Financial Management Practices Manual

Under Sections 61, 62 and 63 of the Financial Accountability Act 2009, the University, as a statutory body must ensure its operations are carried out effectively, efficiently and economically. The University must establish and maintain appropriate systems of internal control, keep funds and accounts in compliance with prescribed requirements, undertake planning and budgeting and prepare annual audited financial statements and reports.

Furthermore under Section 16 of the Financial and Performance Administration Standard 2009, the University is required to prepare and maintain a Financial Management Practice Manual (FMPM) which will be developed in accordance with the Act, the Standard, relevant legislation, Accounting Standards, best practice and associated internal policies.

The FMPM is formed by a number of individual but related policies. The FMPM is the authoritative internal source of information and guidance, designed to assist the University manage its financial resources and meet its financial responsibilities, and to assist University staff meet their financial compliance requirements. The FMPM is regularly reviewed and updated by staff in Financial & Business Services. Should you have any questions regarding the University’s FMPM please contact EACFO@usq.edu.au or for specific enquires the “Contact points” listed at the beginning of each policy.

Financial Management Practice Manual (FMPM) contents:

 

 Accountable advances          Hospitality and entertainment
 Assets and intangible assets    Insurance (Policy to be developed)
 Banking    Interest bearing funds (Policy to be developed)
 Budgeting    
 Carry forward balances    Internal control
 Cash floats    Investments and cash management
 Conflict of interest    Leasing (Policy to be developed)
 Contingencies (Policy to be developed)    Liabilities
 Contract management    Loans and borrowings
 Corporate credit cards    Petty cash
 Credit control and debt management - students    Planning
 Credit control and debt management - non-students    Portable and attractive items
 Donations (and bequests) (Policy to be developed)    Pricing, costing & income distribution
 Equity    Procurement and purchasing
 Excess payments (unclaimed monies)    Professional services
 Expenditure    Receipting and collection of monies
 External audit    Refund of student fees
 Fee assessment and distribution    Refunds - trade and commercial (Policy to be developed)
 Financial delegations    Reporting
 Financial information systems    Retention of financial records
 Financial management (accountability)    Revenue
 Gifts    Risk management - financial (Policy to be developed)
 Grants (Policy to be developed)    Special Payments
     Taxation
     User charging