Authorization to Expend Funds

Revised:    September 14, 2016

Policy

Each operational account (accounts with revenue and/or expenses) at the University has an assigned steward (department chairman or account custodian) who is responsible for all expenditures charged to that account. Each steward may authorize other employees to expend funds from the account; however, he is still responsible to ensure that the charges to his account are valid and accurate. If any funds are paid to a steward, his supervisor must first approve the expenditure. Some non-operational accounts may have stewards or authorized employees added at the discretion of the Financial Services Managing Director, Accounting Services Director, or the General Accounting Manager.

Procedures

  1. A file is maintained which shows the employees who are authorized to spend money from each account and who is authorized and/or required to view monthly Financial Reports.
  2. Each account number and its steward is maintained in this file by the Accounting Office. Each steward is then responsible to maintain other entries into this file. He can add or delete individuals. He can also limit the authorized amount and the access to monthly Financial Reports for each person.
  3. The steward, his supervisor, and his secretary can access the authorization file from the electronic Monthly Financial Report on the web. However, only the steward can make changes to this file.