Policy University Management FMPM 400 - FMPM 499 - Liabilities FMPM 430 Borrowings
FMPM 430 Borrowings
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Intent
This policy sets out the requirements relating to the identification of the need for, the approval of, and the monitoring of monetary borrowings.
Scope
Function | Responsibility of |
---|---|
Identification of the need for borrowing | Chief Financial Officer |
Approval of all borrowing programs | Council |
Obtain necessary Governmental clearances | Chief Financial Officer |
Approval of terms and conditions of borrowing | Finance Committee |
Monitor cash flow requirements | Chief Financial Officer |
Maintain Register of Treasurer’s Approvals | Chief Financial Officer |
Definitions
Policy
No one shall seek to negotiate any borrowing arrangements on behalf of the University without the prior approval of Council.
Borrowing arrangements may include:
advances by way of loan or overdraft from the Treasurer, State Government or a financial institution (including banks); and
advances by way of loan from any other person or entity.
The borrowing must be in Australian money and undertaken in Australia.
Prior to entering into any borrowing arrangements, the necessary approvals of the Treasurer authorising the University to enter into such negotiations must be obtained. To obtain that sanction the University must submit such information as the Treasurer may require.
Prior to entering into or changing existing borrowing arrangements, the arrangements, including the security, rate of interest, and other terms and conditions, must be approved by the Finance Committee and be in accordance with the requirements of the related legislation.
The Chief Financial Officer must monitor the University's actual and projected cash flow and advise the Finance Committee on optimum debt levels.
The Chief Financial Officer, must maintain a register containing the Treasurer’s approvals.
Related documents, legislation or JCU Statutes
Statutory Bodies Financial Arrangements Act 1982 (Sec 3,9,21,33,34)
Statutory Bodies Financial Arrangements Amendment Regulation (No. 2) 2003
Statutory Bodies Financial Arrangements Regulation 2007
For enquiries in relation to this FMPM Policy please contact farp.finance@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 | 04/2018 |
Revision History
Version | Approval date | Implementation date | Details | Author |
---|---|---|---|---|
15-01 | 09/09/2015 | 10/09/2015 | Policy Sponsor and Approval Authority updated to reflect the approved Policy and Delegations Framework | Quality Standards and Policy Unit |
11-01 | 14/04/2011 | 14/04/2011 | Finance Committee (02/11) | |
01-01 | 12/2001 | 12/2001 |