work done or services rendered have been satisfactorily carried out in accordance with the and, where applicable, the materials used are of the requisite standard and the charges are correct; in the case of contracts based on the measurement of time, materials or expenses, the time charged is in accordance with the time sheets, the rates of labour are in accordance with the appropriate rates, the materials have been checked as regards quantity, quality, and price and the charges for the use of vehicles, plant and machinery have been examined; where appropriate, the expenditure is in accordance with regulations and all necessary authorisations have been obtained; the account is arithmetically correct; the account is in order for payment. A timetable and system for submission to the Director of Finance of accounts for payment; provision shall be made for the early submission of accounts subject to cash discounts or otherwise requiring early payment. Instructions to employees regarding the handling and payment of accounts within the Finance Department. Prepayments Prepayments are only permitted where exceptional circumstances apply. In such instances: Prepayments are only permitted where the financial advantages outweigh the disadvantages (i.e. cash flows must be discounted to NPV using the National Loans Fund (NLF) rate plus 2%). The appropriate Director must provide, in the form of a written report, a case setting out all relevant circumstances of the purchase. The report must set out the effects on the Trust if the supplier is at some time during the course of the prepayment agreement unable to meet his commitments: The Director of Finance will need to be satisfied with the proposed arrangements before contractual arrangements proceed (taking into account the EU public procurement where the contract is above a stipulated financial threshold):
work done or services rendered have been satisfactorily carried out in accordance with the and, where applicable, the materials used are of the requisite standard and the charges are correct; in the case of contracts based on the measurement of time, materials or expenses, the time charged is in accordance with the time sheets, the rates of labour are in accordance with the appropriate rates, the materials have been checked as regards quantity, quality, and price and the charges for the use of vehicles, plant and machinery have been examined; where appropriate, the expenditure is in accordance with regulations and all necessary authorisations have been obtained; the account is arithmetically correct; the account is in order for payment. A timetable and system for submission to the Director of Finance of accounts for payment; provision shall be made for the early submission of accounts subject to cash discounts or otherwise requiring early payment. Instructions to employees regarding the handling and payment of accounts within the Finance Department. Prepayments Prepayments are only permitted where exceptional circumstances apply. In such instances: Prepayments are only permitted where the financial advantages outweigh the disadvantages (i.e. cash flows must be discounted to NPV using the National Loans Fund (NLF) rate plus 2%). The appropriate Director must provide, in the form of a written report, a case setting out all relevant circumstances of the purchase. The report must set out the effects on the Trust if the supplier is at some time during the course of the prepayment agreement unable to meet his commitments: The Director of Finance will need to be satisfied with the proposed arrangements before contractual arrangements proceed (taking into account the EU public procurement where the contract is above a stipulated financial threshold):
CORPORATE%20POLICY%20-%20Standing%20Financial%20Instruction%20-%20SFI%20-%20POLCF004-2.docx