| |
| Policy
#: |
8100 |
| Subject: |
President's
Authority to Spend |
| Group: |
Institutional |
| Approved
by: |
The
Executive Committee of the Board of Regents |
| Approval
date: |
March
5, 1993 |
| Effective
date: |
March
5, 1993 |
| Revised: |
|
| Administered
by: |
Vice-President
(Administration) |
|
| 1
- POLICY |
The
President shall have authority to commit and spend, on behalf of the
University, up to an amount equalling 1% of the General Operating Fund
budgeted expenditures, net of internal cost recoveries, as approved
by the Board of Regents in May of each year, subject to the following
terms and conditions.
|
| |
|
2 - TERMS
AND CONDITIONS |
| |
2.1 |
Funds
Subject to Annual Budgeting Processes
The President shall have the authority to direct the operations
of the University and make related financial commitments within
the context of the approved budget. Changes to the net budgeted
surplus or deficit as originally approved require Finance and Administration
Committee approval.
Expenditures for new programs with on-going costs, or expenditures
for one-time purchases of goods or services, that are in excess
of 1% of the original approved expenditure budget net of internal
cost recoveries, even when the net surplus or deficit is not affected,
require approval of the Finance and Administration Committee.
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| |
2.2 |
Other
Funds |
| |
|
| 2.2.1 |
Specific
Purpose Funds
Funds restricted to a specific purpose (ie. a specific project
or program) are to be expended in accordance with restrictions
imposed for that program by the granting agency, the donor(s)
and/or the related trust deed.
|
| 2.2.2
|
General
Purpose and Unrestricted Funds
Funds restricted to a general purpose, unrestricted funds
and appropriations can be committed or expended by the President
for a specific purpose up to an amount equalling 1% of the
General Operating Fund expenditure budget, net of internal
cost recoveries, as approved by the Board of Regents in May
of each year. Any expenditure in excess of that amount requires
approval of the Finance and Administration Committee.
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|
|
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2.3 |
Financing
Notwithstanding the above, the President has authority to commit the
University to financing arrangements where the annual cost of that
financing does not exceed .1% of the General Operating Fund budgeted
expenditures, net of internal cost recoveries, as approved by the
Board of Regents in May of each year. Financing arrangements where
the annual cost of financing exceeds that amount require approval
of the Finance and Administration Committee. |
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