Part 2. Income
(1) In a unit that receives cash or cheques, the head of that unit is responsible for ensuring compliance with the Cash Management process governing such receipts.
(2) All monies receivable by the University are to be regarded as income of the University.
(3) University income includes all monies made available to individuals on the basis of their association with the University (other than pursuant to authorised outside appointments: see regulation 8.6 below).
(4) All University receipts must be paid into a University bank account promptly and be properly accounted for.
(1) All sales of goods and supplies of services must be in accordance with the Managing Sales of Goods and Services process.
(2) All sales should be authorised and subject only to acceptable credit risks.
(3) Customers must be made aware of the University's standard conditions of sale and supply (available from the LSO), which must be incorporated into all contracts (subject to any variations required on a case-by-case basis, and drafted or endorsed by the LSO), including contracts for sales generated online.
(4) Charges made to external customers should always reflect the full economic costs of the service or goods provided. Heads of units (or their delegate) must approve sales to employees, members of the University, and other customers, which are made without charge or at a charge below that normally made to external customers.
(5) Appropriate charges should be made for the use of University premises and facilities for non-University purposes.
(6) The Director of Finance or the Finance Committee may write off a bad debt against general revenue or, where it is considered that the bad debt resulted from unguarded action taken by a unit, against that unit's funds. Table E identifies the financial authorisation limits applicable.
(7) The Director of Finance will provide the Finance Committee with an annual report of the total sum written off each year, giving details of individual sums over £5,000.
2.3 Gifts Received
(1) The Gift Registry oversees the management of gifts and associated income and advice should be sought from the Gift Registry where uncertainty exists on the nature of a receipt.
(3) Gifts for research that are to be treated as research income (where it is the donor or benefactor's intent to support specific research activity) should be managed in accordance with the Guidelines on Gifts (Donations) for Research.
(4) All other cash gifts and grants, and all other undertakings to make future payment, must be notified promptly to the Gift Registry. If such a cash gift or grant exceeds £10,000, or involves future payment, no payment should be accepted, conditions agreed, or formal receipt provided, without prior reference to the Development Office. All cash gifts and grants of £10,000 or less (and not involving future payment) should be sent to the Cashiers' Office with the supporting information prescribed in the Cash Handling and Banking process.
(5) Only the Pro-Vice-Chancellor (Development and External Affairs), the Director of Finance and the Director of Development are authorised to give a formal receipt on behalf of the University. The Gift Registry may issue acknowledgements where the donor does not ask for a formal receipt.
(6) Where necessary, and in consultation where necessary with the relevant unit, the LSO and the Tax Section, the Development Office will determine whether a gift should simply be received and acknowledged; whether a University trust regulation should be made; whether an undertaking to make future payments should be made the subject of a binding covenant or; whether the commitment to future payment is more in the nature of a non-binding pledge.
(7) All future commitments shall be made the subject of a binding covenant where decisions on University expenditure have to be made in advance of receipt of the funds.
(8) Where necessary, trust regulations, prepared by secretaries to divisional boards (or their equivalent in the case of budgetary units not in divisions) and taking advice where necessary from the LSO, are approved by the General Purposes Committee of Council, having authority to approve trust regulations under Council Regulations 15 of 2002.
(9) In considering the acceptability or otherwise of any donation, the Development Office must have regard to the guidelines made under Council Regulations 15 of 2002 concerning the Committee to Review Donations. In particular the Development Office must have regard to the possibility that funds may originate from illegal sources. They should exercise particular caution where:
(a) having been offered large donations from persons unknown to them, they do not receive satisfactory replies to the further enquiries they make;
(b) donations are conditional on particular individuals or organisations being used to do work for the University;
(c) offers of donations in cash are made for a certain period of time, during which the University receives the interest, before the capital sum is returned to the donor at the end of the specified period ;
(d) offers of donations in foreign currencies are made for a certain period of time, during which the University receives the interest, before the capital sum is returned to the donor in the form of a sterling cheque at the end of the specified period.
All such cases must be referred promptly to the Registrar, and advice should be sought from the LSO.
(10) Every proposed donation to the University of £100,000 or more, and cumulative gifts equal to or exceeding, in total, £100,000, must be referred to the Committee to Review Donations for a decision on whether its acceptance may breach the guidelines governing the acceptance of gifts by the University (cumulative gifts shall be treated as one gift and a decision taken at the point when the threshold of £100,000 is crossed). When it is the judgment of the Pro-Vice-Chancellor (Development and External Affairs) that acceptance of any donation may breach those guidelines* he/she must refer the donation to that body for its consideration and decision.
(11) The Pro-Vice-Chancellor (Development and External Affairs) shall provide Council with a termly report of all gifts and pledges, including individual details of gifts and pledges of £100,000 or more.