Controller, the Chief Financial Officer, and the Principal and Vice-Chancellor having regard to the circumstances of the case. 11.5 Treasury Management 11.5.1 Treasury Management Policy Please refer to the for information and guidelines. 11.5.2 University Bank Accounts – Payments and Transfers All payments from the University and subsidiaries Bank Accounts must be authorised in accordance with the guidelines documented in the Delegated Authority Policy prior to being passed to Finance for payment. Funds may be disbursed from the University Bank accounts by the following method of payment: BACS This is the University’s preferred payment method as it is the most efficient and economical. BACS payment runs are prepared by Operational Services and reviewed by a member of the Senior Finance team before being passed to Treasury Management who are responsible for the secure transfer of the encrypted BACS payment files that are automatically generated by the financial system. Online banking system payments The University has the facility to make payments via the online banking system. Payment documents are processed by Operational Services and transmitted by the Senior Finance team. The main types of transactions paid by this method are: emergency payments; inter account bank transfers; Treasury transfers; and foreign payments. Inter account bank transfers are defined as transfers between University and subsidiary company bank accounts with the operational Bank or the University Santander Campus Branch account, and should be authorised for payment by Senior Finance staff on completion of an Inter Account Transfer Request with supporting documentation. Treasury transfers, defined as transfers of funds in excess of working capital needs to/from approved institutions, requires authorisation by two signatories from the University Executive Authorised Signatory Panel. Actual transfers are executed in line with the approved means – either CHAPS or telephone instruction. The Chief Financial Officer, the Financial Controller and the Treasury HOS are all authorised to provide telephone instructions for the movement of funds, where applicable. Senior Finance staff process all authorised payments made via the online banking system. Cheques Cheque payment runs are reviewed by a member of the Senior Finance team. Treasury Management are responsible for the printing of cheques from a file automatically generated by the financial system. The cheques are printed on a Troy Security Printer using watermarked A4 Laser cheques printed with MICR toner and will contain the Principal and Vice-Chancellor’s
Controller, the Chief Financial Officer, and the Principal and Vice-Chancellor having regard to the circumstances of the case. 11.5 Treasury Management 11.5.1 Treasury Management Policy Please refer to the for information and guidelines. 11.5.2 University Bank Accounts – Payments and Transfers All payments from the University and subsidiaries Bank Accounts must be authorised in accordance with the guidelines documented in the Delegated Authority Policy prior to being passed to Finance for payment. Funds may be disbursed from the University Bank accounts by the following method of payment: BACS This is the University’s preferred payment method as it is the most efficient and economical. BACS payment runs are prepared by Operational Services and reviewed by a member of the Senior Finance team before being passed to Treasury Management who are responsible for the secure transfer of the encrypted BACS payment files that are automatically generated by the financial system. Online banking system payments The University has the facility to make payments via the online banking system. Payment documents are processed by Operational Services and transmitted by the Senior Finance team. The main types of transactions paid by this method are: emergency payments; inter account bank transfers; Treasury transfers; and foreign payments. Inter account bank transfers are defined as transfers between University and subsidiary company bank accounts with the operational Bank or the University Santander Campus Branch account, and should be authorised for payment by Senior Finance staff on completion of an Inter Account Transfer Request with supporting documentation. Treasury transfers, defined as transfers of funds in excess of working capital needs to/from approved institutions, requires authorisation by two signatories from the University Executive Authorised Signatory Panel. Actual transfers are executed in line with the approved means – either CHAPS or telephone instruction. The Chief Financial Officer, the Financial Controller and the Treasury HOS are all authorised to provide telephone instructions for the movement of funds, where applicable. Senior Finance staff process all authorised payments made via the online banking system. Cheques Cheque payment runs are reviewed by a member of the Senior Finance team. Treasury Management are responsible for the printing of cheques from a file automatically generated by the financial system. The cheques are printed on a Troy Security Printer using watermarked A4 Laser cheques printed with MICR toner and will contain the Principal and Vice-Chancellor’s
GCU_Financial_Procedures_April_2015.docx