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25. Treasury management
25.1. Treasury management policy – The Chief Financial Officer has responsibility for developing a treasury management policy setting out a strategy and policies for cash management, long-term investments and borrowings. This will require compliance with funding body rules regarding approval for any secured or unsecured loans that go beyond the general consent levels set out in the Financial Memorandum. The Chief Financial Officer has a responsibility to ensure implementation, monitoring and review of such policies.
25.2. All executive decisions concerning borrowing, investment or financing (within policy parameters) shall be delegated to the Chief Financial Officer and an appropriate reporting system set up. All borrowing shall be undertaken in the name of the University and shall conform to HEFCE requirements.
25.3. The Pro-Chancellor (Finance) will review through Dual Assurance on behalf of Council the activities of the treasury management operation.
25.4. Details of the operational procedures which underpin the treasury management policy can be found on these pages.
25.5. Appointment of bankers and other professional advisers – Council is responsible for the appointment of the institution’s bankers and other professional financial advisers (such as investment managers) on the recommendation of the Vice-Chancellor and Chief Executive’s Executive Group (VCEG). The appointment shall be for a specified period after which consideration shall be given by the Vice-Chancellor’s Executive Group to competitively tendering the service.
25.6. Banking arrangements – The Chief Financial Officer is responsible for liaising with the University’s bankers in relation to its bank accounts and the issue of cheques.
25.7. All cheques shall be ordered on the authority of the Chief Financial Officer, who shall make proper arrangements for their safe custody. Only the Chief Financial Officer may open or close a bank account for dealing with the University’s funds. All bank accounts shall be in the name of the University or one of its subsidiary companies.
25.8. All payments, whether by cheque or by automated transfer on behalf of the University, such as BACS or CHAPS, must be authorised in the appropriate manner and on the basis approved by the Vice Chancellor’s Executive Group (VCEG). Details of authorised persons and limits shall be provided for in the University’s detailed financial procedures set out on Finance Services website.
25.9. The Chief Financial Officer is responsible for ensuring that all bank accounts are subject to regular reconciliation and that large or unusual items are investigated as appropriate.