Revised: July 1, 2010
Also refer to Signature Authority Policy
Table of Contents
Division of Business & Finance Responsibilities
Purpose of Business Policies and Procedures
Role of Business Policies and Procedures
University-wide Compliance with Policies and Procedures
Exceptions to Policies & Procedures
The University of the Pacific is a non-profit 501(c)(3) public benefit corporation established to provide a superior student-centered learning experience to prepare college students for lasting achievement and responsible leadership in their careers and communities. The University is governed by its Board of Regents (the Regents). By its charter, the Regents hold the assets of the University in trust and retain all corporate powers and privileges.
The Board has delegated transaction authority to the President as chief executive officer of the University to approve any transaction that does not specifically require Board action. In the President's absence, the Provost exercises the powers and duties of the President. The President, Provost and Vice Presidents further delegate signature authority for contracts and grants as specified in the Signature Authority Policy.
The Division of Business and Finance plays a central role in assuring the Regents fulfill their fiduciary responsibilities to donors, government officials, students, employees, and the general public. As such, the Division of Business and Finance establishes the overall business policies and procedures for the University.
The Business Policies and Procedures ("Business Policies") define the University's overall business practices. Together, Business Policies and the University's Signature Authority Policy ("Signature Policy"), govern the overall signature authority and business policies and procedures of the University. The Signature Policy governs overall authority for execution of all grants and contractual agreements entered into by the University. The Business Policies are subject to all Signature Authority provisions, and also define the approval thresholds for transactions not involving grant and contractual agreements. If a conflict should be determined to exist between the Business Policies and the Signature Authority Policy, the Signature Authority Policy takes precedence over the Business Policies.
Business policies and procedures provide a system of internal controls designed to help ensure the University's assets are protected against loss and that all financial transactions are recorded properly (i.e., accurately and completely).
These policies apply universally and as written herein to all University campuses, schools and departments. Therefore, University campuses, schools and departments are held accountable and must not deviate from these policies and procedures.
From time to time exceptions to published policies and procedures may be warranted. Requests for exceptions must be submitted in writing to the Controller's office for consideration. Please note that all requests may not be approved. Individuals at the San Francisco and Sacramento Campuses should route all requests for exceptions through their respective Business Office before forwarding to the Controller's Office.
University Business and Fiscal Managers are responsible for communicating Business Policies to their schools or departments as appropriate to ensure compliance by all units with the policies. Individuals in departments and schools should contact their respective Business Manager with general questions. Individual policies herein direct the reader to the appropriate office(s) where more specific information may be obtained for each policy.