Common use of DISBURSEMENT MANAGEMENT Clause in Contracts

DISBURSEMENT MANAGEMENT. The President of the University, acting through the Senior Vice President for Administration and Finance or designee, shall continue to be authorized to create and implement any and all disbursement policies as part of a system for the management of University financial resources. The disbursement management policies shall continue to define the appropriate and reasonable uses of all funds, from whatever source derived, in the execution of the University's operations. These policies also shall continue to address the timing of appropriate and reasonable disbursements consistent with the Prompt Payment Act, and the appropriateness of certain goods or services relative to the University's mission, including travel-related disbursements. Further, the University's disbursement policy shall continue to provide for the mechanisms by which payments are made including the use of charge cards, warrants, and electronic payments. The President of the University, acting through the Senior Vice President for Administration and Finance or designee, is authorized to independently select, engage, and contract for such consultants, accountants, and financial experts, and other such providers of expert advice and consultation, and, after consultation with the Office of the Attorney General, private attorneys, as may be necessary or desirable in his or her discretion. The University will continue to locally manage and administer the Commonwealth's credit card and cost recovery programs related to disbursements, subject to any restrictions contained in the Commonwealth's contracts governing those programs, as it has pursuant to its Level 2.5 authority under § 4-9.02 of Chapter 780 of the Acts of Assembly of 2016. The disbursement policies shall ensure that adequate risk management and internal control procedures shall be maintained over previously decentralized processes for public records, payroll, and non-payroll disbursements. The University shall continue to provide summary quarterly prompt payment reports to the Department of Accounts in accordance with the reporting procedures established pursuant to the Prompt Payment Act. The University's disbursement policies shall continue to be guided by the principles of the Commonwealth's policies as included in the Commonwealth's Accounting Policy and Procedures Manual. Upon the effective date, the University shall continue to follow its current disbursement policies, as well as any new disbursement policies that have been developed and submitted to the State Comptroller for review and comment as a result of the management agreement. Any significant new disbursement policies developed after the effective date shall be submitted to the State Comptroller for review and comment before being implemented by the University.

DISBURSEMENT MANAGEMENT. The President of the UniversityPresident, acting through the Senior Executive Vice President for Administration and Finance or designeeChief Operating Officer, shall continue to be authorized to create and implement any and all disbursement policies as part of a system for the management of University financial resources. The disbursement management policies shall continue to define the appropriate and reasonable uses of all funds, from whatever source derived, in the execution of the University's ’s operations. These policies also shall continue to address the timing of appropriate and reasonable disbursements consistent with the Prompt Payment Act, and the appropriateness of certain goods or services relative to the University's ’s mission, including travel-related disbursements. Further, the University's ’s disbursement policy shall continue to provide for the mechanisms by which payments are made including the use of charge cards, warrants, and electronic payments. The President Since the University no longer will interface to the CARS system or any replacement for the CARS system for disbursements, the University shall establish its own mechanisms for electronic payments to vendors through Electronic Data Interchange (EDI) or similar process and payments to the Commonwealth’s Debt Set-Off Collection Programs. Beginning with the fiscal year after the first fiscal year for which it first receives the required certification from SCHEV, the University may draw down its general fund appropriations (subject to available cash) and tuition and E&G fees and other non-general fund revenues from the State Treasury. Such funds shall be available to the University for disbursement as provided in the then-current rules of the UniversityAutomated Clearing House (ACH) Network. The draw down of funds may be initiated in accordance with the following schedule: i) The University may draw down one-twenty-fourth (1/24) of its annual general fund appropriation for Educational and General programs on or about the first and fifteenth days of each month with adjustments as needed to meet short-term cash requirements associated with the Commonwealth's bi-monthly pay dates, and up to 50% of its annual general fund appropriation for Student Financial Assistance on or after September 1 of each year with the remaining 50% to be drawn on or after February 1 of each year in order to meet student obligations; ii) The University may draw down the sum of all tuition and E&G fees and all other non-general revenues deposited to the State Treasury each day on the same business day they were deposited; and iii) The University anticipates that expenditures could exceed available revenues from time to time during the year if the above disbursement schedule is used. When the University projects a cash deficit is likely in activities supported by general fund appropriations, the University may make a request to the State Comptroller for an early draw on its appropriated general funds deposited in the State Treasury, in a form and within a timeframe agreeable to the parties, in order to cover expenditures. These disbursement policies shall authorize the President, acting through the Senior Executive Vice President for Administration and Finance or designeeChief Operating Officer, is authorized to independently select, engage, and contract for such consultants, accountants, and financial experts, and other such providers of expert advice and consultation, and, after consultation with the Office of the Attorney General, private attorneys, as may be necessary or desirable in his or her discretion. The University will policies also shall continue to include the ability to locally manage and administer the Commonwealth's ’s credit card and cost recovery programs related to disbursements, subject to any restrictions contained in the Commonwealth's ’s contracts governing those programs, as it has pursuant provided that the University shall submit the credit card and cost recovery aspects of its financial and operations policies to its Level 2.5 authority under § 4-9.02 the State Comptroller for review and comment prior to implementing those aspects of Chapter 780 of the Acts of Assembly of 2016those policies. The disbursement policies shall ensure that adequate risk management and internal control procedures shall be maintained over previously decentralized processes for public records, payroll, and non-payroll disbursements. The University shall continue to provide summary quarterly prompt payment reports to the Department of Accounts in accordance with the reporting procedures established pursuant to the Prompt Payment Act. The University's ’s disbursement policies shall continue to be guided by the principles of the Commonwealth's ’s policies as included in the Commonwealth's ’s Accounting Policy and Procedures Manual. Upon the effective dateEffective Date of its initial Management Agreement with the Commonwealth, the University shall continue to follow its current disbursement policies, as well as any new the Commonwealth’s disbursement policies that have been developed until such time as specific alternative policies can be developed, approved and submitted to the State Comptroller for review and comment as a result of the management agreementimplemented. Any significant new disbursement Such alternate policies developed after the effective date shall be submitted to the State Comptroller for review and comment before being implemented prior to their implementation by the University.

DISBURSEMENT MANAGEMENT. The President of the UniversityPresident, acting through the Senior Executive Vice President for Administration and Finance or designeeChief Operating Officer, shall continue to be authorized to create and implement any and all disbursement policies as part of a system for the management of University financial resources. The disbursement management policies shall continue to define the appropriate and reasonable uses of all funds, from whatever source derived, in the execution of the University's ’s operations. These policies also shall continue to address the timing of appropriate and reasonable disbursements consistent with the Prompt Payment Act, and the appropriateness of certain goods or services relative to the University's ’s mission, including travel-related disbursements. Further, the University's ’s disbursement policy shall continue to provide for the mechanisms by which payments are made including the use of charge cards, warrants, and electronic payments. The President Since the University no longer will interface to the CARS system or any replacement for the CARS system for disbursements, the University shall establish its own mechanisms for electronic payments to vendors through Electronic Data Interchange (“EDI”) or similar process and payments to the Commonwealth’s Debt Set-Off Collection Programs. Beginning with the fiscal year after the first fiscal year for which it first receives the required certification from SCHEV, the University may draw down its general fund appropriations (subject to available cash) and tuition and E&G fees and other non-general fund revenues from the State Treasury. Such funds shall be available to the University for disbursement as provided in the then-current rules of the UniversityAutomated Clearing House (“ACH”) Network. The draw down of funds may be initiated in accordance with the following schedule: i) the University may draw down one-twelfth (1/12) of its annual general fund appropriation for Educational and General programs on the first day of each month (less the interest retention specified in Section VII above), and up to 50 percent of its annual general fund appropriation for Student Financial Assistance on or after September 1 of each year with the remaining 50 percent to be drawn on or after February 1 of each year in order to meet student obligations; ii) the University may draw down the sum of all tuition and E&G fees and all other non- general revenues deposited to the State Treasury each day on the same business day they were deposited; and iii) the University anticipates that expenditures could exceed available revenues from time to time during the year if the above disbursement schedule is used. When the University projects a cash deficit is likely in activities supported by general fund appropriations, the University may make a request to the State Comptroller for an early draw on its appropriated general funds deposited in the State Treasury, in a form and within a timeframe agreeable to the parties, in order to cover expenditures. These disbursement policies shall authorize the President, acting through the Senior Executive Vice President for Administration and Finance or designeeChief Operating Officer, is authorized to independently select, engage, and contract for such consultants, accountants, and financial experts, and other such providers of expert advice and consultation, and, after consultation with the Office of the Attorney General, private attorneys, as may be necessary or desirable in his or her discretion. The University will policies also shall continue to include the ability to locally manage and administer the Commonwealth's ’s credit card and cost recovery programs related to disbursements, subject to any restrictions contained in the Commonwealth's ’s contracts governing those programs, as it has pursuant provided that the University shall submit the credit card and cost recovery aspects of its financial and operations policies to its Level 2.5 authority under § 4-9.02 the State Comptroller for review and comment prior to implementing those aspects of Chapter 780 of the Acts of Assembly of 2016those policies. The disbursement policies shall ensure that adequate risk management and internal control procedures shall be maintained over previously decentralized processes for public records, payroll, and non-payroll disbursements. The University shall continue to provide summary quarterly prompt payment reports to the Department of Accounts in accordance with the reporting procedures established pursuant to the Prompt Payment Act. The University's ’s disbursement policies shall continue to be guided by the principles of the Commonwealth's ’s policies as included in the Commonwealth's ’s Accounting Policy and Procedures Manual. Upon the effective dateEffective Date of its initial Management Agreement with the Commonwealth, the University shall continue to follow its current disbursement policies, as well as any new the Commonwealth’s disbursement policies that have been developed until such time as specific alternative policies can be developed, approved and submitted to the State Comptroller for review and comment as a result of the management agreementimplemented. Any significant new disbursement Such alternate policies developed after the effective date shall be submitted to the State Comptroller for review and comment before being implemented prior to their implementation by the University.

DISBURSEMENT MANAGEMENT. The President of the UniversityPresident, acting through the Senior Executive Vice President for Administration and Finance or designeeChief Operating Officer, shall continue to be authorized to create and implement any and all disbursement policies as part of a system for the management of University financial resources. The disbursement management policies shall continue to define the appropriate and reasonable uses of all funds, from whatever source derived, in the execution of the University's ’s operations. These policies also shall continue to address the timing of appropriate and reasonable disbursements consistent with the Prompt Payment Act, and the appropriateness of certain goods or services relative to the University's ’s mission, including travel-related disbursements. Further, the University's ’s disbursement policy shall continue to provide for the mechanisms by which payments are made including the use of charge cards, warrants, and electronic payments. The President Since the University no longer will interface to the CARS system or any replacement for the CARS system for disbursements, the University shall establish its own mechanisms for electronic payments to vendors through Electronic Data Interchange (“EDI”) or similar process and payments to the Commonwealth’s Debt Set-Off Collection Programs. Beginning with the fiscal year after the first fiscal year for which it first receives the required certification from SCHEV, the University may draw down its general fund appropriations (subject to available cash) and tuition and E&G fees and other non-general fund revenues from the State Treasury. Such funds shall be available to the University for disbursement as provided in the then-current rules of the UniversityAutomated Clearing House (“ACH”) Network. The draw down of funds may be initiated in accordance with the following schedule: i) the University may draw down one-twelfth (1/12) of its annual general fund appropriation for Educational and General programs on the first day of each month (less the interest retention specified in Section VII above), and up to 50 percent of its annual general fund appropriation for Student Financial Assistance on or after September1 of each year with the remaining 50 percent to be drawn on or after February 1 of each year in order to meet student obligations; ii) the University may draw down the sum of all tuition and E&G fees and all other non- general revenues deposited to the State Treasury each day on the same business day they were deposited; and iii) the University anticipates that expenditures could exceed available revenues from time to time during the year if the above disbursement schedule is used. When the University projects a cash deficit is likely in activities supported by general fund appropriations, the University may make a request to the State Comptroller for an early draw on its appropriated general funds deposited in the State Treasury, in a form and within a timeframe agreeable to the parties, in order to cover expenditures. These disbursement policies shall authorize the President, acting through the Senior Executive Vice President for Administration and Finance or designeeChief Operating Officer, is authorized to independently select, engage, and contract for such consultants, accountants, and financial experts, and other such providers of expert advice and consultation, and, after consultation with the Office of the Attorney General, private attorneys, as may be necessary or desirable in his or her discretion. The University will policies also shall continue to include the ability to locally manage and administer the Commonwealth's ’s credit card and cost recovery programs related to disbursements, subject to any restrictions contained in the Commonwealth's ’s contracts governing those programs, as it has pursuant provided that the University shall submit the credit card and cost recovery aspects of its financial and operations policies to its Level 2.5 authority under § 4-9.02 the State Comptroller for review and comment prior to implementing those aspects of Chapter 780 of the Acts of Assembly of 2016those policies. The disbursement policies shall ensure that adequate risk management and internal control procedures shall be maintained over previously decentralized processes for public records, payroll, and non-payroll disbursements. The University shall continue to provide summary quarterly prompt payment reports to the Department of Accounts in accordance with the reporting procedures established pursuant to the Prompt Payment Act. The University's ’s disbursement policies shall continue to be guided by the principles of the Commonwealth's ’s policies as included in the Commonwealth's ’s Accounting Policy and Procedures Manual. Upon the effective dateEffective Date of its initial Management Agreement with the Commonwealth, the University shall continue to follow its current disbursement policies, as well as any new the Commonwealth’s disbursement policies that have been developed until such time as specific alternative policies can be developed, approved and submitted to the State Comptroller for review and comment as a result of the management agreementimplemented. Any significant new disbursement Such alternate policies developed after the effective date shall be submitted to the State Comptroller for review and comment before being implemented prior to their implementation by the University.