Policy on Financial Transactions

Objective

This policy aims to provide clear guidelines on managing, recording, and reporting financial transactions at CalUni University. It ensures financial integrity, transparency, and accountability across all financial activities.

 

Scope

This policy applies to all financial transactions conducted by CalUni University, including those carried out by employees, faculty members, and students on behalf of the university.

 

Principles

- Transparency: All financial transactions must be conducted transparently and properly documented.

- Accountability: Individuals involved in financial transactions must take responsibility for their actions and ensure compliance with this policy.

- Integrity: Financial transactions must be carried out honestly and ethically, adhering to the highest moral standards.

- Compliance: All financial activities must comply with relevant laws, regulations, and university policies.

 

Types of Financial Transactions

- Revenue-related transactions: Includes tuition fees, grants, donations, and other sources of income for the university.

- Expense-related transactions: Covers payments for goods and services, salaries, scholarships, and other university expenditures.

- Transfers: Encompasses internal transfers between university accounts and funds.

 

Responsibilities

- Finance Department: Responsible for overseeing all financial transactions, maintaining accurate financial records, and ensuring compliance with this policy.

- Employees and Faculty Members: Must follow the procedures outlined in this policy when conducting financial transactions on behalf of the university.

- Students: Must adhere to this policy when engaging in financial activities related to the university or student organizations.

 

Financial Transaction Procedures

- Authorization: All financial transactions must be authorized by an appropriate authority within the university. Authorization levels vary based on the nature and amount of the transaction.

- Documentation: All transactions must be supported by proper documentation, such as invoices, receipts, contracts, and purchase orders.

- Recording: Transactions must be accurately and promptly recorded in the university’s financial systems, including details of the transaction, amount, date, and involved parties.

- Approval: Transactions must be reviewed and approved by the relevant authority to ensure accuracy and compliance with this policy.

- Reconciliation: Regular reconciliation of accounts must be conducted to ensure transactions are recorded correctly and discrepancies are addressed promptly.

 

Financial Reporting

- Monthly Reports: The Finance Department will prepare and distribute monthly financial reports to the university administration, detailing income, expenses, and account balances.

- Annual Reports: An annual financial report will be prepared and reviewed by an external auditor. The report will be submitted to university administration and made available to stakeholders.

 

Internal Controls

- Segregation of Duties: Financial tasks must be separated to prevent fraud and errors. No individual should have complete control over all aspects of a significant financial transaction.

- Audits: Regular internal audits will be conducted to assess compliance with this policy and the effectiveness of internal controls. Audit findings will be presented to university administration for review and action.

 

Handling Cash and Checks

- Cash Management: Cash transactions should be minimized. When necessary, they must be handled securely with proper documentation and authorization.

- Check Processing: Checks received by the university must be deposited immediately into the appropriate account. Checks should be endorsed in the university’s name and marked "For Deposit Only" upon receipt.

 

Compliance and Violations

- Compliance: All members of the university community must comply with this policy. Training and resources will be provided to ensure understanding and adherence.

- Violations: Any violation of this policy may result in disciplinary action, including termination of employment or enrollment. Suspected fraud or financial misconduct will be investigated and reported to relevant authorities.

 

Policy Review

This policy will be reviewed regularly to ensure it remains up-to-date and effective. Any changes will be communicated to the university community and published on the university website.

 

Contact Information

For inquiries related to financial transactions, please contact the Finance Department at:

 

Email: [email protected]