Number: 
03-100-101
Type: 
Procedure
Policy Steward: 
Fiscal Policy Officer
Format Updated: 
DONE
University Policy & Standards Converted: 
DONE
Status: 
Current
Revision Date: 
Wednesday, January 1, 2020

 

Definitions

  • Fiscal Policy:  Unit rules that serve as the guiding principles for administering or implementing operations within the Division of Finance and Administration (DFA), and applicable to all areas of fiscal activity across the university as a whole.
  • Philosophy:  A set of ideals, standards or beliefs used to describe behavior and thought; General principles or laws of a field of knowledge, activity, etc.  Distinguished from other ways of addressing problems by a critical, generally systematic approach and reliance on rational argument.

 

Fiscal Policy Objectives

  • Generating effective results through structured and inclusive decision-making.
  • Confirming intent and respect for all stakeholders through clear and transparent communication.
  • Improving efficiency and effectiveness through consistent yet flexible processes.
  • Promoting a safe and respectful community by supporting DFA’s core values and mission.
  • Providing clear fiscal requirements and guidelines to ensure active stewardship of resources.
  • Balancing innovation and compliance by assessing and managing risk.
  • Ensuring compliance with university policies, regulations, laws, and other local, state and federal government requirements through clearly defined and integrated policies and processes.

 

Fiscal Policy Requirements

  • Clear and concise statement of the fiscal principles.
  • Explanation of intent or rationale, including legal or regulatory requirements, risk mitigation or general principles the university community must follow.
  • Explanation of who should be informed, describing broadness of applicability to the governing policy.
  • General information about expectations, requirements and guidelines – Being as broad as possible, yet well-defined, definitive when necessary and specific to fiscal activities.
  • Defined process and responsibilities for implementing the fiscal principles.
  • Links to more detailed information and useful resources, especially when a topic may not apply to everyone.  This also reduces revisions in more than one place.