Policy on Financial Transactions

Purpose
The purpose of this policy is to provide clear guidelines on the management, recording, and reporting of financial transactions at the University of High Ambition. This policy ensures financial integrity, transparency, and accountability in all financial activities.

Scope
This policy applies to all financial transactions conducted by the University of High Ambition, including those carried out by staff, faculty, and students on behalf of the university.

Principles

Transparency: All financial transactions must be conducted in a transparent manner and properly documented.
Accountability: Individuals involved in financial transactions must be accountable for their actions and ensure compliance with this policy.
Integrity: Financial transactions must be conducted with honesty and integrity, adhering to the highest ethical standards.
Compliance: All financial activities must comply with relevant laws, regulations, and university policies.

Types of Financial Transactions

Revenue Transactions: Includes tuition fees, grants, donations, and other income received by the university.
Expenditure Transactions: Includes payments for goods and services, salaries, scholarships, and other expenses incurred by the university.
Transfers: Includes internal transfers between university accounts and funds.

Responsibilities

Finance Department: Responsible for overseeing all financial transactions, maintaining accurate financial records, and ensuring compliance with this policy.
Staff and Faculty: Must follow the procedures outlined in this policy when conducting financial transactions on behalf of the university.
Students: Must adhere to this policy when involved in financial activities related to university functions or student organizations.

Procedures for Financial Transactions

Authorization: All financial transactions must be authorized by an appropriate authority within the university. Authorization levels will vary depending on the nature and amount of the transaction.
Documentation: All transactions must be supported by appropriate documentation, such as invoices, receipts, contracts, and purchase orders.
Recording: Transactions must be recorded accurately and promptly in the university’s financial systems. This includes entering details of the transaction, the amount, the date, and the parties involved.
Approval: Transactions must be reviewed and approved by the designated authority to ensure accuracy and compliance with this policy.
Reconciliation: Regular reconciliation of accounts must be conducted to ensure that all transactions are accurately recorded, and discrepancies are promptly addressed.

Financial Reporting

Monthly Reports: The Finance Department will prepare and distribute monthly financial reports to the university administration, detailing income, expenses, and account balances.
Annual Reports: An annual financial report will be prepared and reviewed by an external auditor. The report will be presented to the university administration and made available to stakeholders.

Internal Controls

Segregation of Duties: Duties related to financial transactions must be appropriately segregated to prevent fraud and errors. No single individual should have control over all aspects of any significant financial transaction.
Audit: Regular internal audits will be conducted to assess compliance with this policy and the effectiveness of internal controls. Findings will be reported to the university administration for review and action.

Handling Cash and Checks

Cash Handling: Cash transactions should be minimized. When cash handling is necessary, it must be conducted in a secure manner, with appropriate documentation and authorization.
Check Handling: Checks received by the university must be promptly deposited into the appropriate university account. Checks should be endorsed with the university’s name and “For Deposit Only” upon receipt.

Compliance and Violations

Compliance: All members of the university community must comply with this policy. Training and resources will be provided to ensure understanding and adherence.
Violations: Any violations of this policy may result in disciplinary action, up to and including termination of employment or enrollment. Suspected fraud or financial misconduct will be investigated and reported to the appropriate authorities.

Review of Policy
This policy will be reviewed regularly to ensure it remains up-to-date and effective. Any changes to the policy will be communicated to the university community and published on the university website.

Contact Information
For any queries related to financial transactions, please contact the Finance Department at:
Email: info@uha.edu.eu