A Model Set of Financial Regulations for Academies, Colleges and Universities (2013 Edition)
Implementing sound financial regulations makes good business sense and has additional significance for education institutions as their grant funding depends upon it. This model set is designed to help institutions establish and test financial regulations that set out the financial policies of the institution.
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The financial memoranda, or funding agreement between funding bodies and the institutions they fund, makes it a condition of grant that an institution ensures that it has a sound system of internal financial management and control; and financial regulations are a core component of such a system.
This model set is designed to help institutions establish and test financial regulations that set out the financial policies of the institution. The model set is not intended to be prescriptive and has been written in a format that will enable finance professionals to modify the regulations to the structure, size and circumstances of their own institutions before being presented to their governing bodies for approval.
This latest edition includes new sections on topical issues such as:
- the receipt of income by credit or debit card
- internet receipts, and
- procedures for the prevention, detection and investigation of fraud.
It covers universities and colleges of higher education, further education institutions and sixth form colleges. It has been updated to cover academies (including free schools) and multi-academy trusts. Any differences between these types of institution are clearly signalled in the text.
This model set is available in book and bookmarked PDF formats. Details of licensing arrangements for other categories of purchaser, which includes those organisations operating shared service arrangements, are available from CIPFA’s Publications Department.