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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 Services. Should you have any questions regarding the University’s FMPM please contact Financial and Policy Accountant who will address any issues with the relevant content experts.

Financial Management Practice Manual (FMPM) contents:

 

Financial Management and Accountability Policy (to be developed) 
 Financial Management and Accountability Procedure (to be developed 
 Replacing existing:  Budgeting (Financial Management); Carry forward balances; Contract Management; External Audit
Financial Management; Internal Control; PlanningRetention of Records
 
 Financial Delegations Schedule
 
 Financial Reporting    Cash Management
 Financial Reporting Policy    Banking Policy
 Financial Reporting Procedure    Banking Procedure
 General Ledger Journal Procedure    
 Information Systems Financial Management Procedure    Cash Floats Policy
     Cash Floats Procedure
 Revenue Policy     
 Revenue Procedure     Interest Bearing Funds Policy
     Interest Bearing Funds Procedure
 Costing and Pricing Policy     
 Costing and Pricing (General) Procedure    Investments and Cash Management Policy
 Costing and Pricing (Research) Procedure    Investments and Cash Management Procedure
 Internal User Charging & Cost Recovery Procedure    
     Petty Cash Policy
 Expenditure Policy    Petty Cash Procedure
 Expenditure Procedure    
     Receipting and Collection of Monies Policy
 Assets Policy    Receipting and Collection of Monies Procedure
 Assets Procedure    
     Debt Management
 Impairment of Assets Policy    Accountable Advances Policy
 Impairment of Assets Procedure    Accountable Advances Procedure
     
 Intangible Assets Policy    Credit Control & Debt Management - Students Policy (to be developed)
 Intangible Assets Procedure    Credit Control & Debt Management - Student Procedure (to be developed)
     
 Inventory Assets Policy    Credit Control & Debt Management - Trade & Commercial Customer Policy
 Inventory Assets Procedure    Credit Control & Debt Management - Trade & Commercial Customer Procedure
     
 Portable and Attractive Items Policy    Excess Payments Policy
 Portable and Attractive Items Procedure    Excess Payments Procedure
     
 Property, Plant & Equipment Assets Policy    Leasing Policy
 Property, Plant & Equipment Assets Procedure    Leasing Procedure
     
 Liabilities Policy    Refunds - Trade and Commercial Customer Policy
 Liabilities Procedure    Refunds - Trade and Commercial Customer Procedure
     
 Borrowings Policy    Students Sponsorship and Agency Policy (to be developed)
 Borrowings Procedure    Students Sponsorship and Agency Procedure (to be developed)
     
 Procurement    General
 Corporate Credit Card Policy    Gifts Policy (to be developed - replacing sections of  Financial Services Conflict of interest and gifts)
 Corporate Credit Card Procedure    Gifts Procedure (to be developed - replacing sections of  Financial Services Conflict of interest and gifts)
     
 Procurement and Purchasing Policy    Insurance Policy
 Procurement and Purchasing Procedure    Insurance Procedure
 University Buying Strategies and Practices Schedule    Insurance Categories and Claims Notification Process Schedule
     
 Professional Services Policy    Taxation Policy
 Professional Services Procedure    Taxation Procedure
     
 Existing FMPM to be replaced by other Departments Policies:
 Fee assessment and distribution;  Hospitality and entertainment;  Loans and Borrowings (Students)