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2 Apr 2015: Donation income For the purposes of these procedures, "donation income" can include any of: gifts benefactions bequests legacies grants made by charitable trusts grants made by Government departments and agencies This does not include HEFCE inco

2 Apr 2015: The Development and Alumni Relations office (CUDAR) is the University's designated office equipped to deal with donations, including donations destined for individual departments. For this reason, donations should always wherever possible be

5 Aug 2015: Some departments operate a single card for online and overseas purchases.

23 Jul 2015: There are four common reasons why actual expenditure or income will show a variance against the budget. 1. The cost is more (or less) than budgeted Budgets are prepared in advance and can only ever estimate income and expenditure. There are usually

5 Aug 2015: The Accounts Payable Team, Finance Division arranges payment. Statements are sent directly to the cardholders’ home address, as provided on the application form, from the credit card service provider.

7 Apr 2015: Departments are required to create internal sales transactions when trading with other internal departments. Upon receipt of a request or a purchase order, the selling department must raise a UFS invoice using the correct internal trading data.

31 Mar 2015: Both the University’s internal and external auditors have access to all records, assets, personnel and premises and the right to obtain such explanations as they consider necessary.

12 Aug 2015: The VAT treatment of research income will differ depending on the nature of the arrangements and the parties involved. The Research Operations Office will determine the appropriate VAT rate for each grant as the VAT status impacts both the research

23 Jul 2015: Income and expenditure on Trust Funds can be monitored using the Cognos General Ledger reports. However, there is a specific report for Trust Funds which summarises the purpose, performance, and activity of each Trust Fund.

5 Aug 2015: Expenditure without supporting receipts/vouchers may be considered by HM Revenue & Customs as a taxable benefit and therefore details should be submitted to the Payroll Section at the end of May for the previous tax year (ending 5 April) as part of

18 Aug 2015: The University’s STCs and the Late Payment of Commercial Debts (Interest) Act 1998 allow us to charge interest and fees on overdue debt. In deciding whether to charge interest, consider the relationship with the customer and the reason for

18 Aug 2015: Any decision to take legal action should only be made as a last resort having fully considered the appropriateness, reputational and cost implications to your institution and the University.

17 Aug 2015: Customer receipts The UFS system is not capable of producing receipts for customers. Therefore, if a customer requests a receipt, you can provide written confirmation of receipt by email, pre-printed duplicate receipt pad or printed document.

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

17 Aug 2015: It is recommended the Incomplete Invoices report is run regularly, but the following procedures must be completed by month-end: Run the Incomplete Invoices Report which lists all transactions that have not been completed and require further action (i

2 Apr 2015: Financial Regulation 14.2 Heads of Department must ensure that: donation accounts and trust funds are maintained in credit; funds are applied for the public benefit for charitable, educational or research purposes only; and any Ordinances or

31 Mar 2015: Each department should make one or more persons responsible for the fixed assets. Their duties would include: Regular checks to ensure that assets are being correctly maintained. Notification to Fixed Asset Helpdesk of any assets disposals.

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.

4 Sep 2015: These are only allocated with permission from the Finance Division. They are specific reserves that arise from budget allocations for specific large projects, e.g. CAMSIS. They are sometimes referred to as sinking funds.

18 Aug 2015: Customers who do not, or cannot, make full payment by the due date may request an extension to the agreed credit terms. The most common proposal is to make payment by instalments.