24.1.1 The Treasurer is responsible for the University’s insurance arrangements, including the provision of advice on the types of cover available. As part of the overall risk management strategy (see sections 7.1 to 7.4), all risks will have been considered and those most effectively dealt with by insurance cover will have been identified. This is likely to include important potential liabilities and should provide sufficient cover to meet any potential risk to all assets. This portfolio of insurances will be reviewed and renewed on an annual basis.
24.1.2 The University participates in a mutual insurance arrangement and the Director of Procurement is responsible for effecting insurance cover, managing claims and maintaining the necessary records. The Director of Procurement will keep a register of all insurances effected by the University and the property and risks covered. He or she will also deal with the University’s insurers and advisers about specific insurance problems.
24.1.3 Budget Officers must ensure that any agreements negotiated within their departments with external bodies follow standard University terms and conditions such that any legal liabilities to which the University may be exposed are covered. Budget Officers must give prompt notification to the Director of Procurement of any potential new risks and additional property and equipment that may require insurance and of any alterations affecting existing risks and must advise the Director of Procurement immediately of any event that may give rise to an insurance claim. The Director of Procurement will notify the University’s insurers and, if appropriate, prepare a claim in conjunction with the Budget Officer for transmission to the insurers.
24.1.4 The Director of Procurement is responsible for keeping suitable records of plant which is subject to inspection by an insurance company and for ensuring that inspection is carried out in the periods prescribed.
24.1.5 All staff using their own vehicles on behalf of the University shall maintain appropriate insurance cover for business use.
24.2 Companies, partnerships, joint ventures and other charitable vehicles
24.2.1 In certain circumstances it may be advantageous to the University to establish a company, joint venture or other appropriate legal entity to undertake services on behalf of the University. Any member of staff considering the use of such an entity should first seek the advice of the Treasurer, who should have due regard to guidance issued by HEFCE.
24.2.2 The Council is responsible for approving the establishment of all companies or other legal entities and the procedure to be followed in order to do so. This will have regard to any guidance provided by HEFCE. The process involved in forming a company or other legal entity and arrangements for monitoring and reporting on the activities of these undertakings are documented in the University’s financial procedures.
24.2.3 It is the responsibility of the Council to establish the shareholding arrangements and appoint directors of companies wholly or partly owned by the University.
24.2.4 The directors of companies where the University is the majority shareholder must prepare an annual report. They will also submit business plans or budgets as requested to enable the Finance & General Purposes Committee to assess the risk to the University. The University’s business assurance service and external auditors shall also be appointed to such companies.
24.2.5 Where the University is the majority shareholder in a company, that company’s financial year shall be consistent with that of the University.
24.3.1 Keys to safes or other similar containers are to be kept in a safe place at all times. The loss of such keys must be reported to the Treasurer immediately.
24.3.2 Smart cards giving access to on-line banking facilities, where issued, are the responsibility of the individual member of staff and must be held in accordance with the security instructions issued along with the card.
24.3.3 An officer shall be responsible for maintaining proper security and privacy of information held on the University’s computer network. Appropriate levels of security will be provided, such as passwords for networked PCs together with restricted physical access for network servers. Information relating to individuals held on computer will be subject to the provisions of the Data Protection Act 1998. A data protection officer shall be nominated to ensure compliance with the Act and the safety of documents.
24.3.4 The Treasurer is responsible for the safekeeping of certain official and legal documents relating to the University. Signed copies of deeds, leases, agreements and contracts must, therefore, be forwarded to the Treasurer. All such documents shall be held in an appropriately secure, fireproof location.
24.4 Students’ Union, DUAU and JCRs
24.4.1 The Students’ Union is a separate entity from the University.
24.4.2 Subject to any constraints imposed by HEFCE, the Council shall approve the level of grant to be paid annually to the Students’ Union. The Council requires the Union to provide details of its proposed budget for information purposes.
24.4.3 The Students’ Union is responsible for maintaining its own bank account and financial records and preparing its own annual financial statements.
24.4.4 The Union will provide quarterly statements of income and expenditure to the Treasurer for information purposes only.
24.4.5 At year end the Students’ Union financial statements will be audited by an appropriately qualified firm of auditors and will be presented to the Treasurer for information.
24.4.6 The University’s business assurance service shall have access to records, assets and personnel within the Students’ Union in the same way as other areas of the University.
24.4.7 Durham University Athletic Union (DUAU) is a separate entity from the University.
24.4.8 Financial arrangements for DUAU are included in Council Standing Orders which contain the following provisions:
· The President of DUAU is accountable for its finances
· DUAU must submit a budget to the Annual General Meeting and Clubs Committee in advance of the financial year and provide a copy to the Treasurer.
· DUAU must prepare a financial report after the end of the financial period which will be audited by an appropriately qualified firm of auditors and will be presented to the Annual General Meeting and to the Treasurer for information.
24.4.9 The University’s business assurance service shall have access to records, assets and personnel within DUAU in the same way as other areas of the University.
24.4.10 The JCR is a separate entity from the University and includes the Junior Common Room, Graduate Common Room or Student Representative Council as appropriate in each College.
24.4.11 Funds granted to JCRs are paid under a Financial Memorandum agreed between the University and the JCRs which contains the following provisions:
· JCR’s are accountable to the College Council for their finances
· The JCR must submit a budget to the College Council in advance of the financial year.
· The JCR must prepare a financial statement within four months of the end of the financial period which will be audited by an appropriately qualified firm of auditors and will be presented to the Treasurer, Dean of Colleges and College Council for information.
24.4.12 The University’s business assurance service shall have access to records, assets and personnel within the JCR in the same way as other areas of the University.
24.5 Use of the University’s seal
24.5.1 Where a deed or document requires the University’s seal, it must be sealed and witnessed by two members of Council or by the Treasurer or Registrar and one member of Council, in accordance with Council standing orders (see University Committees : Standing Orders - Durham University
24.5.2 The Treasurer is responsible for submitting a report to each meeting of the Council detailing the use of the University’s seal since the last meeting.
24.6 Provision of indemnities or guarantees
24.6.1 Any member of staff asked to give an indemnity or guarantee, for whatever purpose, should consult the Treasurer before any such indemnity is given.
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