<\/p>\n
Senior Vice President for Administration and Finance and CFO \u2013 Controller\u2019s Office (Finance Department)<\/p>\n
This policy promotes the proper stewardship of University funds by providing general guidelines for the appropriate and legal uses of University funds in support of the University\u2019s missions. The University receives, from a variety of sources, funds that carry with them fiduciary responsibilities. Inherent in these responsibilities\u00a0are\u00a0the requirement to operate the institution under guidance set forth by the University\u2019s Board of Trustees, to properly safeguard and protect University assets, and to comply with all federal, state, and local laws and regulations. This policy contemplates also that certain institutional duties and responsibilities have been delegated to the operating units (department\/division) of the University involved in the conduct of business and to display sound ethical business practices in carrying out these responsibilities. This policy will adhere to and be in conformity with relevant Internal Revenue Service (IRS) rules\/regulations at all times and subject to change as IRS rules change.<\/p>\n
The Payment Request form (F4) may be used to initiate payments for which University payroll forms are not required. Each payment must be determined to be an appropriate, allowable, properly authorized expense according to Finance policy. This policy and related F4 form require departmental representatives to certify that University funds are being disbursed for valid business expenses and are allowable expenses for the accounts provided.<\/p>\n
Adequate accounting:<\/strong> Defined by the IRS as follows:<\/p>\n You adequately account for your business expenses by giving your employer documentation of those expenses including invoices\/receipts and proof of purchase.<\/p>\n Excess amount:<\/strong> Defined by the IRS as follows:<\/p>\n Any amount you are paid, including advances and allowances, that is more than the business expenses that you adequately accounted for to your employer within a reasonable period of time.<\/p>\n IRS:<\/strong> Internal Revenue Service of the United States of America.<\/p>\n Reasonable\u00a0period of time:<\/strong> Defined by the IRS as follows:<\/p>\n Supporting documentation:<\/strong><\/p>\n Documentation supporting the expenditure should always accompany a completed RFP form. To facilitate processing, supporting documentation should include:<\/p>\n Refer to the University\u2019s Finance web site:<\/p>\n The delegation of authority to disburse funds to otherwise qualified suppliers and service providers is granted to the University division\/departments. This authority is communicated to Central Finance by the divisions\/departments when they agree to the certification statement, by signing the F4 form<\/a>, indicating the appropriateness of the business expense and account number provided.<\/p>\n Payment of expenses:<\/strong> The Accounts Payable Department processes completed valid F4 forms for payment and mails checks according to forwarding instructions.<\/p>\n Standard timeframe:<\/strong> AP Associates process RFPs for payment within 5 business days after they are received in AP.<\/p>\n Reporting requirements:<\/strong> The Accounts Payable Department reports payments to the recipients and the IRS on forms 1099 as appropriate for rents, non-employee prizes\/awards, non-employee compensation\/fees,\u00a0health care\/medical services, annuities, and royalties. Note that employee prize\/award and compensation payments should be handled through Payroll for appropriate reporting on Form W2.<\/p>\n Below is a list of activities for which one or more preferred purchasing methods exist (should not be submitted to Accounts Payable via Payment Request):<\/strong><\/p>\n See Related Policies and the Purchasing web site for additional information.<\/p>\n The Payment Request F4 form is most appropriate for the following.\u00a0 Please note that this is not an absolute list but a general guideline for Payment Request usage. Payment Request is generally only acceptable for\u00a0one-time\u00a0type of payments.<\/p>\n\n
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V. Related Policies<\/h2>\n
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Delegation of Authority<\/h2>\n
VII. Responsibilities<\/h2>\n
Central Finance Department<\/h3>\n
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Department<\/h3>\n
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VIII. Criteria<\/h2>\n
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