Financial Policies Training:
Formulation and Issuance of University
Financial Policies (2.1.9)
Effective: October 1, 2008

These PowerPoint slides are intended for training purposes. In the event of any discrepancy or interpretation difference between the policy and the slides, the policy dictates.

Formulation and Issuance of
University Financial Policies (2.1.9)
University policies should be thoroughly
Reviewed
Maintained
Made available to promote
Awareness
Compliance
Accountability

Formulation and Issuance of
University Financial Policies (2.1.9)
Policy 2.1.9 addresses
Proposing and developing a university-wide financial policy
Updating a financial policy
Mandatory review of financial policies
Withdrawing a financial policy

Proposing and Developing a
University-wide Financial Policy
How?
Any individual or unit may identify a need for a new policy
A policy may be formulated or revised in response to audit findings
What and where?
Policy must conform to the standard policy format
(see next slide)
Policy must be available on university’s Policies and Procedures Web site

Proposing and Developing a
University-wide Financial Policy
Steps when an individual/unit identifies the need for a new financial policy:
Administrator at VP level or higher
* Appoints a responsible office(s) to consult with the Financial Development Policy
Committee (FDPC) to develop a draft policy
* Agrees to be accountable for policy’s procedures
Responsible office(s) and FPDC agree on policy draft content and procedures
FPDC takes policy draft to various bodies for review/feedback
(Examples: Council of Deans, Academic Operations Committee, Cabinet, Financial Coordinating
Committee, President’s Budget Advisory Committee)
FPDC shares feedback with responsible administrator/offices; makes appropriate changes
FPDC recommends policy to Senior Vice President for Executive Committee approval
Following approval, FPDC, in collaboration with responsible offices, provides
* Communication and training to university community

Proposing and Developing a
University-wide Financial Policy
Steps when a financial policy is formulated or revised in response to audit findings:
FPDC develops or revises a policy in conjunction with the Office of the Vice President of Finance
FPDC is responsible for
* Appropriate review processes
* Recommendation processes
* Communication and training

When?
As needed
How?
Responsible office requests Administration &
Finance Business Affairs to make routine changes (e.g., contact and title info)

Mandatory Review of
Financial Policies
What?
All financial policies
When?
At least once every three years
How?
FPDC prompts responsible executives/offices to review policies originated by them
Extent of changes resulting from review determines the review process

When?
In special circumstances, a responsible executive may deem it appropriate to
Withdraw an existing policy
Consolidate a policy with another policy
How?
FPDC is informed of the intent
In collaboration with the responsible executive and with approval of the Senior Vice President and
Executive Committee, FPDC issues announcement of a withdrawn policy

Formulation and Issuance of
University Financial Policies (2.1.9)
The Policy (2.1.9): www.uc.edu/af/documents/policies/PolFinPolicies.pdf
Policy questions e-mail: policyquestions@uc.edu
UC Policies and Procedures Web site: www.uc.edu/about/policies