Common use of Financial Management Policies Clause in Contracts

Financial Management Policies. The University has operated for many years at Level II and 2.5 as part of the Act. Accordingly, the University currently operates a system of independent financial management policies guided by the general principles contained in the Commonwealth's Accounting Policies and Procedures such as establishing strong risk management and internal accounting controls to ensure University financial resources are properly safeguarded and that appropriate stewardship of public funds is obtained through management's oversight of the effective and efficient use of such funds in the performance of University programs. The President of the University, acting through the Senior Vice President of Administration and Finance or his designee, shall have the authority to create and implement any and all new financial management policies necessary to maintain the University's current financial management system for the continued effective protection and management of all University financial resources. Upon the effective date of its initial management agreement with the Commonwealth, the University shall continue to follow its current independent financial management policies, as well as any new 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 policies developed after the effective date shall be submitted to the State Comptroller for review and comment before being implemented by the University.

Financial Management Policies. The University has operated for many years at Level II under the Act and at Level 2.5 as part under § 4-9.02 of Chapter 780 of the ActActs of Assembly of 2016. Accordingly, the University currently operates a system of independent financial management policies guided by the general principles contained in the Commonwealth's Accounting Policies and Procedures Procedures, such as establishing strong risk management and internal accounting controls to ensure University financial resources are properly safeguarded and that appropriate stewardship of public funds is obtained through management's oversight of the effective and efficient use of such funds in the performance of University programs. The President of the University, acting through the Senior Vice President of for Administration and Finance or his designee, shall have the authority to create and implement any and all new financial management policies necessary to maintain the University's current financial management system for the continued effective protection and management of all University financial resources. Upon the effective date of its initial management agreement with the Commonwealth, the University shall continue to follow its current independent financial management policies, as well as any new 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 policies developed after the effective date shall be submitted to the State Comptroller for review and comment before being implemented by the University.