700 - Finance

The Senior Vice Chancellor for Financial Affairs and Online Education functions as the chief financial officer of the University. Subject to the approval of the Chancellor, the Senior Vice Chancellor for Financial Affairs and Online Education is in charge of the financial administration of the University and shall have custody and control of all its funds and securities. He/she is in charge of all the assets of the University, including physical property.

The Senior Vice Chancellor for Financial Affairs and Online Education is responsible for the development and implementation of all accounting records and procedures, the preparation and interpretation of all financial reports, and the internal control function. He/she is responsible for the preparation of the University budget and oversight control of the budget. He/she maintains financial records of all contract/grants and leases, compiles financial analyses, and coordinates the preparation of business and financial statistical reports.

701.2

Fiscal accountability for the efficient use of budgeted funds is assigned to senior administrators and department heads. For each approved annual operating budget, the Board of Trustees allocates to each department a portion of the University's current resources to be utilized to fulfill departmental responsibilities and to achieve long-range goals. The department chair is charged with the management of all budgeted funds in accordance with the guidelines set forth in this manual. Misuse or abuse of University resources is addressed in the Internal Audit section

701.3

Fiscal Authority Required for various transactions

PURCHASE REQUISITIONS must be approved by the department chair, the Senior Vice Chancellor for Financial Affairs and Online Education, and/or Director of Purchasing before a purchase order may be issued. The Purchasing section will expand upon this authority level.

APPLICATION FOR OUT-OF-STATE-TRAVEL must be approved by at least one approver as designated in Section 701.4.II

TRAVEL REIMBURSEMENT REQUESTS must be approved by at least one approver as designated in Section 701.II before payment may be processed.

ALL INSTITUTIONAL CONTRACTS FOR SPONSORED PROGRAMS (GRANTS AND CONTRACTS) AND LEASE, MAINTENANCE, AND CONSULTING AGREEMENTS must be reviewed and approved by the Senior Vice Chancellor for Financial Affairs and Online Education or designee.

More stringent approval levels may be implemented during certain budget situations.

Approved: Cabinet, February, 2018
OPR: SVC, Finance and Business Affairs

701.4

Troy University Contractual, Financial, and Personnel Authority Level

Implied in the authority levels set forth in this document is the understanding that appropriate personnel at the subunit levels have reviewed and provided appropriate input on these approvals.

Lease Agreements, Independent Contractors, Consultants, Maintenance Agreements, Licensing Agreements, and Other Types of Performance Contracts 1 (This does not include employee contracts or construction contracts.)

Authority Levels for Approving Travel (in-state and out-of-state travel)

Purchasing Authority (Instructional Materials, Supplies, Equipment, etc.) 4

Personnel Authority 6

Classified Positions
Professional Personnel
Faculty Appointments, Promotions, and Tenure
Part-Time Personnel

Supplemental Pay for Employees - Periodic (usually one-time) payments to employees for performing a specific task or duty for the university outside the scope of their normal job description.