Annually, capital expenditures are included in the preparation of the following year’s operating budget, presented to the Audit Finance & Risk Committee, then to the Board of Governors for approval. The President has the sole authority to approve and sign capital contracts within the annually approved capital expenditures and in compliance with purchasing and payment protocols;
For items outside the annually approved capital expenditures, Board of Governors approval is required for any such expenditure in excess of $200,000.
Research and Short-Term Academic Contracts
The signing authority for research and short-term academic contracts is delegated by the Board of Governors jointly to the President, the Vice Presidents, or the Associate Deans. This includes all contracts, which involve research, intellectual property, copyrights, and international exchange students, sesssionals, lab instructors, and teaching assistants.
Cheque Signing
Cheques issued by the University require two signatures – one from each of the following groups:
Finance Department:
Director, Finance; or
Senior Accounting Officer
Executive:
President; or
Vice President Academic or Associate Dean’s
Investments
Investment transactions typically relate to purchasing, cancelling or re-investment of Guaranteed Investment Certificates (GIC’s) with the bank. For these products authorization is required as follows:
President or Director, Finance – up to $500,000;
Board of Governors – over $500,000
Personnel Payments
There are numerous forms that are utilized covering various additional types of remuneration paid to including (but not limited to) travel, miscellaneous expenses, and professional development. In each case, the form is completed by the staff person involved after consultation with and approval of the Department Head or Executive member. The claim will include original receipts and the reason for the purchase, where relevant.
Procurement of Goods and Services
The approval limits currently in effect are:
Department Heads, Associate Deans and Department Directors, including Director of Finance – up to $5000
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