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		Internal audit
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