15. Treasury Management
15.1 Treasury policy
15.1.1 The Finance and General Purposes Committee is responsible for approving a treasury policy statement setting out a strategy and policies for cash management, investments and borrowings. This will require compliance with HEFCE rules regarding approval for any secured or unsecured loans that go beyond the general consent levels set out in the financial memorandum. The committee has a responsibility to ensure implementation, monitoring and review of such policies.
15.1.2 All executive decisions concerning borrowing, investment or financing (within policy parameters) shall be delegated to the Treasurer who will prepare procedures including an appropriate reporting system. All borrowing shall be undertaken in the name of the University and shall conform to any relevant HEFCE requirements.
15.1.3 The Treasurer will report to the Executive Committee on the activities of the treasury operation and on the exercise of treasury powers delegated to her.
15.2 Appointment of bankers and other professional advisers
The Council is responsible for the appointment of the University’s bankers and other professional financial advisers (such as investment managers) on the recommendation of the Finance and General Purposes Committee. The appointment shall be subject to regular review, the results of which will be reported to the Finance and General Purposes Committee.
15.3 Banking arrangements
15.3.1 The Treasurer is responsible, on behalf of the Finance & General Purposes Committee, for liaising with the University’s bankers in relation to the University’s bank accounts and the issue of cheques. All cheques shall be ordered on the authority of the Treasurer, who shall make proper arrangements for their safe custody.
15.3.2 Only the Treasurer may open or close a bank account for dealing with the University’s funds. All bank accounts shall be in the name of the University or one of its subsidiary companies.
15.3.3 All cheques drawn on behalf of the University must be signed in the form approved by the Finance and General Purposes Committee. Cheques up to an agreed amount, specified in the University’s detailed financial procedures, shall require one pre-printed signature. Cheques over the agreed amount must be signed by two authorised persons. Details of authorised persons and limits shall be provided for in the University’s detailed financial procedures.
15.3.4 All automated transfers on behalf of the University, such as BACS or CHAPS, Direct Debits and Standing Orders must be authorised in the appropriate manner according to the detailed financial procedure. Details of authorised persons and limits shall be included in the detailed procedures.
15.3.5 The Treasurer is responsible for ensuring that all bank accounts are subject to regular reconciliation and that large or unusual items are investigated as appropriate.
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