Policy University Management FMPM 400 - FMPM 499 - Liabilities FMPM 410 Creditors
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Intent
To provide clear direction on the commitment of funds, and discharge and payment of liabilities relating to Creditors for goods and services procured on behalf of the University.
Scope
Function | Responsibility of |
---|---|
Commitment of University funds | Financial Delegate |
Authority to discharge a liability to a creditor | Financial Delegate |
Settlement of a liability (payment terms) | Chief Financial Officer |
Definitions
Policy
Requirements
The commitment of University funds must be in accordance with FMPM 710: Policy – Purchasing and authorised by a financial delegate in accordance with FMPM Appendix A – Delegations
An authority to discharge a liability to a creditor must not be given unless the goods or services have been received in satisfactory condition, or in the case of prepayments, it is believed that the goods or services will be received in a timely manner.
Settlement of a liability will be made on payment terms in accordance with contractual or legislative requirements or as determined by the Chief Financial Officer.
Related documents, legislation or JCU Statutes
Financial and Performance Management Standard 2009 (S25)
For enquiries in relation to this FMPM Policy please contact AccountsPayable@jcu.edu.au.
Administration
NOTE: Printed copies of this policy are uncontrolled, and currency can only be assured at the time of printing.
Approval Details
Policy Domain | University Management |
Policy Sub-domain | Finance |
Policy Custodian | Chief Financial Officer |
Approval Authority | Vice Chancellor |
Date for next Major Review | 08/2018 |
Revision History
Version | Approval date | Implementation date | Details | Author |
---|---|---|---|---|
15-01 | 08/09/2015 | 09/09/2015 | Policy Sponsor and Approval Authority updated to reflect the approved Policy and Delegations Framework | Quality Standards and Policy Unit |
11-01 | 18/08/2011 | 18/08/2011 | Finance Committee (06/11) | |
01-01 | 12/2001 | 12/2001 |