There are numerous internal controls and protocols in effect at FNUniv that govern how individuals with the authority to spend FNUniv’s financial resources or execute contracts and agreements that commit FNUniv to financial liability or other obligations that must be complied with.
These internal controls and protocols have been set based on the signing authorities as provided for in this policy.
This policy applies to all employees of FNUniv and Board of Governors.
FNUniv– means the First Nations University of Canada
Contract – means an agreement between FNUniv and another party that is intended to have a binding obligation and/or legal effect.
Instrument – means a formal legal written document and includes Contracts, agreements, cheques, payments, banking transactions, etc.
The policy states the following:
- The authority to enter into Contracts, agreements, payments, and banking transactions that relate to the general operation of FNUniv binds FNUniv to the terms as outlined in the Instrument being signed. As such, the authority to sign these Instruments is specified and as outlined in this policy. In most instances, two (2) approved signing officers are needed to execute all Instruments.
- All payments issued by FNUniv are subject to strict authorization protocols as stipulated by FNUniv’s Board of Governors. Similarly, all Instruments executed by FNUniv are also subject to strict authorization protocols as approved by the Board of Governors.
- Finally, no employee may, either verbally or in writing, enter into or terminate a commitment that creates an obligation or undertaking on behalf of FNUniv unless that employee has authority in accordance and compliance with this policy and has ensured that the required due diligence has been done.
Roles and Responsibilities
Board of Governors
Execution of Instruments
- The Chair of the Board of Governors along with the President will have the authority to sign Contracts, Collective Bargaining Agreements, transfers, mortgages, and other Instruments or documents required to be in writing and to which FNUniv is a party and which are deemed to be properly executed by FNUniv if the corporate name and seal of FNUniv are affixed thereto.
- A designate may sign on behalf of the Board Chair. Designates are restricted to the following:
- Vice-Chair, Board of Governors
- Anyone appointed to one of these positions in an Acting capacity is authorized to sign documents during the period of the Acting appointment.
- Notwithstanding any other approval provided for in this policy, any single transaction greater than two hundred thousand dollars ($200,000) must be approved by the Board of Governors prior to execution or issuance with the exception of investment decisions which can be approved by the President or Vice Presidents of Finance up to five hundred thousand dollars ($500,000).
- The two hundred thousand dollars ($200,000) single transaction limit is in reference to single year and multi-year Contracts that consider a total value greater than two hundred thousand dollars ($200,000). For example, a Contract for one hundred thousand dollars ($100,000) annually for a three-year term must be considered as a total value of three hundred thousand dollars ($300,000) and therefore required Board approval. All employment Contracts entered into for periods extending beyond a one-year period will not be considered as Contracts totaling the value over the life of the Contract, but at a value equal to the sum of the total annual remuneration. Accordingly, signing authority delegation for such Contracts will be determined based on the annual remuneration and NOT the total value of the Contract.
Execution of Instruments
- Upon approval by the Board of Governors, the President and the Board Chair will have the authority to sign Contracts, transfers, mortgages or other Instruments or documents required to be in writing and to which FNUniv is a party and which are deemed to be properly executed by FNUniv if the corporate name and seal of FNUniv are affixed thereto;
- Anyone appointed in an Acting capacity under the Absence of the President Policy may be authorized to sign documents during the period of the Acting appointment.
- The President may assign a designate to sign Contracts up to a value of two hundred thousand dollars ($200,000) in accordance with the Delegation of Authority Policy. Designates are restricted to the following:
- Vice President Academic
- Vice President Finance and Administration
- Vice President University Relations
- Associate Deans
- Director of Finance
Vice President Finance and Administration
Execution of Instruments
- Execution of Instruments
- Vice President Finance and Administration must sign all Contracts to which FNUniv is a party, except where the signature of the Chair of the Board of Governors is required.
- The Vice President Finance and Administration may designate their signing authority to the Director of Finance or Comptroller in accordance with the Delegation of Authority Policy.
Consequences for Noncompliance
Any contract, agreement, or other financial instrument executed by University personnel outside of the authorities granted under this policy will lead to disciplinary action up to and including termination