Procedure 8

General Financial Services 

Established: May 1996
Effective Date: 19 December 2016

Cancels: 2 June 2015

BE IT RESOLVED THAT:

1. Financial Services Relationships, Cheques and other Financial Instruments.

1.1.

Within the limitations set out below and subject to Procedures 6 and 9, the following are authorized to issue cheques and other financial instruments on behalf of the University and to complete such forms as are necessary for the University to establish financial services arrangements wth its financial institutions:

  • Chair of the Board of Governors
  • Vice-Chair of the Board of Governors
  • President
  • Vice-President, Academic & Provost
  • Vice-President, Administration & Finance
  • Director of Finance
  • Controller
  • Associate Director, Treasury and Tax Services
1.2. All bona fide cheques presented for payment bearing facsimile signatures of any two of the signing authorities above are valid and legal direction of payment to the University's financial institutions.
1.3. Expenses paid through University bank accounts are subject to standard University financial controls, procedures and guidelines including but not limited to budgeting, review and approval of expenses by expense authorities prior to payment of expenses, preparation and review of bank reconciliations, review of monthly financial reports and post-payment compliance and audit reviews. In approving an expense for payment, the appropriate expense authority confirms that the expense is a bonafide expense of the University and that the amount is within the approved budget.
1.4. The Director of Finance together with one other signing authority identified above are authorized to jointly approve the creation of limited purpose bank accounts which have monthly financial debit activity of less than $150,000 Cdn and where the account balances are limited to amounts required to efficiently conduct approved University business in a foreign jurisdiction or to enable high frequency, small value payments to third parties such as research participants. The Director of Finance or the Vice-President, Administration & Finance can delegate cheque signing authority to a named University employee who is located in the same jurisdiction as the limited purpose bank account provided that named employee possesses the appropriate knowledge and skill to effectively execute this role. Further:
1.4.1. No single payment transaction to a research participant can exceed $500 Cdn. The authority of any cheque signing authorities on such limited purpose bank accounts will be limited to this amount.
1.4.2. No single payment transaction can exceed $25,000 Cdn from a limited purpose bank account opened for purposes other than payments to research participants. The authority of any cheque signing authorities on such a bank account will be limited to the lesser of $25,000 Cdn per payment and the maximum amount per payment required for operational purposes.
1.4.3. Any single payment transaction from a limited purpose bank account of $5,000 Cdn or greater must be pre-approved by a second named employee designated by the Director of Finance or the Vice-President, Administration & Finance prior to payment being issued by the relevant cheque signing authority.

2. Borrowing.

Any two of the following are authorized on behalf of the University to borrow, from time to time, from the University's financial institutions, a sum or sums not exceeding in the aggregate the maximum credit limit which shall be established from time to time by arrangements between the Board of Governors and the University's financial institutions:

  • Chair of the Board of Governors
  • Vice-Chair of the Board of Governors
  • President
  • Vice-President, Academic & Provost
  • Vice-President, Administration & Finance