Area Action Financial Limits (where Specific Delegated Action Delegated to applicable) For the purchase of goods and To execute a contract Executing University Contracts Up to £100,000 over the life of the Director of Service or SMT Lead services in relation to the ordinary contract activities within a College or Professional Service area Director of Service or SMT Lead, with Between £100,000 and £200,000 advice taken from the Head of over the life of the contract Purchasing and Procurement SMT Lead and Chief Finance Officer, with Between £200,000 and £1 million advice taken from the Head of Purchasing over the life of the contract and Procurement SMT Lead and Vice Chancellor, with Above £1 million over the life of the advice taken from the Head of Purchasing contract and Procurement For the formation and operation of To execute a contract Vice Chancellor N/A subsidiary companies, associates, joint ventures, spin-outs and any other strategic partnership To enter in to any form of financial To execute a contract Vice Chancellor and Chief Financial N/A instrument including borrowings and Officer (unless Governor signature interest rate agreements. specifically requested by other party) Purchasing and Procurement To request the purchase of To authorise a purchase requisition Staff with formal delegated authority goods/services within the College/Professional Service* Up to £50,000 Director of Service or SMT Lead Between £50,000 and £200,000 SMT Lead and Chief Finance Officer Between £200,000 and £1 million SMT Lead and Vice Chancellor Above £1 million To approve purchase requisitions To approve purchase requisitions Staff with formal delegated authority within the College/Professional Service* Up to £50,000 Staff with formal delegated authority within the College/Professional Service and a member of the Procurement Team** Above £50,000 To approve a payment not To approve a payment request Staff with formal delegated authority ‘one-off’ ‘one-off’ Up to £50,000 related to the purchase of within the College/Professional Service* goods/services (e.g. payment to a Director of Service or SMT Lead Between £50,000 and £200,000 partner on a research project, employee season ticket loan SMT Lead and Chief Finance Officer Between £200,000 and £1 million payment). SMT Lead and Vice Chancellor Above £1 million
Area Action Specific Delegated Action Delegated to Financial Limits (where applicable) Executing University Contracts For the purchase of goods and services in relation to the ordinary activities within a College or Professional Service area To execute a contract Director of Service or SMT Lead Up to £100,000 over the life of the contract Director of Service or SMT Lead, with advice taken from the Head of Purchasing and Procurement Between £100,000 and £200,000 over the life of the contract SMT Lead and Chief Finance Officer, with advice taken from the Head of Purchasing and Procurement Between £200,000 and £1 million over the life of the contract SMT Lead and Vice Chancellor, with advice taken from the Head of Purchasing and Procurement Above £1 million over the life of the contract For the formation and operation of subsidiary companies, associates, joint ventures, spin-outs and any other strategic partnership To execute a contract Vice Chancellor N/A To enter in to any form of financial instrument including borrowings and interest rate agreements. To execute a contract Vice Chancellor and Chief Financial Officer (unless Governor signature specifically requested by other party) N/A Purchasing and Procurement To request the purchase of goods/services To authorise a purchase requisition Staff with formal delegated authority within the College/Professional Service* Up to £50,000 Director of Service or SMT Lead Between £50,000 and £200,000 SMT Lead and Chief Finance Officer Between £200,000 and £1 million SMT Lead and Vice Chancellor Above £1 million To approve purchase requisitions To approve purchase requisitions Staff with formal delegated authority within the College/Professional Service* Up to £50,000 Staff with formal delegated authority within the College/Professional Service and a member of the Procurement Team** Above £50,000 To approve a ‘one-off’ payment not related to the purchase of goods/services (e.g. payment to a partner on a research project, employee season ticket loan payment). To approve a ‘one-off’ payment request Staff with formal delegated authority within the College/Professional Service* Up to £50,000 Director of Service or SMT Lead Between £50,000 and £200,000 SMT Lead and Chief Finance Officer Between £200,000 and £1 million SMT Lead and Vice Chancellor Above £1 million
Financial-Regulations-v1.4.docx