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31 Mar 2015: Where Departments are providing funding for land and buildings an internal invoice will not be raised. The recovery of funds will be by journal entry. This is true of both minor works and major projects. The process is as follows: 1.

17 Aug 2015: Latest version 16 April 2024.

2 Apr 2015: The Finance Division is responsible for the University's financial policies and accounting procedures: whereas, the Development and Alumni Relations (CUDAR) is responsible for the policy on the solicitation, acceptance and stewardship of

5 Aug 2015: To maintain a level of timeliness and good housekeeping within the Supplier database, suppliers who have not been used for over 18 months, and have had no activity, are classed as Inactive. This applies only where there are no open Purchase Orders

6 Aug 2015: If we purchase something from a supplier in the UK who is not registered for VAT (normally because their turnover is too low), then they will not be able to charge the University VAT and hence the expenditure is entered as 'No UK VAT' on CUFS.

12 Aug 2015: The Departmental Administrator and the Principal Investigator will be notified by email once the grant has been activated by the School Team in the Research Operations Office The activation notice will include a link to the sponsor’s terms and

31 Mar 2015: Fixed or tangible assets are the physical structures that support the University and are therefore of significant value and are required to be accurately recorded and reported on within the University's financial statements.

11 Aug 2015: All research projects need to have a contract. Where the University accepts a funding body’s standard terms and conditions eg. a Research Council’s, there is no need for negotiations to take place as such terms are widely accepted.

18 Aug 2015: Please contact Credit Control Team to discuss further. Latest version 17 April 2024.

6 Aug 2015: Human blood and products for therapeutic purposes made of human blood, human (including foetal) organs or tissue for diagnostic or therapeutic purposes or medical research are exempt. Therefore no VAT is charge on the purchase and these purchases

2 Apr 2015: Donations are received and donation accounts are set up on the understanding that the monies are charitable funds which belong to the University, not to an individual . While the Head of Institution may place funds at the disposal of an individual,

12 Aug 2015: Some research sponsors, eg. Research Councils and the EC, may require a Principal Investigator to submit an interim or final scientific report. These are also known as Individual Grant Reviews (IGR).

18 Aug 2015: Latest version 17 April 2024.

20 Mar 2015: Latest version 15 April 2024.

5 Aug 2015: BACS payments All Sterling University Suppliers are paid via BACS (Bankers Automated Clearing System). This is an electronic payment system whereby money can be paid directly into a supplier's UK bank account on a specified day, without the need to

5 Aug 2015: Each department should designate two individuals to be responsible for requesting new suppliers or amendments. However, many staff may simply require the Supplier database to view suppliers and this is available to anyone with UFS access.

12 Aug 2015: Costs can only be incurred during the active period of research, i.e. after the start date and before the end date of the grant. After the end date, purchases can be charged if the goods were physically received before the end date. The start date

2 Apr 2015: A specific donation is one in respect of which the donor has specified restrictions or conditions limiting the way in which the funds can be spent.

11 Aug 2015: X5 is the software used to prepare proposal costings in line with fEC requirements. All new proposals must be costed using X5; awards or contracts which include a financial value will not be accepted unless an X5 costing is completed. There are

23 Jul 2015: Where finances can be managed using UFS this is the most efficient way. However, there may be times when off-line systems can add further detail/clarity. For example, trust fund managers may choose to record a simple budget for the fund on an Excel

12 Aug 2015: Search site. Finance Division. Monitoring Grants. All departments have access to Cognos, as well as reports within the UFS Grants Module, enabling them to view the latest financial position on their

31 Mar 2015: Security of equipment Heads of Departments should establish procedures to ensure that all items of equipment are adequately protected against loss and misuse. Maintenance or improvements to equipment When spending money on an existing asset it

2 Apr 2015: CUDAR's 'Procedures for Handling Donations' document explains the detailed University procedures for accepting donations. Departments should use these procedures before approaching any potential donors.

23 Jul 2015: In some instances, accrued surpluses may be utilised to resolve accounts that have gone into deficit. It is critical to identify how the surplus has arisen and whether there are rules concerning how those funds may be used (e.g. specific donations

5 Aug 2015: If the distribution is incorrect when matching an invoice to a PO, the changes should be made at the invoice processing stage If you feel the PO distributions require altering then: • Within AP, match the PO to the invoice as normal (with the

29 Jul 2015: When funds are received from a body external to the university, the following criteria are used to determine if those funds can be classed as a research grant or should be recorded as something else eg. a donation.

7 Apr 2015: Transfers of donated funds to other institutions must always be approved by the Head of Department and be in accordance with the terms of the gift and the University's general charitable purposes.

11 Aug 2015: The full economic costing methodology was adopted for costing all research grant proposals in September 2005.

23 Jul 2015: If a budget is overspent the first thing to do is investigate the reasons for the over-spend. If the over-spend is the consequence solely of a timing difference, then no immediate action is likely to be required.

31 Mar 2015: Departments have the responsibility to ensure all new asset purchases are uniquely tagged by a numbered security tag. This should contain a unique number to allow the asset to be tied up to the details on the asset register. It will allow for a

23 Jul 2015: A commitment is an agreement or a pledge to assume a financial obligation at a future date e.g. the funds that we are committing to spend with a supplier when we send them a purchase order. UFS is a commitment accounting system.

1 Apr 2015: Spendable capital units can be bought and/or sold as required at the end of the following quarters: September December March June Requests must be received by the Trust Funds Assistant at least two weeks before the last working day of the month.

1 Apr 2015: As part of the month end procedures, the Finance Division will credit the interest due to any trust fund accounts holding money on deposit. This credit will appear in the trust fund account against the transaction code NBAA, and will be available to

17 Aug 2015: Pro-forma invoices must not be issued by the University. Latest version 17 April 2024.

6 Aug 2015: The tax code for entering all purchases charged without VAT (within the UK) on CUFS is 'No UK VAT'. This is irrespective of whether the supply is zero-rated, exempt or outside the scope.

12 Aug 2015: Any external audit requirements will be included in the terms and conditions of each award. External audits will be arranged by ROO and auditors may need to visit departments to check invoices and payroll information. ROO will contact departments to

1 Apr 2015: Some trust funds have managers in more than one department. These funds are therefore mapped to Central Administration and are listed under "General" when the Annual Accounts are published in the University Reporter.

23 Jul 2015: It is always important to have a clear picture of financial plans, both income and expenditure. The Financial Regulations state that “Heads of Institutions are authorised to incur expenditure not exceeding the limits of funds available to the

17 Aug 2015: Latest version 17 April 2024.

5 Aug 2015: Departments are responsible for the coding and authorisation of University credit card expenditure in Concur. Additionally, the spend should have the relevant VAT classification selected. This includes VAT and Services Tax in a similar manner to AP

1 Apr 2015: Often departmental activities will be funded from a variety of sources that may include income for a trust fund.

6 Aug 2015: No VAT is charged on stamps or franking machine charges. See goods and services charged without VAT in the UK.

23 Jul 2015: Budgets should be input to UFS on the same transaction codes to which actual expenditure will be coded, as far as possible, otherwise meaningful analysis of Actual versus Budget expenditure is jeopardised at institutional, School and University level

18 Aug 2015: Latest version 17 April 2024.

19 Mar 2015: There are certain exceptions to the rules about “deemed employment” where people are being retained to undertake very short term academic tasks. These can be paid through the UPS using a UPS1 form as ‘automatic self-employed’ without the

2 Apr 2015: Where departments receive donations directly in the form of cash and/or cheque then these should be forwarded to CUDAR for processing. CUDAR will then take responsibility for the banking of monies and receipting on UFS. If appropriate they will

1 Apr 2015: Many departments have surpluses that are held on deposit with the University Deposit Account. Departments are responsible for monitoring account and deposit balances and can process deposit movements themselves through a General Ledger journal.

23 Jul 2015: The primary consideration when budgeting for a non-Chest activity is to ensure that expenditure does not exceed the funds available. Therefore, the best place to start when budgeting for a non-Chest activity is to calculate the income available.

5 Aug 2015: The University’s credit card procedures aim to ensure: • Departments accurately account for their expenditure on credit cards. • Control is maintained over the nature and level of expenditure. • Adherence to the University’s purchasing

1 Apr 2015: Overheads are charged on trust funds that have been set up since 1995 where the fund is paying for a specific post or posts if the regulations of the fund permit. Trust funds set up from May 2007 onwards, are charged 30% overheads on staff costs.