Effective Date: July 2009
Last Reviewed: July 2009


POLICY:

The purpose of this policy is to establish employee position levels and authorization limits for procurement of goods and services for Stonehill College. Signature authority is established to ensure that there is a management review and approval of the College’s expenditures. The policy applies to all the divisions of the College.

PROCEDURE:

To ensure that all financial transactions are properly approved the College requires financial transactions to be signed only by pre-authorized employees within established dollars authorization levels.

Signature Authorization Delegation:

The Vice President for Finance is responsible for approving (or delegating the authority to approve) all financial transactions at the College.

Employees delegated to approve financial transactions or expenditures are responsible for assuring the following:

• An understanding of what is being approved

• The information and supporting documentation is accurate and complete

• The transaction is allowable, reasonable and justified

• The transaction is charged to the correct project(s) or accounts

• There are adequate funds to cover the expense

• The funding source is appropriate for the expenditure

Financial transactions may only be approved by Stonehill employees with signature authority by personally signing the required signature authorization form.

Additionally, employees with signature authority may only approve financial transactions within their authorized dollar limit.

Employees with signature authority must comply with all applicable College policies, laws, regulations and special restrictions on the use of College funds. Unauthorized transactions will be subject to management review. Failure to comply may result in financial and/or criminal liabilities for the employee.

Authorized Budget Approvers/Signers:

Signature authority and corresponding approval limits are herby delegated (assign) by the Vice President for Finance for Stonehill College:

The College’s authorized budget approvers/signers for each division are:

Academic Affairs Division:

· Vice President for Academic Affairs and Provost

· Associate V.P. of Academic Affairs

· Dean of Academic Achievement

· Registrar · Director of Academic Development

· Director of Career Services

· Director of College Library

· Director of General Education and First-Year Experience

· Director of Academic Services

· Director of International Programs

· Director of Center for Academic Achievement

· Director of the Martin Institute

· Director of Center for Excellence in Teaching & Learning

· Faculty Senate President

Advancement Division:

· Vice President for Advancement

· Director of Alumni Affairs

· Assistant VP for Advancement

· Director of Development

· Director of Communications & Media Relations

Enrollment & Admissions Division:

· Vice President for Enrollment Management and Marketing

· Dean of Admissions & Enrollment,

· Assistant Vice President of Student Financial Services

· Director of Marketing

Executive Division:

· General Counsel/Clerk,

· Director of Human Resources

Finance Division:

· Associate Vice President for Finance & Treasury Management

· Associate Vice President for Operations · Assistant Vice President for Planning

 · Controller

· Chief Information Officer

· Director of Purchasing/Business Manager

· Director of Planning & Institutional Research

· Director of Campus Police and Safety

· Director of Conference & Event Services

· Director of Facilities

Mission Division:

· Vice President for Mission

· Director of Campus Ministry

· Director of Community Service & Volunteerism,

· Director of the Center for Nonprofit Management

Student Affairs Division:

· Vice President for Student Affairs

· Associate VP for Student Affairs and Dean of Students

· Assistant Vice President for Intercollegiate Athletics and Recreational Sports

· Director of Intercollegiate Athletics

· Director of Student Activities

· Director of Residence Life

· Director of Community Standards

· Director of Intercultural Affairs

· Director of Counseling & Testing Center

· Director of Health Services

· Director of Recreational Sports

Review of Authorized Budget Approvers

On an annual basis, the Vice President for Finance will formally review the approved list of employees with signature authority and make any recommended changes.

Authorization Limits

Budget Approvers:

Budget approvers are authorized to sign for purchases up to a maximum of $25,000 for the budgets they oversee. A Vice President may request to approve/view expenditures below the $25,000 threshold at his or her discretion.

Division Heads:

Purchases over the budget approver’s assigned threshold of $25,000 up to $100,000 must have the signature authorization of the appropriate Vice President.

Vice President for Finance & Treasurer

Purchases over $100,000 must have the signature authorization of the Vice President for Finance & Treasurer.

President:

Purchases over $1,000,000 must have the approval of the Vice President for Finance and President.

Type of Expenditure                                           Approvals Required

            Budget Approver           Vice President   V.P. of Finance

Purchase requisition     X          If over budget approver limit     If over $100,000

Invoice X          If over budget approver limit     If over $100,000

Expense reimbursement            X          X          N/A

Purchase Card   X          X          N/A

Travel Advance X          If over budget approver limit     N/A

Signature Authorization Form:

To ensure that all financial transactions are properly approved, the Controller's Office must have a record of the authorized signer(s) for each org (previously known as cost center). A Signature Authorization Form is required to place the Budget Approver’s own signature on file. Changes to the authorized signer list require a new/updated Signature Authorization Form to be forwarded to the Controller’s Office.

No financial transactions i.e. purchase orders, invoices, travel expense reports, or petty cash requests may be processed without a proper Signature Authorization form.

Signature Proxies:

The Vice President for Finance and Associate Vice President for Finance have a signature proxy for all College budget approvers in their absence or in an emergency. Budget approver’s supervisors may also serve as proxies.

Original Signatures:

All signatures must be original. An individual signing another person’s name and initialing it is unacceptable. Signature stamps seriously weaken internal control over expenses and their use is specifically prohibited except for pre-printed signatures on checks.