1.0 Reason for Policy

1.1 The purpose of this policy is to establish the roles and responsibilities for those involved in the financial administration and control over Operating Funds.

2.0 Policy Statement

2.1 Operating Funds shall be subject to financial administration and control procedures appropriate for publicly administered funds. The principles of balanced budgets, public transparency and accountability shall be paramount in determining procedures.

2.2 Each year, the Board of Governors will be asked to approve a budget for the Operating Fund.

2.3 Responsibility for ensuring each unit manages within its approved operating budget in a given fiscal year is delegated to Deans of Faculties, Directors of Schools and Heads of Administrative Units.

2.4 Any increase or decrease to the Board approved fiscal budget for the Operating Fund must be approved by the Comptroller and subsequently by the Board of Governors.

3.0 Accountability

3.1 The University Secretary is responsible for advising the President that a formal review of the Policy is required.

3.2 The Comptroller is responsible for the communication, administration and interpretation of this Policy.

4.0 Secondary Documents

4.1 The Vice-President (Administration) may approve Procedures which are secondary to and comply with this Policy.

5.0 Review

5.1 Formal Policy reviews will be conducted every ten (10) years. The next scheduled review date for this Policy is April 23, 2018.

5.2 In the interim, this Policy may be revised or rescinded if:

(a) the Approving Body deems necessary; or
(b) the relevant Bylaw, Regulations or Policy is revised or rescinded.

5.3 If this Policy is revised or rescinded, all Secondary Documents will be reviewed as soon as reasonably possible in order to ensure that they:

(a) comply with the revised Policy; or
(b) are in turn rescinded.

6.0 Effect on Previous Statements

6.1 This Policy supersedes the following:

(a) all previous Board/Senate Policies, Procedures, and resolutions on the subject matter contained herein; and
(b) all previous Administration Policies, Procedures, and directives on the subject matter contained herein;
(c) Policy 302 – Administration and Control of the Operating Budget

7.0 Cross References

Cross referenced to: Administration and Control of Operating Funds: Procedures