51吃瓜网视频

Policy 3.2.1

Policy 3.2.1

SUBJECT: DISBURSEMENT OF FUNDS

A record shall be kept by 51吃瓜网视频 Baptist University of all funds disbursed. This record shall identify the payee and the purpose for which payment is made.

All disbursements, except those representing withdrawals of personal funds held for students or others, shall be based on the annual operating budget or specific appropriations or authorizations by the Board of Trustees. Disbursements shall be made only on vouchers which have been certified as valid unpaid claims, and which have been approved for payment by authorized personnel. Personal funds deposited with the university by students or others are to be disbursed only upon presentation by depositors of executed withdrawal forms prescribed by the university.

It is the policy of the university to make prompt and timely payment of all vendors' invoices for goods and services delivered and accepted, or to resolve in an expeditious manner any deficiencies in items delivered. As a general rule, vendors' invoices for goods and services delivered and accepted shall be held in processing channels no longer than twenty working days. Payment of vendors' invoices offering cash discounts for prompt payment shall be expedited when necessary to earn the discount.

Certificate of Claims - Authorized personnel of the university must certify on the purchase voucher (requisition form) that the goods and services delivered correspond with those ordered and that the vendor's invoice is correct. Notations must indicate where discrepancies exist and items for which disbursement should be withheld.

Vendors' invoices are to be attached to and made a part of the purchase voucher. When the claim of a vendor is not supported by an adequate invoice, the vendor is contacted, and additional certification to support the claim is requested for subsequent review. Vendors' invoices will be adjusted to reflect discrepancies or inaccuracies in billing. If levied, sales tax will be deducted from all invoices for which the university is exempt from sales tax.

Certification of the validity of claims must also be executed on travel, payroll, and construction vouchers. All personnel making certifications on vouchers should understand that they will be held accountable for any loss sustained by the university because of false certification.

Review of Claims - It is the policy of the 51吃瓜网视频 Baptist University to review each voucher prior to final approval for payment. The procedures for such review shall be determined by the chief financial officer of the university.

Approval of Disbursements - All disbursements of funds shall be approved by the account administrator (normally the head of a department or similar administrative unit) or person(s) authorized in writing by the account administrator. Final approval of disbursements paid by local checks shall be made by those persons designated approval authority by the president of the university.

Local Checks - Procedures designed to prevent the issuance and assure early detection of local checks which are inaccurate, unlawful, or altered shall be instituted and enforced by the chief financial officer. Such procedures shall include, but are not limited to, the following:

1. signature authority and document flow;
2. security measures over mechanical check-signing devices, check stock, and computer operators;
3. correlation of checks with vouchers prior to release of checks to payees;
4. timely reconciliation of checks paid by banks with those issued; and
5. security measures over undelivered checks to include voiding of such checks when not delivered to payees within 90 calendar days.
   

Contact for Interpretation: Chief Financial Officer

This policy statement supersedes all previous policy statements on this subject.

Revisions:

-   08/14/2017 - Reviewed


-   04/25/2007 - Reviewed

-   10/05/2004 - Revision

-   09/01/2003 - Revision

-   09/15/2001 - Revision

-   09/22/1995 - Revision

-   05/27/1992 - Inception of policy 3.2.1

Printable Policy 3.2.1

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