The curators have now reviewed the regulations in the light of the impending governance changes and have approved the following revised version, on the understanding that the revised regulations may need to be further amended at a later date in the light of experience of the new structures. The revised regulations have been ratified by Council, and they will (as usual) be circulated to departments, etc. in booklet form for ease of reference.
The Financial Regulations are included as regulations in the Statutes, Decrees, and Regulations of the University.
The primary objective of these regulations is to ensure the proper use of finances and resources in a manner which satisfies the requirements of accountability and internal control and also fulfils any legal or financial obligations as laid down by the Inland Revenue, the Higher Education Funding Council for England (HEFCE), Customs and Excise, and other government authorities. The regulations do not extend to non-financial activities of the University nor are they a definitive statement on the governance of the University.
Copies of the regulations are circulated to the heads of all university divisions, departments, and institutions and to the secretaries of all university committees and boards that receive and hold funds. It is their responsibility to ensure that all those to whom any financial authority is delegated are made aware of the existence and provisions of these regulations, and that an adequate number of copies are made available for reference. Those with financial and accounting responsibilities must have their own copies.
Compliance with the Financial Regulations is a requirement for all employees of the University (irrespective of whether their appointment is financed by general university funds, research grants and contracts, or trust or other funds) and for all those not directly employed by the University who have responsibility for the administration or management of university funds.
Additional copies of these regulations may be obtained from the Director of Finance and Secretary of the Chest, who should also be contacted for advice if there is any uncertainty as to their application.
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Director of Finance refers to the Director of Finance and Secretary of the Chest
Budgetary units/units/bodies refers to all divisions, departments, institutions, committees, and boards that receive and administer funds disbursed by the University or received from external sources, and that are subject to the provisions of these regulations
Head of unit refers to heads of divisions, departments, and institutions and secretaries of committee and boards as defined above
Finance Committee refers to the Finance Committee of Council
PRAC refers to the Planning and Resource Allocation Committee of Council
RSO refers to the Research Services Office
Parent body refers to a budgetary unit that allocates funds to other units under delegated authority
VAT refers to Value Added Tax
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1. These regulations apply to the conduct of all financial business of the University, irrespective of the source of funding. They do not extend to the non-financial business of the University and are not a definitive statement on the governance of the University. The University is a civil corporation, and the structure of its governance is laid down in the Statutes and Decrees of the University. The University is an exempt charity by virtue of the Charities Act 1993.
2. Compliance with the regulations is a requirement for all employees of the Chancellor, Masters, and Scholars of the University of Oxford (other than those responsible to the Delegates of the University Press) and for all those not directly employed by the University who have responsibility for the administration or management of university funds.
3. The staff of the Internal Audit Section will point out any non-compliance they encounter during the course of their work.
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1. The regulations apply to all bodies included in the University's annual audited financial statements except subsidiary companies and colleges without independence. Such entities are expected to develop their own regulations based on this document, appropriately amended to take account of their differing governance arrangements. The regulations apply to all funds received and held by university bodies from whatever source.
2. The regulations do not apply to those colleges of the University that are independent.
3. The regulations do not apply to the Delegates of the University Press, who have their own internally established financial policies and procedures.
4. Where the Finance Division or any body within the University provides an accounting or other financial service for organisations that are not part of the University, it is acting as a custodian of the funds it is holding and has a duty to exercise the same care as with its own funds. The regulations apply to these funds while the University holds them.
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1. The Director of Finance is responsible for ensuring that copies of the regulations are distributed to the heads of all budgetary units.
2. The heads of all budgetary units are responsible for ensuring that all members of their unit or all those responsible to their committee or board are aware of the regulations, have a proper understanding of their operation, and have access to them and that those with financial and accounting responsibilities have their own copies.
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1. Council is (subject to the provisions of the statutes) responsible for the administration of the University and for the management of its finances and property and has all the powers necessary for it to discharge these responsibilities. To perform these responsibilities effectively, it delegates detailed management to budgetary units and officers, retaining ultimate responsibility subject to the statutes.
2. Congregation is the ultimate legislative body of the University and is composed of virtually all academic staff and certain research support staff, administrators, and librarians. It has to approve changes to the Statutes and Decrees of the University.
3. The Finance Committee is responsible under Council for the approval of the University's Annual Financial Statements and for consideration of proposed financial regulations.
4. The Planning and Resource Allocation Committee is a committee of Council that keeps under review the financial resources and needs of the University, and makes recommendations to Council, in particular on long-term financial planning, the annual budget, the allocation of resources, and the use of the University's capital funds. The committee is also responsible for ensuring that university bodies to which financial management has been delegated exercise proper management over delegated resources.
5. The Vice-Chancellor is the chief officer of the University, who normally presides over Congregation and chairs Council. The Vice-Chancellor also chairs PRAC. He or she is the Designated Officer appointed by Council in accordance with the University's Financial Memorandum with HEFCE, and may be required to appear before the Public Accounts Committee on matters relating to Funding Council grants made to the University.
6. The Registrar, under the Vice-Chancellor, is the head of the central administrative service of the University and is also secretary of Congregation and of Council.
7. The Director of Finance is the Chief Financial Officer of the University with right of direct access to the Vice-Chancellor and Council on financial, technical, and professional matters, and is responsible to the Registrar. The Director of Finance is responsible:
(a) to Council for ensuring that adequate controls and procedures are in place to record all transactions of the University in an accurate and timely manner;
(b) for the provision of financial information and advice to all budgetary units; and
(c) for advising the relevant university bodies and officers on financial policies and planning, and the financial implications of any proposals.
8. Financial Memorandum with the Higher Education Funding Council for England. Council is responsible for ensuring that the University complies with the memorandum and related guidance. HEFCE is required to be satisfied that Council has appropriate arrangements for financial management and accounting and that the uses to which HEFCE funds are put are consistent with the purposes for which they were given. Council is also required to ensure that the University has a sound system of internal financial management and control and that value for money is delivered from public funds.The Financial Memorandum sets out detailed guidelines covering a number of areas referred to in these regulations; in such cases the regulations have been framed to incorporate the requirements of the memorandum.
9. Heads of Divisions, Departments, and Institutions. Accountability for financial management is delegated from Council, through PRAC, to Divisional Boards. Within divisions, financial management is further delegated to departments and other budgetary units in accordance with rules laid down by each Divisional Board, but within the overall framework of these Financial Regulations. At each level, the body or individual concerned must ensure that funds received or spent by those bodies or individuals are properly controlled and their use monitored. Responsibility for internal control within a budgetary unit rests with the head of that unit, who should ensure that appropriate and adequate arrangements exist to safeguard all assets, that university policies including these Financial Regulations are complied with, and that records are maintained in as complete and accurate a form as possible. Heads of units must ensure that adequate procedures for regular independent checks of financial transactions are in place.
10. Guidance on recommended internal control procedures may be obtained from the Internal Audit Section.
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1. University employees and others with responsibility for the administration or management of university funds should never use their authority or office for personal gain and should always seek to uphold and enhance the standing of the University.
2. The University has published Guidelines on Conflict of Interest which employees and others who have responsibility for the administration or management of university funds are expected to follow in order to avoid such conflicts. A Conflict of Interest Committee has also been set up to give formal and informal advice. Enquiries should be directed in the first instance to the secretary of the Conflict of Interest Committee, from whom details of the guidelines are also available.
3. Members of university bodies should declare any relevant interests (financial or otherwise) in matters under discussion and should, if requested by the chairman, withdraw from such discussion.
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1. The University's audit arrangements are required to be in accordance with the HEFCE Audit Code of Practice.
2. The Audit Committee is a committee of Council whose members are appointed by Council but are not officers of the University.
The committee reviews the effectiveness of the financial and other internal control systems of the University including the scope and effectiveness of the work of the Internal Audit Section and the audit of the University Financial Statements. The committee must produce an annual report for Council, which, after consideration by Council, must be sent to the Chief Internal Auditor of HEFCE.
3. The Internal Audit Section is responsible for carrying out an independent appraisal of the internal control systems of the University's activities, financial and otherwise. It provides a service to all levels of management by evaluating and reporting to them the effectiveness of the controls for which they are responsible. The section may provide advice concerning controls and other matters in the development of systems but does not have direct responsibility for the development, implementation, or operation of systems. The section is responsible for giving assurance to the Audit Committee, Council, and the Vice-Chancellor on all financial and other control arrangements.
The Internal Audit Section has unrestricted right of access to all vouchers, documents, books of account, computer data, and any other information which it considers relevant to its inquiries and which is necessary to fulfil its responsibilities. This includes the right to verify assets and to have direct access to any employee or person responsible for the administration or management of university funds with whom it is felt necessary to raise and discuss such matters.
4. External Auditor. Council shall annually appoint, on the recommendation of the Audit Committee, the University Auditor.
The University Auditor audits the Financial Statements of the University and reports to the Vice-Chancellor whether in his or her opinion the financial statements give a true and fair view of the state of the financial affairs of the University and its related bodies and subsidiary companies (other than the University Press) at the balance sheet date, and of their income and expenditure for the year then ended.
The University Auditor has unrestricted right of access to all vouchers, documents, books of account, and computer data, and any other information. The University Auditor has the right to verify assets and to have direct access to any employee or person responsible for the administration or management of university funds with whom it is felt necessary to raise and discuss such matters. The University Auditor may visit any budgetary unit.
5. Other Auditors. The University may be audited by the HEFCE Audit Service and may be visited by the National Audit Office. These auditors have the same rights of access as the Internal and External Auditors.
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Serious weaknesses, significant frauds, or any other major accounting breakdown must be reported by the Director of Finance to the Vice-Chancellor as the University's Designated Officer in accordance with HEFCE requirements.
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1. University Budget. PRAC is required to report to Council on the budget for the ensuing financial year.
All heads of budgetary units must, by the date stated by the Director of Finance, supply the Finance Division with any information requested for the university budget.
2. Delegated Budgets. Each body that receives or spends central university funds is required before the start of each financial year to prepare a budget for that financial year, based on its submission to the University's planning cycle, and before the start of the financial year to which the allocation applies to notify its income and expenditure plans to the body to which it is responsible.
3. Surpluses and Deficits. Budgetary units are required to keep their expenditure within the resources available to them. A unit may budget for a surplus or deficit for the year provided that this is consistent with the strategic plan for the division and agreed by PRAC. Accounts for funds that are earmarked by the body from which they are received must not be in deficit.
If a unit finds in the course of a year that it will be unable to achieve its budget and is likely to show a worsened outcome at the end of the year, it must report the situation to its parent body without delay. The parent body may agree to allow the variation to stand only if it is satisfied that the unit has plans in place to recover the position.
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1. New academic-related and non-academic posts at the grades of P06, Whitley Council MLS01, MT02, and below, Nurse E and below, Administrative and Clerical 3 and below, and outside-grant- funded academic-related RSIA and RSIB may be set up by budgetary units without the prior approval of the grading by the Personnel Services Section of the Central Administration (acting on behalf of the Personnel Committee), provided that if the post is outside-grant-funded the relevant procedures specified by the RSO for the acceptance of the outside grant have been completed. The grading of all other new academic-related and non-academic posts, or changes to the grade of similar existing posts, must be approved by the Personnel Services Section on behalf of the Personnel Committee unless otherwise specifically covered by Council. Advice can be obtained from the Personnel Services Section.
2. A separate panel of the Personnel Committee considers the proposed grading of new posts (or the regrading of existing posts) in respect of all administrative, library, curatorial, and other staff in receipt of salaries in grades ALC6 or RSIV.
3. The setting up of any new posts and any changes to existing posts should also be approved, in the case of academic units, by the Divisional Board with responsibility for the budget of the unit, subject to appropriate consultation with colleges and written confirmation that the anticipated commitment will be within the budget set for the board by PRAC, such confirmation to be obtained from the Finance Division.
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1. Accounting Records. The head of each body to whom funds are entrusted shall ensure that all moneys under his or her control are safely kept and are used only for the purposes for which they are allocated and that all transactions are properly recorded in the University's central accounting system.
2. Retention of Financial Documents. Prescribed periods and recommended guidelines have been published by the Internal Audit Section, as set out in the schedule below.
3. University Computerised Accounting System. All members and staff of the University with access to the University's computerised accounting system must comply with the password and other security controls established within the Central Administration. Advice can be obtained from the Financial Systems Team.
All members and staff of the University must comply with the University Policy and Rules for Computer Use. Advice can be obtained from the Director of Computing Services.
All members and staff of the University must comply with the University Data Protection Policy. Advice can be obtained from the Director of Management Information Services.
4. Financially related Software. Heads of budgetary units are required to inform the Director of Finance of any software packages with financial applications that they may be intending to acquire, in order to ensure that such projects have been properly planned and resourced and that the software will provide the required functionality and be compatible with existing financial systems.
5. New Budgetary Units. No new budgetary unit may be established with resources from central university funds otherwise than on the authority of the appropriate parent body. No resources from central or divisional funds may be transferred between bodies without the permission of the appropriate central body or Divisional Board.
6. Annual Financial Statements. The Finance Committee shall approve, on behalf of Council, audited Financial Statements of the University for each year to 31 July, and report to Council accordingly by the last meeting of Michaelmas Term.
The head of each budgetary unit shall provide such information as the Finance Committee may require to enable it to prepare the Financial Statements.
The Vice-Chancellor, the Chairman of the Finance Committee, and the Director of Finance shall sign the financial statements.
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1. University income comprises all moneys receivable by the University, and any part thereof. University income includes all moneys made available to individuals on the basis of their association with the University. All university income must be paid into a university bank account and properly accounted for, and all university expenditure must be paid from a university bank account. The opening of private bank accounts that result in the diversion of any moneys receivable by the University is not permitted.
2. The setting up of university bank accounts, other than imprest accounts, including the mandate for those bank accounts and subsequent changes to the mandate, must be approved by the Finance Committee. All bank accounts shall be in the name of the University.
3. The Director of Finance may approve the setting up of an imprest bank account. Such an account may be used only for making payments and not for banking receipts other than for the reimbursement of the account. Imprest bank accounts cannot be used for payments that are in the nature of employment or for the settlement of normal commercial invoices. They can be used to reimburse travel expenses under £30 provided that a travel claim form is used. They must not be overdrawn. The department holding the account is responsible for ensuring regular reconciliation of the account and for providing information required by the Finance Division at the year end. Advice can be obtained from the Head of Treasury.
4. The approval of the Director of Finance is needed in advance for the setting up of any university charge or credit cards. Advice can be obtained from the Head of Treasury.
5. When a unit becomes aware that it will become subject to foreign exchange risk through the future receipt or payment of foreign exchange, it should notify the Finance Division and arrange to discuss how the risk can be reduced or avoided. Advice can be obtained from the Head of Treasury.
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1. The University has a Deposit Pool in which units and trust funds may invest certain cash balances for a minimum period of one month. The pool attracts the same income as the University's short-term cash deposits but does not offer investors any capital growth. Investments are made at the discretion of the Investment Committee, which shall determine from time to time the minimum amount that may be invested by a budgetary unit or trust fund and the minimum withdrawal or additional investment. It will also determine the monthly dates when deposits and withdrawals may be made.
2. Every account that has funds in the Deposit Pool must either have a nil or positive balance of cash with the Finance Division, except for those accounts recording expenditure to be reclaimed from a trust fund at the end of the financial year, in which case the calculation will be made on the anticipated income.
3. The Investment Committee shall approve the type of funds that can be placed on deposit in the Deposit Pool. The Director of Finance will approve each individual application to place funds on deposit. No moneys received from central university funds may be so invested. Advice can be obtained from the Financial Accounting Office.
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1. Each head of a unit that receives cash or cheques is responsible for establishing procedures to ensure that all receipts to which it is entitled are received, properly accounted for and recorded, and banked intact within a week, or more often if large sums are received. The head is also responsible for the security of cash received until banked.
2. All cheques received by budgetary units shall be made payable to `Oxford University'.
3. The postal service and University Messenger Service must not be used to send cash.
4. Remittance advices and account code details must accompany all receipts advised to either the Financial Accounting Office in respect of centrally banked items, or the Treasury Section in respect of locally banked or electronic receipts.
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1. Council has given delegated authority as follows:
(a) to the Director of Finance, authority without limit to accept gifts in respect of allocations from the Trustee of the Campaign for Oxford Trust Fund;
(b) to the Registrar, authority to accept gifts worth more than £20,000 and up to £100,000, subject to a termly report to Council of action taken;
(c) to the Director of Finance, authority to accept gifts worth more than £2,000 and up to £20,000; and
(d) to the head of each unit or, if the head so wishes to its administrator, authority to accept for that unit gifts worth up to £2,000;
except in each case:
(i) research grants and contracts covered by procedures agreed by Council;
(ii) any gifts the acceptance of which involves the establishment of a new trust;
(iii) any gifts that bear any restrictive conditions or entail any potential commitment on university funds;
(iv) any gifts that may be considered sensitive for political or other reasons; or
(v) any other gifts in respect of which those given delegated authority may consider Council's approval necessary. In appropriate cases those exercising delegated authority are expected to ask Council to vote thanks for a gift.
2. Benefactions and endowments made to the University may be given on trust. In order to ensure that the University complies with any conditions attaching to the benefaction or endowment, a decree must be made. The decree should include the purpose of the fund, its aims and objectives, the use to which the income is to be put (including unspent income carried forward to future financial years), whether the capital may be spent, details of the management committee, and provision for subsequent amendment subject to continuing observation of the purpose of the fund. Advice may be obtained from the Legal Services Office. The capital is usually invested in the Trusts Pool. Advice may be obtained from the Head of Treasury.
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1. Each head of a budgetary unit that receives income from the sale of goods or services is responsible for establishing procedures to ensure that all sales are authorised and are made only to acceptable credit risks. Customers must be made aware of the University's standard conditions of sale, which must be incorporated into any contracts. Invoices must be prepared for all goods dispatched or services supplied and be properly recorded and processed. Procedures must also be in place to follow up overdue accounts effectively. In the event of prolonged non- payment or dispute, the Finance Office, and/or Legal Services Office, should be informed as appropriate.
2. The liability to VAT of all goods and services supplied must be established and VAT charged and accounted for as appropriate.
3. When a new income-generating activity is set up, the Director of Finance must be consulted to consider whether the activity constitutes trading which might be subject to Corporation Tax and therefore should be conducted through a university company. Failure to do so may result in the activity being investigated by the Inland Revenue and the consequent payment of tax.
4. The University is required by the Financial Memorandum between the University and HEFCE when determining the price to be charged for research contracts, residences, catering, conferences, and services to external customers, including consultancy, to assess the full cost to the University. HEFCE expects the full cost to be recovered unless it is appropriate to do otherwise having regard to the particular circumstances. Budgetary units are responsible for ensuring that charges make due allowance for overhead costs and that they are aware of the extent, if any, to which they subsidise the cost from their own resources and can give justification for any subsidy. When research grants and contracts are costed, the University's policy on the charging of overheads between unit and central funds must be followed.
5. The head of a unit must approve sales to employees, members of the University, or other customers made without charge or at a charge below that normally made to external customers.
6. The head of a unit should ensure that appropriate charges are made for the use of university premises and facilities for non-university purposes.
7. Writing-off Bad Debts. Heads of budgetary units must ensure that procedures are in place properly to monitor all debts and to follow up overdue accounts. A debt is created whenever a sale is made. The following authorities to write off bad debts after all reasonable steps have been taken to recover them apply to all debts.
(a) The head of a budgetary unit may write off a bad debt up to £5,000 against its own budget with the permission of the Director of Finance.
(b) The Director of Finance has authority to write off bad debts of up to £100,000 against general revenue and also has authority, where he considers that the bad debt resulted from unguarded action taken by a unit, to write off the debt against that body's funds. The Finance Committee will receive an annual report of the total sum written off each year giving details of individual sums over £5,000. Any VAT included in bad debts that have been written off may be recovered using the procedures prescribed by Customs and Excise. Any legal action to recover moneys due has to be approved by the Director of Finance. Any action arising will be taken through the Legal Services Office
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1. The Registrar, the University's senior administrative officers, their respective deputies appointed from time to time, and the Land Agent are authorised to enter into, vary, and discharge on behalf of the University such contracts and such classes of contracts (whether made in writing or by parol), and to sign such other documents and such classes of documents, as may be specified by Council.
2. The Director of the RSO is authorised to effect all contracts relating to research and associated matters.
3. Heads of budgetary units have authority to effect contracts in the course of the ordinary business of their unit involving only the funds over which they have delegated control, subject to the Statutes, Decrees, and Regulations of the University including these Financial Regulations. They do not have any authority to enter into any contract which is illegal or which does not comply with obligations laid down by HEFCE, the Inland Revenue, Customs and Excise, and other government authorities. What is ordinary business will vary but for academic units can be taken to mean teaching and research and (save as otherwise provided) their support. Specific funds may be used only for the purposes given.
4. Heads of units may delegate in writing their authority to effect contracts.
5. Heads of units should obtain the advice of the Director of Finance in the first instance if they are unsure of their authority to effect a particular contract.
6. The regulations for contracts of employment are stated in § 23 below.
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1. Each head of a budgetary unit is responsible for establishing procedures to ensure that goods and services are ordered only in required quantities of suitable quality at the best terms available, after appropriate requisition and approval. Order forms should refer to the University`s standard terms and conditions of business. Procedures must be in place to ensure that goods and services received are inspected and only properly ordered items are accepted before invoices are authorised. Invoices must be properly recorded. Duties of staff should be segregated wherever possible so that more than one member records and processes each transaction. Where only one member of staff is available procedures for regular independent checks of transactions should be in place.
2. Orders may be placed only when funds are available to pay for them.
3. Each head of a budgetary unit must supply the Departmental Accounts Section of the Finance Division with a register of authorised signatures for the authorising of documents for payment. The register may have limits to any individual's authority. Each entry on the register must be signed or initialled by the unit head. Where the proposed authorised signatory is not a university employee, the approval of the Director of Finance is also required. The register must be kept up to date. Advice can be obtained from the Departmental Accounts Office.
4. The Central Purchasing Officer in the Central Administration should be consulted for advice and information on all purchasing matters including centrally negotiated purchasing arrangements, to ensure that value for money is obtained. Further information is available in the Oxford University Purchasing Group buyer's guide.
5. Heads of budgetary units are responsible for complying with European Union Procurement Directives. All individual procurements and contract arrangements with a value in excess of £150,000 must by law be advertised in the Official Journal of the European Union. The penalties for non-compliance by the University are severe. Further guidance on the EU Procurement Directives is available from the Central Purchasing Officer and is included in the Oxford University Purchasing Group buyer's guide.
6. Prompt payment for discount must not be made earlier than the date of supply except in cases where the supplier must itself make cash outlays at an early stage or permission has been obtained from the Finance Division. Advice can be obtained from the Head of Financial Accounting.
7. Payments in the nature of employment must be made through the university payroll and not by other means.
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1. Travel and subsistence reimbursement claims should be made on university claim forms or other forms approved by the Director of Finance.
2. The claims must be for the reimbursement of actual expenditure incurred wholly and necessarily on the business of the University and be in accordance with the rates approved by the Director of Finance. The lower mileage rate should be used unless the head of the unit has authorised the use of the higher rate in advance.
3. Supporting vouchers must be provided for the cost of accommodation, fares, and other major items of expenditure.
4. No round-sum allowances may be paid.
5. An owner whose vehicle is being used for travel on university business must ensure that it is adequately insured for that purpose.
6. Employees cannot be reimbursed for the cost of travel to and from their normal place of work otherwise than in exceptional circumstances, when permission from the Director of Finance must be sought.
7. No one may authorise reimbursement of his or her own expenses. Claims should always be approved by an employee senior to the claimant. Where there is no suitable person within a budgetary unit to authorise an expense claim, the Director of Finance must be asked to make alternative arrangements.
8. Those travelling abroad on university business should take out appropriate insurance cover by registration with the University's block travel policy available through the Insurance Office of the Finance Division. This cover includes medical expenses incurred abroad and those costs arising from cancellation or curtailment of the journey.
9. Advice on claims should be sought from the Head of Financial Accounting.
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1. Advances will normally be made only to employees and registered students of the University for up to one month's costs. Trips that exceed one month should be funded on an imprest system of topping up the advance against claim forms. Only in cases where this would be genuinely impossible or impracticable will an exception to the time limit be made and then only on consideration of a written application in advance to the Director of Finance.
2. Advances will be limited to 75 per cent of the estimated cost of up to one month's subsistence according to the daily rates for countries abroad approved by the Director of Finance and to the full cost of fares.
3. Requests for advances should be made on university expense claim forms giving details of dates and countries to be visited, and a breakdown of the advance required.
4. Claimants must submit full documentation within seven days of return, and the process of accounting for the claims against advances must be completed within one month of the return date. Advances should not be outstanding for more than two months.
5. Advice on advances may be obtained from the Head of Financial Accounting.
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1. Entertaining should wherever possible and appropriate be carried out in the University's own facilities in departments or in the colleges.
2. Entertainment expenditure may be an appropriate use of university moneys and avoid tax liability only if it is incurred wholly, necessarily, and exclusively for university purposes. A schedule must be included with the claim that gives details of those entertained and their institutions and the purpose of the entertainment.
3. All expense claims for entertaining, which must be supported by vouchers, must be authorised by the head of the unit (except where the head is the claimant, when alternative arrangements must be made - see § 20, cl. 7 above). The authorising and submission of a claim for payment for entertaining is a declaration that the cost was incurred wholly, necessarily, and exclusively for university purposes. Only on this basis can the Finance Division pay the claim in full without deduction of tax.
4. In authorising entertainment expenditure, heads of units are also undertaking that, if in any case tax is subsequently levied, any cost which is not recoverable from the individual beneficiaries will fall on the budget of the unit.
5. Advice on such payments may be obtained from the Head of Tax and Advisory Services.
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1. No one shall have authority to offer any person employment as a member of the University's staff, or to sign letters of appointment for staff, or to dismiss staff, except with the express consent of Council, and provided that any offer of employment shall be on the appropriate terms and conditions of employment for the category of staff concerned; and any dismissal shall have complied with the appropriate procedures for the dismissal of the member of staff concerned. Council has delegated its powers to the Personnel Committee and to the chairman and officers of that committee.
2. All university employees shall have a properly authorised letter of appointment whose form has been approved by, or under the authority of, the Personnel Committee.
3. No member of staff may be given a contract of employment for a period exceeding that for which funding is available fully to support the post, or posts, to which he or she is appointed.
4. The only payments which may be made to university employees are those which relate to the operation of approved university salary scales and such other payments as have been specifically approved by the Personnel Committee.
5. All university employees shall be paid through the payroll operated by the Salaries Office.
6. Each head of a budgetary unit that has staff paid through the university payroll must supply the Salaries Office with a Register of Authorised Signatures for the authorising of salary documents. The register may have limits to any individual's authority. Each entry on the register must be signed or initialled by the head of the unit. The register shall be kept up to date. Where the proposed authorised signatory is not a university employee the approval of the Director of Finance is also required.
7. All documents sent to the Salaries Office authorising the payment of new employees or subsequent changes to their salary or other details must be authorised in accordance with the relevant Register of Authorised Signatures.
8. If it is proposed to employ a citizen of a country outside the European Economic Area (EEA), it is the responsibility of the head of the unit, or other authorised signatory:
(a) in the case of a person at present in the UK, to ensure that the landing conditions imposed on that person by the Immigration and Nationality Directorate of the Home Office allow the proposed employment; or
(b) if the person is not in the UK, to obtain through the Central Administration a work permit from the DfEE for the specific employment proposed. The Work Permit and Immigration Help Desk within the Central Administration will handle centrally any applications that may be necessary and will advise on the detail and documentation required. (It should be noted that the DfEE normally requires, to support a successful application, evidence that the vacancy was advertised in an approved publication available in the EEA.) The Salaries Office will not add a non-EEA citizen to the payroll unless it is clear that any necessary work permit has been obtained or that the immigration status of the person concerned does not require the University to seek permission for the specific employment proposed.
9. Any circulars issued by the Director of Finance on taxation or national insurance matters must be complied with to ensure that the requirements of the Inland Revenue and Department of Social Security are met and to protect the University from financial loss.
10. Advice on all staff appointments may be obtained from the Personnel Services Section.
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1. Each head of a unit is responsible for establishing procedures to ensure that stocks are adequately protected against loss or misuse. Stocks should be maintained at the minimum level required to support operations.
2. A physical stock count must be conducted at least once a year, preferably at 31 July.
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1. Each head of a unit is responsible for establishing procedures to ensure that all items of equipment and furniture are adequately protected against loss and misuse and that all purchases and disposals of equipment are properly authorised, accounted for, and recorded.
2. Equipment inventories must be maintained and be able to satisfy the requirements of the Internal Audit Section.
3. Equipment bought from research grants and contracts belongs to the University, unless there is explicit provision to the contrary in the relevant contract, and is available for use in the relevant unit on the expiry of the grant subject to any conditions imposed by the funding body.
4. Any proceeds from the sale of equipment will normally be credited to the account of the unit concerned.
5. Where equipment is loaned, units should have procedures in place to ensure that it is returned in good condition, and should consider the need for the borrower to arrange insurance cover.
6. Items of equipment are covered for all-risks insurance if they are included on the asset register which must be updated regularly and a copy supplied to the Insurance Office of the Finance Division annually. Items purchased between annual submissions are automatically covered.
7. Units must not enter into leasing contracts for equipment without taking the advice of the Central Purchasing Office, which has prepared a standard contract.
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1. No university-owned vehicle may be used unless it is insured for the purpose for which it is being used and has a valid DETR Certificate where required, and the driver is qualified to drive the vehicle.
2. University-owned vehicles may be used only by persons and for purposes authorised in writing by the head of the unit, and a record of authorised drivers should be maintained. University vehicles should not normally be used for travel to and from work and they should be left on university premises at night. Where the use of university vehicles is authorised for travel to and from work and they are not left on university premises at night, any employee of the University is likely to be taxed on the benefit enjoyed.
3. Where private use is allowed, the terms and conditions of use and reimbursement of costs must be authorised in writing by the head of the unit, and the person granting such authorisation is also responsible for ensuring that there is comprehensive insurance cover.
4. University vehicles must be included in the unit's asset register.
5. Sales of vehicles should be advertised beyond the unit making the sale.
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1. The Buildings and Estates Subcommittee shall be responsible to PRAC for formulating and reviewing the University's programme for all building works, for the execution of all building projects, for maintaining university buildings in a satisfactory condition, and for allocating space within them.
2. All building works, however funded, in university functional buildings require the prior permission of the Director of Estates and University Surveyor, acting on behalf of the Buildings and Estates Subcommittee.
3. The Current Standing Orders for Building Tenders must be observed.
4. HEFCE Instructions for Estates Procedures must be complied with for HEFCE-funded projects.
5. European Commission public procurement directives on supplies, services, and works must be followed.
6. Advice on building matters can be obtained from the Director of Estates and University Surveyor.
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1. The Investment Committee shall, on behalf of Council, arrange for the investment of funds and endowments of the University in accordance with Tit. XV, Sect. V, cl 2, or in accordance with the Trusts Pool Scheme.
2. The Investment Committee shall report to Council at least annually on its investment policy and the performance of the University's investments.
3. No budgetary unit or trust of the University may invest in any securities or other investments (including land) without the permission of the Investment Committee.
4. The Investment Committee manages the Trusts Pool Scheme, which is designed for long-term investment, and shall approve all new shareholders and increases in shareholdings. The terms of the pool are included in the University's Decrees (Ch. VIII, Sect. VIII).
5. The Investment Committee shall, on behalf of Council, approve the appointment of managers of investments and the investment powers of officers.
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1. Functional Property. The authority of Council is needed for any purchase of land or property (whether freehold or leasehold) for the functional use of the University. All contracts for the purchase of land or property for the functional use of the University (whether freehold or leasehold) and all sales of existing functional land and property must be effected by the University centrally on the authority of Council.
2. Non-functional Property. The Property Management Subcommittee of PRAC has charge of all real property that is not in use for the functional purposes of the University, nor for investment purposes, and may authorise the purchase, leasing, and sale of real property for non-functional purposes on behalf of the University.
3. Advice on property matters may be obtained from the Director of Estates and University Surveyor in respect of functional property and the Land Agent in respect of non- functional property.
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1. All applications to outside bodies for research funds must be submitted for university approval to the RSO before being despatched to the sponsor. The RSO is also responsible for negotiating, and entering into, research and related contracts on behalf of the University.
2. The University's policy of disclaiming liability under research agreements must be complied with.
3. The University's policy on the charging of indirect costs, and the distribution of indirect cost income between departmental and central funds, must be followed when research grants and contracts are being costed.
4. The University's policies covering all aspects of research funding and related activities must be complied with. Further advice on such policies is available from the RSO.
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1. Academic staff (other than CUF lecturers) may without loss of stipend engage in personal consultancy work with the approval of the relevant Divisional Board and head of department in departmentally organised faculties, provided that the amount of time spent on these and other outside appointments does not exceed thirty days per annum. Applications for permission to spend more than thirty days per annum on outside appointments (including consultancies) need the same approvals and may result in loss of stipend. Academic-related staff may also engage in personal consultancy work on similar terms with the approval of their head of department, `line manager', and sponsoring body (if applicable). Such approval is subject to clause 2 below. Advice may be obtained from the RSO.
2. The terms of any personal consultancy agreement must be vetted by the RSO prior to signature. Advice can be obtained from the RSO.
3. Employees of the University must not hold themselves out as acting on behalf of the University when undertaking personal consultancy work. The University accepts no responsibility for work done or advice given. Once approval to hold a consultancy is given, appropriate disclaimers of liability will be issued on behalf of the University by the RSO in respect of academic staff and by departments in respect of other staff.
4. Employees of the University engaged in personal consultancy work are covered by the University's professional indemnity insurance only if the permission of the University has been obtained, through the procedures in clauses 1 and 2 above, and the fees receivable declared to the insurers. Advice should be obtained from the Insurance Section of the Finance Division.
5. The University's policy on the payment to employees for consultancy and services to industry must be complied with. Advice is available from the RSO.
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1. Except with the express consent of Council, no official of the University or any other person employed by the University or working in or in connection with any department of or under the control of the University shall in connection with any invention, discovery, or patent, or (except under the authority of the Delegates of the University Press, in matters falling within their jurisdiction) process, or manufacture have authority to make any representations on behalf of the University or to enter into any contract on behalf of the University or to be concerned in any transaction whatsoever in connection therewith on behalf of the University.
2. Revenue received by the University as a result of the exploitation of any item of intellectual property shall be distributed in accordance with the University's Intellectual Property Policy.
3. Advice on intellectual property matters should be obtained from the RSO.
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1. When a member of staff in his or her spare time undertakes private work for other units involving the use of facilities operated by the unit by which he or she is normally employed, proper invoices in respect of any charges which may be made for such work must be prepared, and submitted to the head of the unit by which the member of staff is ordinarily employed for approval and signature. Payment will be made through the university payroll unless a Schedule D tax reference for the trade has been obtained in writing from the Inland Revenue. Advice can be obtained from the Head of Financial Accounting.
2. Where the head of the unit allows private work to be carried out for other units, written rules should be drawn up and made readily accessible to all members of staff. The cost of any materials provided should be recovered, and care taken that safety procedures are observed. Advice may be obtained from the Internal Audit Section.
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1. The University is required by its Financial Memorandum with HEFCE to have adequate insurance cover.
2. Central policies are held for the insurance of buildings and contents (except library holdings and certain museum collections) against all risks, public and employer's liability, professional indemnity, and fidelity; these are paid for centrally by the University.
3. Personal accident cover is in place for certain defined categories of personnel.
4. Insurance matters must only be arranged through the Insurance Section of the Finance Division, which can provide all necessary advice.
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1. The University is a partially exempt registered taxable body and has a legal obligation to account properly for VAT and to make correct returns to the Customs and Excise. Each unit is responsible for its own VAT affairs including ensuring that it is adequately informed about VAT and related aspects of the matters with which it deals. All heads of units must submit correct and timely returns of VAT and other legally required data to the Finance Division for inclusion in the University's returns to Customs and Excise, as well as providing the information needed on invoices and other documents of costs incurred to allow the University to operate its VAT partial exemption scheme.
2. Information on VAT and related matters is available from the circulars produced by the Finance Division, and advice is available from the VAT Officer in the Finance Division.
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1. The University shall pay contributions towards removal and travelling expenses incurred by persons taking up approved posts in the University on such conditions as Council may approve.
2. Application must be made to the Director of Finance before expenditure is incurred or authorised by the new post-holder. Advice should be sought from the officer in charge of removal expenses in the Finance Division.
3. Unit funds may not be used to fund relocation expenses except as allowed for by the approved scheme.
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1. Council has empowered PRAC, without reference to Council, to make grants from revenue in response to appeals from educational or charitable organisations of direct concern to the University in Oxford or in places where the University owns land or is patron of a benefice, provided that Council is consulted on any case of doubt or difficulty or involving a grant of more than £10,000.
2. Unit funds may not be used to make charitable donations or grants.
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(a) economy;
(b) legal and related requirements;
(c) potential demand within the organisation;
(d) historical value. There are few firmly established regulations to follow in deciding how long to keep documents. However, this guideline covers recommended minimum retention periods for accounting records to discharge the University's legal and statutory obligations in respect of the various taxing authorities and audit requirements.
[Note. The above is not meant to be a comprehensive list of all the financial documents held in a department and does not imply that all other documentation can be destroyed. The Internal Audit Section, University Offices, Wellington Square, can provide guidance on the legal and related requirements for other accounting documentation if required, as well as further information or assistance in connection with any other aspects of these guidelines.]
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