Part 6. Banking and Cash

6.1 Cash Handling

All cash within the unit must be managed in line with the Cash and Banking process.

6.2 Bank Accounts

(1) The Finance Committee is responsible for the approval of the University's banking and treasury arrangements.

(2) The Director of Finance, or Registrar and Head of Treasury must approve all new bank accounts of the University. All such bank accounts shall be in the name of the University. Amendments to existing accounts or mandates can be signed by two of the following: the Director of Finance, the Registrar, Head of Tax and Treasury, Group Financial Controller, Head of Financial Planning and Analysis.

6.3 Investment

(1) The Investment Committee is responsible to Council for the strategic oversight and supervision of all funds invested by, or for the benefit of, the University as set out in Council Regulations 15 of 2002. No budgetary unit or trust fund of the University may invest independently in any securities or other investments.

(2) A cash investment vehicle—the Deposit Pool—is used for

(a) the investment of benefactions and endowments before the making of trust regulations;

(b) surplus cash in trust funds; and

(c) University cash flow balances.

(3) Management of the Deposit Pool is the responsibility of the Director of Finance, under delegated authority from the Finance Committee. Investments in the Deposit Pool are made in line with the Treasury Management Code of Practice and the Treasury Policies and Procedures Manual.

(4) Management of the University's shareholdings in spinout companies is the responsibility of the Director of Finance.

6.4 Oxford University Endowment Management Limited

Oxford University Endowment Management Limited (“OUEM”), a subsidiary company is responsible for the management of certain investments of the University and those of the Oxford Funds. OUEM may delegate its authority to identified fund managers. The Board of OUEM is responsible for managing delegated authority limits within OUEM in respect of the Funds it manages.

6.5 Borrowing

(1) The University has the capacity of a natural person to manage, deal with and dispose of its property as it thinks fit; and this includes the power to invest, the power to borrow (and enter into contracts relating to derivative products ancillary to borrowings) and the power to charge its property as security.

(2) No borrowing may take place (other than through the operation of an overdraft which is part of regular banking facilities), and no University assets may be offered as security for any borrowing, without the permission of Council. Before sanctioning such activities, Council will obtain and consider proper advice (which for these purposes shall mean, save where expressly authorised by Council to the contrary, advice from a suitably qualified, independent person) as to the necessity for the loan or security, the reasonableness of the terms, and the University's ability to repay.

6.6 Insurance

(1) Except in cases where express agreement to the contrary has been reached with the Finance Division, all insurances must be arranged only through the Insurance Section, which will provide all necessary advice.

(2) Items of equipment will be covered for all-risks insurance if they are included within the return. The unit's equipment register must be updated regularly, to include all acquisitions and disposals. Items purchased between annual submissions to the Insurance Section are covered automatically: however, the Insurance Section must be notified at the time of acquisition whenever an individual item exceeds £100,000 in value.

(3) University-owned vehicles may be used for University business purposes only. Use must be authorised in writing by the head of unit, and a record of authorised drivers maintained. The unit must refer to the Insurance Section whenever a driver has six or more points on his or her licence. The Insurance Section must receive immediate notification of all vehicle acquisitions and disposals and hires for a period of fourteen days or more. In addition the unit must submit to the Insurance Section the Annual Insurance Return: Departmental Vehicles.