1. The Finance Committee of the Council shall consist of:
subject always to the requirement that not less than three members of the Committee (including the Vice-Chancellor) shall be members of the Council. The Registrary or a University officer designated from time to time by the Council shall act as Secretary of the Committee.
2. Members in classes (b)–(e) shall be appointed or elected in the Michaelmas Term, and shall serve from 1 January next following. Members in classes (b) and (e) shall serve for three years, and members in classes (c) and (d) for four years. Co-opted members shall serve until 31 December of the year in which they are co-opted, or of the year next following, as the Committee shall determine at the time of their co-optation. If a member in class (b) or class (e) ceases to be a member of the Regent House, or if the member in class (d) ceases to be a member of the General Board, such a member's seat shall thereupon become vacant.
3. For the purpose of the election of members of the Committee in class (b), each College shall appoint one representative, whose name shall be communicated to the Registrary. The election shall be conducted in accordance with the Single Transferable Vote regulations; voting shall be by postal ballot. The arrangements for the election shall be determined by the Registrary.
4. No business shall be conducted at a meeting of the Finance Committee unless five members at least are present.
5. It shall be the duty of the Council, acting through the Finance Committee:
6. The Finance Committee shall have authority under the Council to exercise the powers of the University under Statute F, III, 1–3, subject to Regulations 9 and 10 below and subject to the following restrictions:
7. Barclays Bank plc shall be Bankers to the University until further order.
8. The financial year of the University shall end on 31 July.
9. Regulations 6–8 shall not apply to the finance and property of the University Press, which shall be governed by Statute J and by the regulations for the Press Syndicate made under that Statute and Regulation 6 shall not apply in connection with the management, development, and stewardship of the North West Cambridge Estate which is the responsibility of the West and North West Cambridge Estates Syndicate, which shall be governed by regulations for that Syndicate made under Statute A, VI, 1.
10. In order to facilitate the management of investments under the control of the University the Council may at any time and from time to time resolve that all or any part of the endowments or other funds of the University and of the funds of any specific trust for purposes connected with the University of which the University is trustee (hereinafter called the constituent funds) be treated as one amalgamated fund invested for the rateable benefit of the constituent funds and to and upon any such resolution the following provisions shall apply:
1. Under Regulation 6 of the regulations for the Vice-Chancellor1 the Regent House has delegated the acceptance of benefactions to the Vice-Chancellor. In exercising this responsibility, the Vice-Chancellor will seek the advice of the Executive Committee of the Council for all benefactions over £1m, or that are likely to give rise to significant public interest.
2. Charity law places certain constraints on charities, and in recommending acceptance of any benefaction the Executive Committee shall make available to the Vice-Chancellor information under the following headings:
Although benefactions which are uncontroversial and which are worth less than £1m may not be subject to detailed scrutiny by the Executive Committee, acceptance will nevertheless be considered explicitly against these ethical guidelines.
3. All members of the University involved in fundraising are encouraged to consult the Development Office at an early stage in their discussions with a potential benefactor. The Development Office can advise on the use of these guidelines, and consultation will also reduce the risk of unco-ordinated approaches to a single potential donor; spread familiarity with the process for accepting benefactions; and may allow an early warning of anyone unknowingly approaching a potential benefactor whose donation is not likely to be acceptable.
The purpose of these Financial Regulations is to ensure the proper use of finances and resources in a manner which not only satisfies the requirements of internal control expected of a substantial and prominent organization, but also fulfils any legal or financial obligations as laid down by the Statutes and Ordinances of the University, HM Revenue and Customs, the Higher Education Funding Council for England (HEFCE), and other authorities.
The Financial Regulations apply to all bodies included in the University’s Financial Statements and includes all subsidiary companies except for Cambridge University Press and Cambridge Assessment. They have been circulated to all Heads of Department, Chairmen and Secretaries of Faculty Boards, Heads of institutions under the supervision of the Council, including the University Offices, and those designated as such for financial management and control purposes. It is the responsibility of Heads of all University institutions to ensure that staff under their jurisdiction are made aware of the existence and provisions of these Financial Regulations, and that an adequate number of copies are made available for reference within the institution. In particular they must ensure that all staff are made aware of the wider implications of not complying with the Financial Regulations.
Additional copies of the Financial Regulations may be obtained from the office of the Deputy Director of Finance (Financial Operations), Finance Division, University Offices, The Old Schools, who should also be contacted for advice if there is any uncertainty as to their application. The Financial Regulations are also available on the Division’s website (http://www.admin.cam.ac.uk/offices/finance/finregs.html).
Terms in capitals are defined in Schedule 5 where necessary to aid interpretation.
The Council is responsible for the supervision and management of University resources and finances. The purpose of these Regulations is to provide sound arrangements for internal financial management, accounting, and control, promote best value for money, and fulfil the University’s legal and financial obligations.
1.1. These Regulations apply to
2.1. University Business shall be conducted in accordance with the Nolan Principles: selflessness, integrity, objectivity, accountability, openness, honesty, and leadership.
2.2. Staff must not use their authority or office for personal gain and must always seek to uphold and enhance the standing of the University
2.3. Staff must declare to their Head of Department any personal interest which may affect any University Business and act in accordance with the instructions given as to management of any conflict.
2.4. Staff must seek written permission from their Head of Department before accepting gifts or hospitality directly or indirectly from suppliers, other than low value items such as a gift worth less than £25 or hospitality worth less than £50. Receipt of gifts or hospitality must not influence or appear to influence the choice of supplier or prejudice the University’s reputation. If in doubt, gifts and hospitality must be refused.
2.5. Where Heads of Department have a conflict of interest or wish to accept gifts or hospitality (other than low value items) they must seek the advice of the body or person to whom they are responsible, for example Head of School, management board or General Board, and act as advised.
3.1. Staff shall, irrespective of sources of funding,
3.2. Non-observance of these Regulations may result in disciplinary action.
4. Definition and Responsibility
4.1. ‘Head of Department’ means any of the following: the Head of a Department or a Faculty not organized in Departments, Secretaries of Faculties, Head of a Centre, Institute or other body under the supervision of the General Board or Council and Head of a Division within the Unified Administrative Service. ‘Department’ is interpreted accordingly.
4.2. Heads of Department shall ensure
5.1. Heads of Department may designate in writing one or more people to execute specified tasks for and subject to the supervision of the Head of Department. The Head of Department remains responsible.
6. Authority to Sign Contracts
6.1. Subject to Regulations 6.2, 6.3, and 18.4, Heads of Departments have authority to sign contracts in the course of the ordinary business of their Department in respect only of available funds for which they are responsible.
6.2. Contracts for the purchase, lease or licence of land or property or for the erection, demolition, substantial repair or alteration of buildings must be referred to EMBS and are subject to the Sites and Buildings Regulations (see further Regulation 31 and Explanatory Note in Section M).
6.3. The Director of RSD shall approve and sign all contracts relating to sponsored research activity.
6.4. Subject to Regulations 6.2 and 6.3 the following persons have authority to sign contracts affecting more than one Department:
7.1. The following persons have authority to authorize affixing of the University’s seal, where any necessary approvals are in place
8.1. The person having authority to execute a contract is responsible for its safekeeping. If required, the Registrary will keep the documentation for contracts affecting more than one Department.
8.2. Departments are responsible for meeting obligations and for all costs or losses arising from contracts entered into by or for them.
8.3. Contract performance shall not begin before
9. Cash and Banking
9.1. All University Income, including donations to support any individual’s research, must be paid promptly into a bank account in the name of the University (and into no other account) and be accounted for in CUFS. All University expenditure must be paid from a University bank account and be accounted for in CUFS.
9.2. Departments and Staff have no authority to open bank accounts (whether in the UK or abroad) for any University activities without the prior written consent of the Director of Finance.
9.3. Where possible Departments shall separate duties for receiving and recording University Income. Where this is not possible regular independent checks shall be made.
9.4. Further cash, petty cash, banking, and related requirements are set out in Schedule 1.
10.1. Heads of Departments are authorized to incur expenditure not exceeding the limits of funds available to the Department. They are responsible for ensuring that monitoring and control arrangements are adequate to prevent over-commitment of expenditure and that all monies under their control are safely kept and are used only for the purposes for which they are allocated. The Head of Department (or budget holder where authorized by the Head of Department) shall approve expenditure.
11.1. Heads of Department shall
11.2. Staff must comply with CUFS rules.
11.3. Record-keeping must comply with the Data Protection Act 1998. The University is subject to the Freedom of Information Act 2000 and members of the public may request copies of University documents. Advice on these matters must be obtained from the University’s Data Protection and Freedom of Information Officers.
12.1. Heads of Departments must establish procedures to ensure that
12.2. Debt management rules are set out in Schedule 2.
13.1. Staff shall send grant applications and proposals for research contracts to RSD for approval before their submission.
13.2. Heads of Department shall ensure there are appropriate arrangements
13.3. RSD shall raise all invoices for sponsored research funding. All research grant or contract income and expenditure, from whatever source of funds, must be notified to RSD and no part of this income may be transferred into donation accounts or other special funds, other than funding remaining unspent at the end of the research which the funder has agreed the Department may retain.
13.4. Heads of Department shall ensure that expenditure on research activity complies with these Regulations. Financial control and record-keeping shall also comply with any additional Research Council or other funder’s requirements.
14.1. Heads of Department must ensure that
14.2. Donation accounts must only be used for donations and must be set up on the basis that the monies are charitable funds which belong to the University and not to an individual.
14.3. University trust funds are governed by regulations set out in Statutes and Ordinances. Trust fund managers shall ensure that funds are used for proper purposes in accordance with the rules of the specific fund and the University’s general charitable purposes.
14.4. Transfers of donated funds to other institutions must always be approved by the Head of Department and be in accordance with the terms of the gift and the University’s general charitable purposes. Transfers shall not be made until the receiving institution has confirmed in writing that the terms of the gift will be observed. Where the transfer relates to the Head of Department’s research, the Director of Finance’s prior written consent must be obtained.
14.5. Donations cannot be transferred to individuals, except where the individual is the donor and the University is unable to meet the terms of the original gift. In such cases the donation may be returned. However no adjustment may be made for interest accrued or for any other putative increase in the value of the donation unless the University accepted this condition when the donation was made.
15. The Cambridge University Endowment Fund (‘CUEF’)
15.1. The University’s Chief Investment Officer is responsible for all CUEF investment management activities. The Chief Investment Officer appoints and monitors external investment managers.
15.2. No Department or trust of the University may invest in any securities or other investments (including land and buildings) without the prior approval of the Finance Committee.
15.3. Acquisition of land is also subject to the Sites and Buildings Regulations (see para 31.1 below).
16.1. Surplus funds (only) may be invested in the CUEF and Deposit Account. The Director of Finance is responsible for approving all new and any changes in CUEF holdings. Deposit Account eligibility rules and interest rates are published by the Director of Finance from time to time.
17.1. Departments must not borrow money outside the University.
17.2. No guarantees or letters of comfort may be issued except with the prior written consent of the Director of Finance.
17.3. No Department may make a loan including to staff or (outside the normal course of business) extend credit arrangements without the Director of Finance’s prior written consent.
18. Obtaining Goods, Services or Construction Works
18.1. Expenditure of £2,000,000 or above on capital items (inclusive of VAT) requires the consent of the Planning and Resources Committee.
18.2. Value for money in purchasing is normally demonstrated through competition. The table below sets out the minimum competition requirement when obtaining goods, services or construction works. This applies to all expenditure irrespective of the source of funding (including spending of grant monies and leasing arrangements). If there is any reason to believe that offers which have been received are not competitive, further offers must be obtained.
Procedure for inviting offers
no quote required
recommended by CPO for
only the quote
£250 – £1,000
£1,000 – £10,000
3 Competitive Quotations
>£10,000 – £25,000
3 Competitive quotations or 3 Competitive Proposals***
>£25,000 – £50,000
3 Invitations to Tender
EU Thresholds, currently
>£156,442 (goods and services)
* see definitions in Schedule 5
** EU Thresholds as at January 2010 (updated biennially)
*** The decision as to which procedure to follow will be based on assessment of complexity, risk and value. In most cases purchases nearer to £10,000 in value could quite reasonably be subject simply to competitive quote procedure. Those closer to £50,000 will be expected to invoke use of competitive proposal procedure which offers greater security and certainty around the purchase. Research Councils require that purchases above £25,000 are subject to the competitive proposal regime.
18.3 In exceptional circumstances only, prior written consent not to follow the competition procedures may be granted
18.4. Departments must seek all necessary advice.
18.5. All competition shall be based on a specification drafted after consultation with anticipated users and assessment of the risks associated with the procurement. The Procurement Procedures provide further guidance on purchasing.
18.6. Goods and services may be purchased externally only if
18.7. Heads of Department must establish levels of authorization and segregation of duties for contracts where the Total Value exceeds £500 for:
Where payment duties cannot be segregated, transactions must be independently checked on a regular basis.
18.8. Orders must state the nature, quantity, and price of goods and services to be provided and where possible apply the University’s terms and conditions. Copies of orders must be kept securely. Where an order is placed through CUFS, the electronic record suffices.
18.9. Official orders must be produced in a form approved by the Director of Finance for all purchases above £100 or any lower threshold set by the Head of Department.
19.1. All goods and services must be checked promptly on receipt to ensure that they accord with order requirements and suppliers advised promptly about any discrepancies. Copies of signed delivery notes must be retained. If deliveries have to be acknowledged prior to checking, endorse the delivery note ‘Goods received unchecked’.
19.2. Invoices must be checked and not authorized for payment until the goods or services have been checked, unless authority is in place to pay in advance (see Regulation 18.4).
19.3. Payments to individuals must comply with Regulation 30.6.
19.4. Heads of Department shall establish arrangements for monitoring and regular appraisal of purchasing activity to ensure that best value for money is secured for current and future purchases.
20. Fraud and Irregularity
20.1. Heads of Department shall
20.2. Any member of staff who reasonably believes there is serious malpractice relating to any ‘protected matter’ specified in the University whistleblowing policies (see Human Resources Division website) should raise such issue using the specified procedure.
21.1. Heads of Departments shall ensure that their Department accounts correctly for VAT and where appropriate corporation tax. Where there is any doubt as to the correct VAT or tax treatment of a transaction, the Taxation Section must be consulted.
21.2. Heads of Departments shall ensure that any taxable benefits paid to individuals are reported to the Human Resources Division for inclusion in P11D returns.
22.1. The Council’s Executive Council and the Registrary have authority to take legal advice and to conduct legal proceedings. Departments shall not take any action to initiate or defend legal proceedings or obtain external legal advice without first involving the Legal Services Office, which will seek consent from the Registrary or Executive Committee as necessary. The Legal Services Office should be contacted immediately if legal proceedings are served on any part of the University or any University subsidiary company.
23.1. Departments must comply with the insurance requirements set out in Financial Procedures and on the Insurance Section web pages.
23.2. Contents whether owned, borrowed or hired must be valued, recorded, and notified to insurers. Departments should regularly review the value of contents held and notify the Insurance Section of
23.3. Departments must take all necessary steps to prevent losses and accidents and ensure that the Insurance Officer is advised immediately of any new unusual or significant risk. Liabilities should not be accepted on behalf of the University without careful consideration. Any liabilities not covered by insurance will fall on the Department
23.4. Third party claims must be passed immediately to the Insurance Section without comment to the third party to ensure that the University’s legal position and insurance policies are not compromised.
24. New Income Generation or Trading Activity
24.1. Apart from core teaching, research, and the organization of conferences, when a new income-generating or trading activity is set up (whether in the UK or abroad), the Head of Department must consult the Taxation Section beforehand to consider the VAT implications and whether the activity constitutes trading which might be subject to Corporation Tax.
24.2. The Director of Finance may direct that transactions be undertaken through a University subsidiary company.
25.1. No University company may be formed (whether in the UK or abroad) for any purpose without the prior approval of the Finance Committee. Advice must be obtained from the Director of Finance.
25.2. University subsidiary companies shall enter into and keep under review a memorandum of understanding with the University. Each company shall operate in accordance with such memorandum and within the framework provided by these Regulations, including the provisions regarding procurement, and any additional procedural requirements imposed by their boards.
26.1. Heads of Department and EMBS shall maintain departmental and corporate registers of Embedded Companies.
26.2. Heads of Department shall in respect of Embedded Companies
27.1. When engaging in consultancy or other commercial activity in a private capacity, Staff must not hold themselves out as acting on behalf of the University, use University headed stationery nor (except in accordance with Regulation 28) use any University premises, facilities or resources.
27.2. The University accepts no responsibility for any work done, advice given or activity undertaken by Staff in a private capacity. Staff are reminded of the need to take out professional indemnity insurance for such work, advice, and activity and that they are responsible for all liabilities arising including as to tax. Staff who conduct work through Cambridge University Technical Services Limited are insured under the University’s insurance policies.
28.1. Unless the Head of Department gives prior written consent and an appropriate contractual agreement with the University is put in place, non-University activities may not be carried out on University premises nor University facilities or resources used for such activities. Care is needed to avoid breaching any obligation of the University to a third party (for example in relation to use of computing facilities and software).
28.2. Heads of Department shall ensure that appropriate charges are made for the use of University premises, facilities or resources for non-University purposes (see Regulation 12).
28.3. The Director of EMBS must be consulted before making any arrangement (including leases or licences) for the use of any University space for non-University purposes.
29.1. Intellectual property generated through University activities is governed by the Intellectual Property Ordinance Graced on 12 December 2005.
30. Salaries and Staff Appointments
30.1. All University employees shall have a properly authorized letter of appointment in the form approved by or under the authority of the Human Resources Committee.
30.2. No member of staff may be given a contract of employment for a period exceeding that for which funding is available to support the post, or posts, to which he or she is appointed.
30.3. The only payments which may be made to University employees are those in accordance with approved University salary scales and such other payments as have been specifically approved by the Human Resources Committee. Rules on expenses reimbursement are set out in Schedule 3.
30.4. Heads of Departments must provide the Payroll Section with and keep up to date a list (signed by the Head of Department) of persons authorized to sign salary documents for departmental staff paid through the payroll. Where the proposed signatory is not a University employee the approval of the Director of Finance is also required.
30.5. For all new employees the Head of Department or other authorized signatory shall ensure that the person is legally eligible to work in the UK. The Payroll Section will not add a non-EU citizen to the payroll unless it is clear that any necessary work permit has been obtained or that the immigration status of the person concerned does not require the University to seek permission for the specific employment proposed.
30.6. Individuals may not be paid as suppliers through CUFS unless the Taxation Section has given prior written consent.
31.1. The University’s real property is governed by Statutes and Ordinances including the Sites and Buildings Regulations.
31.2. Departments may not acquire or dispose of real property without taking the advice of the Directors of Finance and of EMBS. See further Regulation 6.
31.3. The University’s Taxation Section must be consulted about VAT and the tax implications of property acquisitions, disposals, and usage.
32.1. Stores and equipment shall be dealt with as set out in Schedule 4. Assets bought with University Income irrespective of the source of funding remain the property of the University until sold or destroyed, unless contracts with external sponsors specify otherwise.
33. Council Delegations and Directions
33.1. The Council hereby gives all delegations and directions contemplated by these Regulations.
34.1. Every three years, or more frequently if appropriate, the Director of Finance shall arrange for these Regulations to be reviewed and for proposed changes to be submitted to the Finance Committee for onward recommendation to the Council and adoption by Council Notice.
1. Heads of Department who receive cash or cheques shall establish procedures and staff instructions to ensure that:
2. The custody and transit of moneys must comply with University insurance requirements. The postal service and University Messenger Service must not be used to send cash.
3. Remittance advices and financial coding details must accompany all receipts advised to the Cashier in respect of centrally banked items or the Cash Management Section of the Finance Division in respect of locally banked or electronic receipts. Departments are responsible for identification of their own BACS receipts. The Finance Division will assist by supplying relevant information.
4. Petty Cash Arrangements
5. Credit Cards: The Director of Finance must authorize every credit card facility prior to use by a Department. Cardholders must sign a statement accepting the terms and conditions under which the card can be used. The card must only be used for University business. Use must be supported by vouchers for expenses incurred. The card must be returned before an employee leaves the University. Where the card is used for entertaining the conditions in Schedule 3 below must be followed. Heads of Departments must follow University credit card procedures. Cash withdrawals using University credit cards are not permitted without the prior written consent of the Director of Finance.
6. Electronic Receipting Machines (PDQ machines): The Director of Finance must give prior written consent for any use by a Department of PDQ machines for electronic receipts. The Finance Division will provide facilities for Departments where requested, explaining the circumstances in which the facilities are suitable. Departments will incur the cost of PDQ machine facilities.
7. Internet based Receipting Facilities (e-PDQ): The Director of Finance must authorize any arrangements for receiving funds over the internet. The Finance Division will provide advice to Departments in this respect. Departments will incur the cost of e-PDQ facilities.
8. Foreign Currency: Advice on foreign payments and receipts must be sought from the Director of Finance. Any bank charges and exchange rate differences will be a cost to the Department.
9. Cheques: All cheques drawn on the University’s account must bear the signature of the Director of Finance. Sterling cheques in excess of £10,000 must be counter-signed by a designated officer within the Finance Division who may require additional information in order to be satisfied that payment complies with these Regulations. Separate signing arrangements within the Finance Division may be required for cheques denominated in foreign currency.
1. Debt Collection:
A debt is created whenever a credit sale is made or any other obligation to pay money to the University arises. With the exception of research grant claims, Departments are responsible for all aspects of credit control and for debt collection in respect of invoices issued to third parties. Heads of Departments must ensure that proper procedures are in place to monitor all debts and to follow up overdue accounts and must establish a provision for any debts considered irrecoverable. Advice must be sought from the Director of Finance where legal action to recover moneys due is considered.
2. Write-Off and Settlement Procedures:
Uncollectible debts, including in respect of sponsored research activity, will be an expense against the Department. The following authorities exist to write off bad debts or for part settlement, where all reasonable steps have been taken to recover them. These authorities apply to all debts.
1. The following rules apply to University employees.
2. Travel and subsistence reimbursement claims must be made on University claim forms or other forms or means approved by the Director of Finance. Rates of reimbursement are set by the Finance Committee and notified to Departments by the Finance Division.
3. The following conditions apply to travel and subsistence expenses:
4. The following conditions apply to entertainment:
5. The Financial Procedures Manual makes provision for payment of expenses for some non-employees.
1. Heads of Departments shall keep full, proper, and correct records of stock. A full stock take must be performed annually between 1 June and 31 July in addition to any regular interim stock takes. The stock value shall be reported to the Finance Division at the lower of cost (CUFS uses average cost which is equivalent to ‘cost’) or net realizable value. Details of goods may be required by the Finance Division for inclusion in the year end accounts.
2. Heads of Departments shall establish procedures to ensure that:
3. Departments must ensure that best value is obtained for the sale of any goods to external bodies or to Staff.
4. Equipment (including vehicles):
Heads of Departments shall establish procedures to ensure that all items of equipment are adequately protected against loss and misuse and that all purchases and disposals of equipment are properly authorized, accounted for, and recorded.
5. Equipment purchases under research contracts are subject to the competition requirements in Regulation 18. Staff must consider as part of the award criteria the whole life time costs to the University of equipment procurement (and take into account EMBS advice on any infrastructure impact). Specific rules may apply to the depreciation costs allocated to EU grants. Assets bought by the University remain University property until sale or disposal unless sponsors require otherwise.
6. Fixed asset registers must be maintained (with a minimum requirement for all items costing more than £12,000). The Finance Division will set this up if the relevant purchase invoices on CUFS is marked ‘track as asset’ when the invoice is being processed.
7. The Finance Division must be informed of disposals of tracked assets. Any proceeds from the sale of equipment will usually be credited to the account of the Department concerned.
8. Where equipment is loaned or received on loan, Departments must have procedures to ensure that an appropriate agreement and insurance are put in place and that the equipment is returned in good condition.
University-owned vehicles may only be used by authorized personnel on University business. A record of authorized drivers must be maintained by the Department. University vehicles should not usually be used for travel to and from work and they should be left on University premises at night. Where the use of a University vehicle is authorized for travel to and from work and it is not left on University premises at night, the employee is likely to be taxed on the benefit enjoyed. Such use must be declared on the P11D return.
Schedule 5 – Definition, Advice, and Guidance
Definitions and Interpretation
|Written bids submitted by a specified date (the Procurement Procedures provide sample documentation)|
|Quotations in writing, including via fax or email (the Procurement Procedures provide sample documentation)|
|The University Central Purchasing Office|
|The Cambridge University Endowment Fund in which the main University endowments are pooled|
|Cambridge University Financial System|
Department, Head of
|As defined in Regulation 4.1|
|A University wide facility that allows Departments to invest surpluses|
|The University’s Estate Management and Building Service|
|A company occupying University premises or whose employees’ normal place of work is on University premises, other than as temporary visitors or to provide services to the University|
|A threshold from time to time in force above which a public contract must be let in accordance with public procurement legislation|
|Any framework contracts approved by CPO|
|The Higher Education Funding Council for England|
|The board which manages for the University the investment of the CUEF|
|Any supplier catalogue or process for obtaining offers which is made available electronically through CUFS|
|The seven principles identified by the Committee on Standards in Public Life|
Planning and Resources
|Planning and Resources Committee of the Council and the General Board|
|The guidance and model documents on procurement in the Financial Procedures Manual or published on the CPO web pages|
|Research Services Division|
|All employees irrespective of whether their appointment specifically includes financial responsibilities and however their employment is financed together with anyone else who has any responsibility for the administration, management or expenditure of any University Income or conducts any University Business|
Sites and Buildings
|The University’s Sites and Buildings Regulations set out in Ordinances|
|The contract value or estimated value as follows:|
|The Chancellor, Masters, and Scholars of the University of Cambridge|
|University business which has a financial impact|
|All monies, regardless of source or purpose, which are due or paid to the University or made available to individuals because of their association with the University|
Terms are to be understood as used in Statutes and Ordinances, unless the context of the Regulation requires otherwise.
Words preceding ‘include’, ‘includes’, ‘including’, and ‘included’ shall be construed without limitation by the words which follow those words.
Further Guidance is contained in
1. There shall be a standing committee of the Council, called the Audit Committee, which shall consist of:
provided that it shall not be obligatory for the Committee to co-opt any person or persons.
For the purpose of these regulations, external members are defined as the following members of the Audit Committee:
2. Members in classes (a), (b), and (c) shall be appointed in the Michaelmas Term to serve for three years from 1 January next following their appointment. No member in class (a), (b), and (c) may serve for more than eight consecutive years. Co-opted members shall serve until 31 December of the year in which they are co-opted or of the following year, as the Committee shall decide at the time of their co-optation.
3. No person may be a member of the Audit Committee who is a member of the Finance Committee of the Council. If a member of the Audit Committee becomes a member of the Finance Committee, his or her place shall thereupon become vacant.
4. The Audit Committee shall meet at least twice in each financial year. It shall be the duty of the Committee:
5. No decision of the Audit Committee shall have any binding effect unless there are at least five members, three at least of these being external members, present at a meeting of the Audit Committee. If a decision is the subject of a vote and there is an equality of votes cast, the Chairman, or Acting Chairman, as the case may be, shall be entitled to give a second or casting vote.
6. In the absence of the Chairman of the Committee, the Audit Committee shall elect an acting Chairman from the external members present.