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UCL Financial Regulations

UCL conducts its business and operations to the highest standards of integrity and objectivity and, where possible, follows a policy of openness and transparency. Compliance with the Financial Regulations is a requirement for all members of staff. Heads of Departments need to ensure that their staff and activities comply with the UCL Financial Regulations. Non-compliance with the UCL Financial Regulations will result in disciplinary action.

Notes regarding the application of these Regulations to UCL Australia are shown below in bold italics. Where no bold italic note is included then the regulation applies to UCL Australia in the same way as it applies to all other UCL Departments. UCL Australia’s Financial Year runs from 1 July to 30 June.

UCL's Financial Year runs from 1 August to 31 July.

    Audit

    1. The HEFCE, NAO, External and Internal auditors shall have right of access to records, assets, personnel, premises or any other information in respect of UCL activity and to obtain such information and explanation, as considered necessary, to fulfil audit responsibilities.
    2. In Australia the following additional bodies have access: State of South Australia Audit staff, Auditor General, South Australia.

    3. A continuous Internal Audit function shall be provided in accordance with the requirements of the HEFCE Audit Code of Practice.

    UCL Australia is an integral part of UCL and the Internal Audit unit will review the operation as part of its normal role.

    In view of the nature of the UCL Australia operation, BDO Adelaide will carry out additional management compliance work for UCL Finance and Business Affairs
    .

    Bank Accounts

    1. Finance and Business Affairs shall open and maintain the bank accounts needed to conduct properly the business of UCL. Finance Committee shall review annually such accounts and the signatories who may operate them.
    2. Finance and Business Affairs shall ensure the reconciliation of all bank accounts on a monthly basis, by persons other than those whose responsibility includes the handling of receipts and maintaining accounts receivable records.

    In the case of UCL Australia the Chief Operating Officer is responsible for all of these functions. UCL Finance staff shall monitor the bank account on line and will review monthly returns from UCL Australia.

    1. No member of staff may open a bank account for UCL related activity nor use the name of UCL or its departments.
    2. Cheque signatories shall take such steps, as necessary, to satisfy themselves as to the validity of payments proposed, and that proper procedures have been followed to ensure that payment requests are supported by properly checked, approved, and appropriate documentation.
    3. Finance and Business Affairs shall ensure that proper control is exercised over unused and cancelled cheques.

    Budget

    1. The UCL Budget for the forthcoming year shall be submitted, together with a report thereon by the Director of Finance and Business Affairs, to Finance Committee at a meeting no later than June of each financial year. The Budget, Report and Recommendations made by Finance Committee shall be considered by the Council in time for the beginning of the following financial year.
    2. The Budget, approved by the Council, represents the total income and expenditure that is expected to be received or incurred for that financial year. Finance and Business Affairs shall monitor income and expenditure within each main heading and report significant variances to each Finance Committee, at an early stage. If appropriate, the Council shall be asked to authorise significant variations to budget.
    3. The Director of Finance and Business Affairs will present to each Finance Committee a financial projection for the current financial year and, at least, annually a long-term financial forecast.

    More information can be found at: Budget Accounting

    Buildings and Property

    1. The Director of Estates shall ensure that suitable arrangements are in place to secure custody of all deeds and agreements relating to land and buildings owned or leased to or by UCL.
    2. No charge shall be applied against any assets of UCL, without the prior approval of the Council.
    3. No land or buildings of UCL shall be disposed of, without the prior approval of the Council and, where appropriate, the Higher Education Funding Council for England

    Capital Expenditure

    1. Capital expenditure on property (i.e. that relating to the acquisition, construction, adaptation, or improvement of property) shall only be incurred by the Director of Estates, in the following ways:
      • for projects with a value not exceeding £5 million (a rent is deemed to be a capital sum equivalent to ten times the amount of the annual sum) sourced from funds without specific conditions attaching, the approval of the Estates Management Committee and the Provost has been received;
      • for projects in excess of £5 million, detailed options and financial appraisals have been prepared and the spending of monies for that purpose from UCL funds has been sanctioned by Finance Committee;
      • for projects in excess of £10 million, detailed options and financial appraisals have been prepared and the spending of monies for that purpose from UCL funds has been sanctioned by Council;
      • the spending of specific grants, obtained from the Higher Education Funding Council for England or any other grant-awarding body or benefactor, has been sanctioned by that body, except that the Finance Committee or Estates Management Committee may authorise expenditure, pending the receipt of a Capital Grant, where a firm commitment to funding has been received.
    2. The Director of Estates shall present a progress report on all current capital projects to each meeting of Finance Committee, including a final report in respect of completed projects.

    Further information can be seen at Current Major Projects

    Cash and Cheque Advances

    1. All types of advance, including cash, cheque, and foreign currency, shall be made at the discretion of Finance and Business Affairs (or, in the case of salary advances, the Human Resources Director) who shall ensure that adequate control is exercised over such matters
    2. Staff in receipt of an advance (whether upon an “actual cost” or per diem basis) shall provide Finance and Business Affairs with a return of expenses in the required format, with any unspent monies, by the due date. Failure to do so will jeopardise any subsequent advance requests from the Department concerned, and may also result in the advance being referred to Payroll for the deduction of income tax.
    3. All staff should adhere to the Cheque Advance Policy & Procedures.

    Consultancy Work

    1. Full time members of staff may undertake consultancy work in a private capacity with the agreement of their Head of Department, providing this does not interfere with their duties to UCL. Where such a commitment on a personal and private basis is accepted, staff shall clearly indicate to the external sponsor in writing that they are acting in a personal capacity, and that there is no legal liability on UCL as a result of any advice, information or recommendations given. No use should be made of UCL stationery (or any other title or documentation) which could give the impression of UCL involvement. Heads of Departments shall ensure that staff, undertaking private work, have provided a suitable disclaimer letter to the sponsor. Staff accepting such private commitments are responsible for their own insurance and personal taxation arrangements.

    In the case of UCL Australia GST rather than VAT will apply.
     

    1. Where UCL materials or resources (including office and laboratory space) are consumed in the course of private work, payment at a commercial rate (inclusive of VAT) should be agreed with the Head of Department.
    2. More information can be found at: Consultancy Guidelines

    Discretionary Funds

      Discretionary Funds shall include all Funds except those covered by:

      • the Departmental Allocation (HEFCE funds);
      • Research Grants, Contracts, Consultancy agreements or other such agreements administered by Finance and Business Affairs;
      • Endowment Funds; and,
      • Short Course funds.

      For the avoidance of doubt, income from services rendered will be deemed to be Discretionary Funds, unless they are administered by Finance and Business Affairs when they will be deemed to be Research Grants, Contracts or Consultancy Agreements.

    1. The opening of account codes for Discretionary Funds is under the direct control of Finance and Business Affairs to whom application should be made in writing, indicating the origin of the monies and the purposes to which they will be put.

    UCL Australia has delegated authority to open new codes on the local system. Details of all new codes are included on the monthly financial reports submitted to UCL, London.

    1. Heads of Department shall ensure at all times that Discretionary Fund accounts do not go overdrawn.
    2. Discretionary Funds are deemed to belong to UCL, and are not normally transferable, should a member of staff leave UCL's employment.
    3. Where income is to be generated from sale of goods or services rendered, Heads of Department shall ensure that the full costs (including indirect costs) are taken into account when setting prices, and that VAT is charged, where appropriate.

    More information can be found at: Guidance Notes on Discretionary Accounts

    Endowments and Donations

    1. Finance and Business Affairs shall provide Heads of Department with an estimate of income for each endowment fund for which they have control. As soon as possible after each financial year end, Heads of Department will be informed by Finance and Business Affairs of actual income received from investments for the preceding financial year.
    2. Heads of Department shall not commit UCL to expenditure in excess of the balance standing on each endowment fund plus estimated income for that financial year
    3. Finance and Business Affairs shall make arrangements to ensure that:
      • donations or gifts are received in the most tax efficient manner;
      • VAT implications are fully considered; and
      • terms of a donation or gift are not too onerous upon UCL and do not result in commitments to expenditure or liability which cannot be met.
    4. Finance and Business Affairs shall ensure that tax is reclaimed from covenanted and other similar donations on a regular basis, and that adequate records are maintained as required by the tax authorities.

    Expenditure

    1. Every member of staff, authorised to incur expenditure, shall ensure that adequate records are maintained to control and monitor expenditure against approved limits, and shall seek to achieve value for money in all cases.
    2. Heads of Department shall be authorised to incur expenditure, provided that it is within the departmental allocation or an approved budget as notified by Finance and Business Affairs, or available from balances held on discretionary fund or other accounts. If expenditure should exceed funds, an application for supplementary provision needs to be approved by Finance and Business Affairs, with an agreed spending plan to eliminate the deficit position.
    3. Finance and Business Affairs shall investigate any instances of unauthorised over-expenditure on a regular basis and agree, with the relevant Head of Department, action to rectify the situation, which may include the virement of other departmental funds. Normally, deficit balances shall only be written off with prior approval of Finance Committee. A summary of departmental account balances, indicating change from the previous financial year, will be reported to the Provost at each financial year end.
    4. Each Head of Department shall promptly notify the Director of Finance and Business Affairs of any matter involving a significant resource commitment, or potential commitment, including any proposal which has material financial implications, to ensure that such matters comply with recognised accounting policies, procedures, and planning requirements, and that necessary Committee approvals have been obtained.
    5. Those areas of UCL activity, which are expected to cover their expenditure costs, shall present to the Director of Finance and Business Affairs an annual budget, and any significant UCL financial support shall be approved by the Finance Committee.

    Expenses and Travel

    1. All claims for reimbursement of expenses, incurred by an individual in the course of UCL related business, must be supported by official receipts or some other valid form of supporting documentation, providing details of the purpose of expenditure, duly signed by the claimant and an Authorised Signatory.
    2. Staff cannot authorise their own expenses claim form. All staff shall have their personal expense claims countersigned by an appropriate Authorised Signatory.

    This regulation applies to UCL Australia. However approval may be given by email provided electronic copies of the claim and all documentation have been examined by the appropriate officer.

    1. Personal expense claims must be presented for reimbursement within three months of the expenditure being incurred and will be reimbursed via BACS to the nominated bank account.
    2. All staff should adhere to the UCL Expenses Policy.

    Financial Control

    1. The Director of Finance and Business Affairs shall be responsible to the Treasurer for maintaining all financial records and accounts, for UCL’s revenue and capital.
    2. The Director of Finance and Business Affairs shall be responsible to the Vice-Provost (Operations) for the management, organisation and administration of Finance and Business Affairs.
    3. The Director of Finance and Business Affairs is responsible for:
      • the provision of financial and related advice on all UCL matters, including financial control and internal check;
      • the integrity of UCL's financial records, systems and source data;
      • exercising supervision and control of accounting arrangements and standards throughout UCL;
      • the provision of a financial management service to govern, manage and regulate the finances and accounts of UCL, including budgetary control, assets, investments, insurance, and financial resources generally.
    4. Finance and Business Affairs shall prepare annual financial statements and shall arrange for these to be audited and submitted to the Council by 1 December each year, or as soon after as is reasonably practicable. Finance Committee shall agree, where appropriate on the recommendation of the Audit Committee, the accounting policies, as stated in the annual financial statements.

    In the case of UCL Australia the Financial Statements for the year to 30 June are audited in Australia in accordance with the South Australian State requirement

    1. The introduction by a Department of any accounting system, or procedures which are likely to affect the requirements of Regulation 35, shall be notified to the Director of Finance and Business Affairs prior to implementation, and Heads of Department shall follow the advice of the Director of Finance and Business Affairs.
    1. Heads of Department are Authorised Signatories by virtue of their position and may nominate up to a maximum of six other members of staff within their Department to act as Authorised Signatories, unless a higher number is agreed with Finance and Business Affairs. Prior to a nominee(s) signing any document, a completed Authorised Signatories List (obtainable from Finance and Business Affairs) must be returned to Finance and Business Affairs.

    There are currently four Authorised Signatories for UCL Australia: The Chief Executive, the Academic Director, the Director, International Energy Policy Institute ( IEPI) and the CFO.

    1. Authorised Signatories Lists shall be confirmed annually and formally updated at least every three years. Separate forms are required in order to set up staff responsibilities on the UCL integrated finance system. Forms must be returned to the FIS Helpdesk. A member of staff must be an Authorised Signatory on the list returned to the Manager of the Financial Services Office, before s/he can be given Payables Approval, or Purchase Order Approver, responsibility on the integrated financial system.

    Fraud

    1. Members of staff shall advise their Head of Department of all external work and private consultancies undertaken, including appointment as company director. Heads of Department shall also be notified of relationships, where a conflict of interest may exist or occur. Heads of Department shall maintain a confidential record of such commitments, and shall advise the Provost if they consider such commitments are in danger of becoming excessive. Heads of Department shall introduce appropriate controls to avoid potential conflict and shall advise the Provost of such commitments of their own.
    2. All staff shall declare to the Director of Finance and Business Affairs:
      • any significant share holding or material interest which they have in a business which may (or does) supply or trade with UCL;
      • any matter which might reasonably be deemed by others to encroach on impartiality;
      • any personal, financial or other beneficial interest an individual (including a close relative or partner) may have in any financial arrangement or transaction with UCL.
    3. The Director of Finance and Business Affairs shall maintain a register of disclosures of interest.
    4. Staff shall not authorise expense claims, invoices or other similar documents received from close relatives or partners, but shall ensure these are signed by an alternative Authorised Signatory.
    5. Any member of staff who becomes aware, or suspects any form of, financial irregularity, in respect of accounting, security of assets, or financial transactions, is required to inform immediately their Head of Department, who in turn shall report all such incidents to the Director of Finance. The Director of Finance and Business Affairs shall promptly report such irregularities to the Head of Internal Audit.
    6. Where a financial irregularity appears to involve a criminal act and/or a disciplinary offence, the Director of Finance and Business Affairs shall report the matter to the Provost to agree the appropriate course of action.
    7. The Director of Finance and Business Affairs shall inform the Audit Committee of fraudulent activity resulting in a loss to UCL in excess of £10,000.

    In the case of UCL Australia the limit is $20,000.

    1. All staff should adhere to UCL's Fraud Policy.

    Gifts and Hospitality

    N.B. This policy should be read in conjunction with, and is subject to, UCL's Anti-corruption and Bribery policy. The Anti-corruption and Bribery policy shall take precedence over this policy in the event of any inconsistency or uncertainty.

    1. All unsolicited 'gifts' received from 'external parties' are the property of UCL. In line with the UCL Gifts and Hospitality policy, where the value of such a gift exceeds £25, the member of staff is required to submit a declaration form to the appropriate School / Professional Services Finance Director as soon as the gift has been received.

    The limit for UCL Australia is Aus$50.

    1. Hospitality received from external parties, which goes beyond refreshment appropriate to the circumstances, should also be declared to the appropriate School / Professional Services Finance Director (via the declaration form).
    2. On those occasions where hospitality is provided by UCL to visitors or to members of staff, expenditure should be reasonable and appropriate to the circumstances and, wherever possible, in-house catering facilities should be used.
    3. The School / Professional Services Finance Directors shall maintain a Register of notified gifts and hospitality received.
    4. All staff should adhere to the UCL Gifts and Hospitality policy.

    Income

    1. The Director of Finance and Business Affairs shall make and maintain adequate arrangements for the financial organisation, accounting and book-keeping necessary to ensure the proper recording of all sums due to UCL.
    2. Each Head of Department shall make and maintain adequate arrangements for the collection, custody, control, disposal, and prompt and proper recording at the time of receipt, of all cash and cheques received, in such manner as advised to be appropriate by Finance and Business Affairs.
    3. Each Head of Department shall ensure that all accounts for income, due to UCL, are raised within fourteen days on an official UCL sales invoice which provides particulars of all charges to be made for work done, services rendered, or goods supplied by the Department. Sales invoices should be promptly forwarded to Finance and Business Affairs for scrutiny (unless alternative arrangements have been agreed in writing) who shall arrange for their despatch. VAT shall be applied where necessary.

    UCL Australia has delegated authority to raise and despatch sales invoices.

    1. The Finance Committee will approve the standard tuition fees and residential accommodation fees to be charged to students in each academic year. The Director of Finance and Business Affairs shall, where appropriate, approve all other fees and charges levied by UCL although, in the case of Bench Fees, the responsibility for notifying students of the departmental fee shall rest with the Head of Department. More information on tuition fees can be found on the UCL Students webpage. Please also see information on residences fees.
    2. Heads of Administrative Divisions, who are authorised to enter into contracts and agreements with third parties for activities under their control, are required to promptly notify the Director of Finance and Business Affairs of all monies due to UCL under Agreements prepared by them (including contracts, leases, tenancy agreements, agreements for sale of property, and any other agreement which involves the receipt of money by UCL). At the earliest opportunity, they shall provide the Director of Finance and Business Affairs with a copy of each completed document.
    3. Finance and Business Affairs shall ensure that:
      • there are adequate controls over the raising of debts in respect of all UCL activities (including Student Accommodation, Student Fees, etc.);
      • all debts are collected promptly; and
      • outstanding balances are reviewed regularly.
    4. An annual report shall be made to the Finance Committee of debts over one year old.
    5. Application for the write-off of debts should be sent to the Director of Finance and Business Affairs for approval. Write-offs in excess of £5,000 shall only be actioned after consideration of a report thereon by the Finance Committee and their subsequent approval. The Director of Finance and Business Affairs shall maintain a Register of all bad debts written-off.

    The limit for UCL Australia is Aus$10,000.

    1. Every cash sum received on behalf of UCL by a cashier or other member of staff shall be immediately recorded in an appropriate manner. An official receipt or voucher shall be issued to acknowledge the cash received unless alternative arrangements have been agreed with Finance and Business Affairs. Likewise, where money which is accountable to UCL is transferred from one member of staff to another, such transfer shall be acknowledged by the issue of an official receipt or, where appropriate, by signature in a cash accounting record kept by the Department. Cash should only be retained by a department where secure facilities are available and up to the limit provided by UCL's insurance policy as notified by Finance and Business Affairs.
    2. Each Head of Department shall make every effort to ensure that all cheques received in respect of their activities, which are accountable to UCL, are made payable to "University College London". Instructions for payment to UCL by BACS should be forwarded to Finance and Business Affairs for signature.

    UCL Australia has delegated authority to arrange for BACS payments to be made direct into the UCL Australia Australian bank account.

    1. Where personal cheques are paid to UCL by staff, students, or others in respect of goods supplied or services rendered, they must be supported by a current banker's card. Where the value of goods exceeds the banker's card limit, the goods must be withheld for a period to allow the cheque to clear.
    2. All income received on behalf of UCL in any Department shall be deposited at the Financial Services Office but, in special cases, the Finance and Business Affairs may approve income to be deposited directly with UCL's Bank.

    In the case of UCL Australia all income shall be deposited directly with the UCL Australia Australian bank account

    1. All income shall be deposited at the Financial Services Office (or directly banked if appropriate) not less often than weekly, except where total income received is in excess of £2,000 where it shall be deposited within one working day, and where cash exceeds insurance limits when it shall be deposited immediately.

    The limit for UCL Australia is Aus$4000.

    1. All income shall be deposited intact. Payments shall not be made from income, unless by written agreement with Finance and Business Affairs. Personal cheques or other such instruments may not be substituted for cash.
    2. Finance and Business Affairs shall arrange for all income received in the Financial Services Office to be deposited into UCL's Bank Account not less than once daily.
    3. All official receipt books, invoices, order forms and other such stationery shall be in a format approved by Finance and Business Affairs, who will also approve arrangements for ordering, controlling and issuing of such stocks to each Head of Department.

    Insurance

    1. All insurances of UCL shall be under the direction and control of Finance and Business Affairs, who shall be responsible for all liaison and negotiations with insurance brokers.
    2. Finance and Business Affairs shall arrange for a periodic review of risk management and insurances to identify the nature and extent of risks and the appropriate actions including insurance and/or risk reduction.
    3. Finance and Business Affairs shall keep a register of all insurances effected by UCL and the property and risks covered.
    4. Heads of Department shall ensure that all insurance cover requirements are arranged solely through Finance and Business Affairs. Claims for reimbursement of expenditure pertaining to any other insurance will only be paid at the discretion of the Finance and Business Affairs
    5. Heads of Department shall immediately notify Finance and Business Affairs of any new types of risks, new premises, or equipment valued in excess of £100,000, to be insured, together with the amount of cover required, and, further, shall notify any change in circumstances which may affect existing risks and insurances.

    In the case of UCL Australia the limit is Aus$200,000.

    1. Heads of Department shall advise Finance and Business Affairs immediately of any loss or circumstance which may give rise to an insurance claim. All claims shall be prepared by Finance and Business Affairs, in conjunction with the Head of Department, for submission to the insurers.
    2. Heads of Department shall not give an indemnity to any person unless its terms have been approved by Finance and Business Affairs.
    3. The Director of Estates, and where appropriate any other Head of Department, shall advise Finance and Business Affairs of occasions when the reliance on a proposed contract for goods, building works, services, or maintenance may justify the cost of providing against default – for example, by requiring a supplier or contractor to secure a performance bond.
    4. All monies due and received from insurers shall be paid to Finance and Business Affairs for credit to a UCL bank account.
    5. The Director of Estates shall keep suitable records to ensure that the inspection of such plant which is normally carried out by an Insurance Company, is carried out by the Company within the prescribed period. In the event of any failure by an Insurance Company to carry out inspections during the prescribed period, Finance and Business Affairs shall be notified immediately.

    In the case of UCL Australia the Director of Estate may delegate this role to appropriate local staff.

      Please refer to further information on insurance.

    Intellectual Property and Patents

    Note: Work carried out by UCL staff may give rise to Intellectual Property Rights (IPR). Where such IPR result from work expressly required of a person in the course of that person's employment by UCL or done by such a person specifically under the direction and control of UCL, the rights generally vest in UCL. Intellectual Property Rights include:

    • copyright in works (including computer software and books, but read on for special provisions applying to books);
    • the right to apply for Registered Design protection in relation to designs;
    • and all rights, including the right to apply for patent protection, in any work, design or invention.

    Notwithstanding the statutory provision whereby the copyright in any work produced by an employee in the course of employment belongs to the employer, UCL normally reassigns ownership of copyright in any work to be published to the author and will waive any claim it may have to benefits arising from publication, with the exception of the following which shall belong to UCL:

    • copyright in course materials produced in the course of employment for the purposes of the curriculum of a course being run or to be run by UCL and which are produced, used or disseminated within UCL;
    • copyright in any software programme generated during the normal course of University employment;
    • copyright in any designs, specification or other works which may be necessary to protect rights in commercially exploitable Intellectual Property.

    1. Responsibility for the protection and exploitation of Intellectual Property Rights, including any negotiation with external sponsors in respect of such Rights, rests with UCL and shall be handled by UCL Business, from whom specific details and further information may be obtained.
    2. 85. Premature disclosure of any information in respect of an invention can seriously prejudice the prospects for commercial exploitation. It is therefore essential that staff should notify their Head of Department in writing, and immediately refer all details to UCL Business, if they make an invention or discovery in any of the following instances:
      • in the course of work within their contract of employment;
      • whilst specifically under the direction and control of UCL;
      • whilst engaged in duties for externally sponsored research, or using UCL staff, facilities, material, etc.
    3. The Director of UCL Business shall inform the member of staff whether UCL wishes to protect and exploit the invention, and shall advise as to whether any delay in publication of the invention is advisable. Should UCL decide not to take up its rights to exploit, UCL will normally offer to assign all rights in the invention to the member of staff (to exploit in the member of staff's own name and at the member of staff's own expense).
    4. Should UCL Business decide that UCL should protect and exploit the invention, the possibility of obtaining patent protection in the name of UCL will be investigated. Staff, who are inventors according to the Patent Office definition, shall be named as such on the Patent application. The costs of obtaining Patent protection for inventions and discoveries arising out of contract work, where rights belong to the sponsor, shall be at the expense of the sponsor.
    5. Income received from the exploitation of UCL's IPR shall, after deduction of all relevant expenditure incurred through exploitation or protection including all taxes and employer's staff costs, normally be distributed between UCL, Department and Inventor. In consideration of an Inventor's share, the Inventor shall, at UCL's request, give written confirmation that such IP does belong to UCL and shall undertake to give UCL reasonable assistance in the protection and licensing of the IP. However, in the case of exploitation through a limited company, the inventor's share would normally be by way of the issue of shares. The Council will, from time to time, lay down guidelines for the distribution of such income but UCL maintains its right to vary the proportionate share of income depending on the circumstances of each case. The inventor shall, at UCL's request, inform UCL of all external funding received from research sponsors for the purposes of carrying out the research leading to discovery of IP which subsequently is the subject of exploitation. Any revenue sharing arrangements between UCL, Department and Inventor shall be made, after any payments to such external sponsors in respect of their funding. For the avoidance of doubt all research grant and contract terms shall prevail. If there is no licence income to UCL from commercialisation of IP generated under a research grant or contract, then there shall be no revenue to share.
    6. Inventions and discoveries made by students are normally assigned to UCL, and income arising therefrom shall be subject to distribution, as laid down at Financial Regulation 80 above. Students, assigning rights to UCL, shall benefit from the protection and exploitation services provided by UCL Business, and any resulting royalty income shall be distributed on the same basis as for UCL employees.
    7. Members of staff shall ensure that any original work, manuscript, data, report, or other written material in which copyright belongs to UCL, bears a statement that the copyright belongs to University College London. This should normally take the form of © University College London or ©UCL

    Please refer to further information on the UCL Business webpage.

    Internal Control

    1. Responsibility for internal control within a Department rests fully with each Head of Department, who should ensure that appropriate and adequate arrangements exist within the Department to safeguard all assets and resources, and compliance with UCL policies and these Financial Regulations. Relevant records should be maintained which should be as complete and accurate as possible and retained securely.
    2. All Heads of Department shall ensure that the duties of their staff are segregated so that no individual member of staff records and processes a complete transaction (e.g. no individual member of staff should be responsible for placing orders, receiving deliveries, and passing or approving invoices for payment). Where resources only allow for one member of staff to carry out the administrative duties of the Department, then the Head of Department should at the very least ensure batches are authorised as outlined in Financial Regulation 102 by a different member of staff (ideally by the Head of Department).

    UCL Australia falls into the category where one person may carry out the administrative duties. The bank mandate requires all payments to be signed or authorised on-line by two signatories.

    1. Finance and Business Affairs will only process standard accounting forms which have been properly certified and then independently authorised by an Authorised Signatory.

    UCL Australia has its own forms and has delegated authority to process payments.

    1. Each Head of Department shall ensure that:
      • any financial management information produced within the Department is reconciled to that produced by Finance and Business Affairs;
      • the Finance and Business Affairs is notified of any significant errors or discrepancies discovered in the information produced by Finance and Business Affairs.

    Copies of FIS Reports are sent to the Chief Executive and Chief Financial Officer at UCL Australia each month.

    1. Each Head of Department shall arrange for financial and other related documents to be retained in a secure and accessible manner for the appropriate periods.

    For UCL Australia the retention periods are as per Australian law if longer.

    The documents referred to below should be retained for the periods shown, in addition to the current Financial Year:

    Document

    Years

    Copy Orders

    2

    Suppliers' Delivery Notes

    2

    Till Rolls

    6

    Stores' Requisition/Issue Notes (incl. Cancelled Notes)

    2

    Copy Official Receipts

    6

    Records of Purchase Invoice Batches

    6

    Inter-Departmental Orders/Invoices

    2

    Copy Pay-In Slips (incl. SREC/SREN)

    6

    General Correspondence (not Central Files)

    2

    Monthly Transaction Prints (microfiche)

    Indef.

    Suppliers' Paid Invoices

    6

    Sundry Debtors Accounts

    6

    Control Account Print-outs

    6

    Control Account Reconciliations

    6

    Paid Cheques

    6

    Bank Statements and Supporting Docs

    6

    Bank Reconciliation Statements

    6

    Credit Transfer Listings

    6

    Cancelled Cheques

    6

    Stopped Cheques

    6

    Opened Cheques' Letters

    6

    Insurance - Correspondence

    6 (Min)

    Insurance - Policies

    Indef.

    Finance Statistics' Return (Form 3)

    Indef.

    Final Account Working Papers

    10

    Income Tax Records

    6

    Payroll - Input Forms

    6

    Payroll - Output 6 A C

    6

    Payroll - Annual Earnings Summary

    12

    Employees' Time Sheets 2 A C

    2

    VAT Records 6 A C

    6

    VAT Returns Indef. A C

    Indef.

    Journal Transfers 6 A N

    6

    Contract Documents - under seal

    12 (Min)

    Contract Documents - other

    6

    Investments

    1. The Investments Committee shall make arrangements and be responsible for the long term investment of the funds of UCL (or of its associated Trusts) and shall report to Council via Finance Committee.
    2. Finance and Business Affairs shall be responsible for arranging short term deposits of UCL funds on a daily basis with due regard to any restrictions imposed by Finance Committee.

    In the case of UCL Australia this function is delegated to the UCL Australia Chief Financial Officer.

    1. Finance and Business Affairs shall monitor, on a monthly basis, expenditure from departmental accounts and, in particular, departmental requisitions for orders in excess of £50,000. In managing the cash resources of UCL, Finance and Business Affairs shall take into account the requirements of departments but shall be authorised to delay, or deny, funding requests, where cash resources do not permit.

    Aus$100,000 in the case of UCL Australia.

    1. All investments should adhere to UCL's Investment Policy.

    Legal and Professional Advice

    1. The prior approval of the Finance Committee is required in respect of expenditure incurred in obtaining legal and professional advice above £50,000. Approval to proceed with litigation is also required where the financial risks exceed this limit.

    In the case of UCL Australia the limit is Aus$20,000.

    Ordering of Goods and Services

    1. Each Head of Department shall ensure that equipment, goods and services are obtained economically and on the most advantageous terms, in accordance with the following
      • the appropriate UCL Tendering and Ordering procedures, as laid down in the guidance issued by Finance and Business Affairs;
      • the guidance given on the UCL Procurement website;
      • the requirements of the appropriate EC Directive; and
      • the UCL Estates and Facilities procedures for the acquisition, construction, adaptation or improvement of property.
    2. Departments shall order from central bulk-purchase sources, [e.g. Estates and Facilities Division, Facilities or Procurement Services etc.,] or by reference to UCL-wide contracts established by Procurement Services, unless advantage can be shown otherwise. Many of these contracts will have been arranged under the strict procedures of the EC Directives, therefore under this legislation, they are legally binding.

    UCL Australia has delegated authority to order from the suppliers that the Chief Executive considers appropriate.

    1. Prior to placing an order, the Head of Department shall ensure that:
      • the cost can be met from within an approved budget, allocation or departmental credit balance;
      • the order complies with UCL purchasing policies, relevant European Community Directives on the purchase of works, services, or supplies, and UCL Financial Regulations;
      • all relevant costs (including purchase, VAT, delivery, installation, storage, operating, servicing, maintenance, disposal, and contract conditions) have been properly considered.
    2. Each Head of Department shall ensure that an official UCL order form is prepared at the time the order is placed, in respect of all internal and external orders for equipment, goods and services, with the exception of:
      • petty cash purchases;
      • UCL Purchasing Cards,
      • utility services and building works subject to standard contract and certain subscription or similar payments where an exception has been agreed, in writing, in advance by Finance and Business Affairs.

      In the case of internal services, alternative forms may be used provided that these have been approved by Finance and Business Affairs.

    3. The following information must be recorded for each order form issued:
      • a description of the goods or services required;
      • cost (and any discount) including VAT;
      • quantity;
      • date and place of delivery; and
      • relevant account code.
      • In the case of UCL Australia GST rather than VAT applies. Orders shall be raised on the approved local accounting system.

        The completed order form shall be signed by an Authorised Signatory, or authorised on-line by an appropriate member of staff, if the order is raised on the approved UCL integrated finance system.

    4. The Director of Finance shall arrange to review, at intervals not exceeding five years, the provision of the following services: banking, insurance, external audit and investment management.
    5. Authorised Signatories may authorise the issue of a UCL order for goods and services up to £3,000 intended for personal use of staff, on condition that payment is made by that staff member immediately on delivery of the goods or services. In all cases, consideration shall be given to the correct treatment of VAT.

    The limit for UCL Australia is Aus$6,000 and consideration shall be given to the correct treatment of GST.

    Please refer to Procurement Services webpage.

    Payments

    1. Every purchase invoice shall be checked to ensure that the goods or services have been received in accordance with the original order as regards description, cost, quantity and quality, and signed by the member of staff responsible for this check. (The Finance and Business Affairs may agree special arrangements where approval is given electronically on the UCL integrated finance system.)

    For UCL Australia the Director of Finance and Business Affairs has agreed special arrangements for approval to be given electronically on the local finance system.

    1. A Batch Control Slip must be completed for each document or group of documents (i.e. invoices, expense claims, etc) being submitted to Finance and Business Affairs for payment. The Batch Control Slip requires the signatures of two staff to certify and authorise the total number and value of documents shown on, and included in, the batch. (Finance and Business Affairs will agree special arrangements where data is transferred electronically. Invoices and other payment documents are authorised on-line if the Department is using the approved UCL integrated finance system and, in these circumstances, batch control slips require only one Departmental Signature and this does not have to be by an Authorised Signatory.)

    This regulation does not apply to UCL Australia. Documents for payment are not batched.

    1. The certification of a Batch Control Slip, or the approval of any document on-line on the integrated finance system, shall mean that the member of staff responsible for preparing the batch for authorisation is satisfied that:
      • the goods have been duly received and approved in accordance with the original order or contract as regards description, price and quantity, and are of acceptable quality;
      • the work or services rendered have been satisfactorily carried out, materials used were of the requisite standard, and charges are correct;
      • the expenses being claimed are supported by original receipts or conform to the requirements laid down for claiming expenses paid on a per diem basis;
      • each document is arithmetically correct;
      • each document included has not previously been passed for payment. To comply with the above, staff certifying the batch should ensure that all documents presented for certification are supported by relevant documentation. To this end, they should be presented with the following:
      • original invoice appropriately marked in accordance with Financial Regulation 99;
      • a copy of the original order; and
      • the goods received/suppliers delivery note; or ensure that a suitable system is in place within the Department to satisfy these requirements.

      In the case of UCL Australia a signature on the document and/or the approval on the local accounting system, conditions above apply.

    2. The authorisation of a Batch Control Slip shall mean that the Authorised Signatory is satisfied that:
      • the batch has been properly certified;
      • the nature and extent of expenditure is in accordance with the requirements of the Department and complies with general UCL policy and these Regulations;
      • there are sufficient funds available to meet the costs incurred.

      In the case of UCL Australia a signature on the payment document and/or the approval on the local accounting system, is deemed to mean that the member of staff is satisfied that the second and third conditions above apply.

    3. It is recommended that payment before delivery of goods or services is resisted. However, where such advance payments are customary because of the nature of goods or services to be supplied, Heads of Department should ensure that appropriate guarantees are provided by the supplier. In the case of large payments, the advice of the Head of Procurement should be sought.
    4. All batches duly authorised by an Authorised Signatory and all certificates for payments under contracts shall be forwarded to Accounts Payable in Finance and Business Affairs without delay, and certainly in adequate time for payment to be made to secure any discounts. In the case of requests for payment in foreign currency, these should be sent separately to Finance and Business Affairs with accompanying backup documentation, together with a completed bank transaction form (i.e. bank draft, SWIFT payment), if appropriate.

    UCL Australia has delegated authority to arrange payment, and to keep all records locally.

    1. Finance and Business Affairs may make such checks and examine such batches submitted for payment as considered necessary, and will not process any batch which includes a document or documents that are:
      • presented with incomplete, inaccurate, illegible or incorrect documentation;
      • supported by a Supplier's Statement and not an invoice;
      • supported by a photocopy of an original invoice (unless certified that the original has been lost and clearly marked "COPY").

      UCL Australia has delegated authority to ensure that such checks are made before payments are made.

    2. Finance and Business Affairs may approve arrangements for ordering goods and services by way of a charge card and settling the debt by automatic bank debit.
    3. No member of staff shall prepare or complete an invoice on behalf of a supplier. In exceptional circumstances, staff may request the permission of Finance and Business Affairs to invoice UCL personally.

    Payroll

    1. The UCL Australia payroll is run on a fortnightly basis. The Finance Manager , UCL Australia sends all required changes with suitable evidence to UCL London Payroll and Pensions Services for authorisation in accordance with dates on the Return Schedules as agreed by UCL Australia , UCL London Payroll and Pensions Services and UCL London HR Consultancy. UCL London Payroll and Pensions Services provides the Finance Manager, UCL Australia with authorised payroll information to process the payroll , with a copy to the Chief Executive and the Chief Financial Officer. The Finance Manager is responsible for the payroll payment arrangements which are reviewed by the Chief Financial Officer and approved by two authorised signatories. The fortnightly payroll report is sent to UCL London Payroll and Pensions Services and the Chief Financial Officer immediately after payroll date.
    1. In the event that an error is made in calculating the salary of an employee resulting in an overpayment, UCL’s Payroll and Pension Services reserves the right to recover the overpayment from any future salary payments due to the employee. In the event that a salary overpayment is brought to the attention of Payroll & Pension Services after the employee has left UCL's employment, Payroll & Pension Services will contact the employee to arrange an alternative method of repayment.

    In the case of UCL UCL Australia this is dealt with locally, based on instructions from UCL’s Payroll and Pensions Services.

    1. All non-recurrent payments to members of staff (including overtime, consultancy fees, ex-gratia payments, etc) or other individuals (including visiting lecturers, external examiners, students, models, casual labour, occasional clerical or secretarial support, etc), which are deemed to be remuneration for work done or services rendered, must be processed through Payroll and Pensions Services, and shall be supported by adequately certified documentation, signed by an Authorised Signatory (except that staff cannot authorise payments to themselves, in which case the provisions of Financial Regulation 163 will apply). Such payments are subject to deduction of income tax and national insurance, unless exemption has been obtained from H M Inspector of Taxes or NI Contributions Agency.

    In the case of UCL UCL Australia payment is made through the local payroll, based on instructions from UCL’s Payroll and Pensions Services.

    1. Payroll and Pensions Services shall not include on UCL Payroll any new appointment unless it is supported by a copy of the letter of appointment signed by the Human Resources Director or designate, together with an accurately and correctly completed Staff Record Form.
    2. Heads of Department shall immediately notify the Human Resources Division of the resignation of any member of staff or where any newly appointed member of staff does not commence work on the given start date.
    3. Further information can be found at Payroll on the HR website.

    Petty Cash Floats

    1. Finance and Business Affairs shall maintain an imprest account of such amount as may be required for making departmental petty cash float advances and for petty cash payments.
    2. Finance and Business Affairs may provide Heads of Departments with a petty cash float, for the purpose of defraying minor expenses incurred by staff on departmental activity. The Finance and Business Affairs will determine float values. A receipt shall be signed in respect of each float advance by the member of staff concerned, who shall be held responsible to account for, and arrange safe custody, of the float.
    3. Heads of Department shall ensure that adequate security arrangements are in place to hold petty cash floats. Maintenance and operation of the departmental float shall be in accordance with procedures laid down by Finance and Business Affairs and failure to comply may result in the facility being withdrawn.
    4. Under no circumstances shall a petty cash float be used to reimburse personal expenditure, payments of wages or salaries, temporary loans to staff or students, or to cash cheques.
    5. Vouchers or receipts for petty cash disbursements shall be obtained, carefully preserved, and forwarded to the Manager of the Financial Services Office with the departmental petty cash float Reimbursement Form, duly reconciled and authorised by an authorised signatory. No individual payment out of a Departmental petty cash float shall exceed the amount, as set by Finance and Business Affairs, from time to time.

    If UCL Australia requires a petty cash float separate procedures will apply.

    Research Grants, Contracts and Consultancy Agreements

    1. Research Services shall arrange for the careful scrutiny of every application for all research grants or contracts and every consultancy agreement to ensure that adequate financial provision is contained therein for the employment of staff, the meeting of recurrent expenses and an appropriate level of indirect costs. All such scrutiny shall consider the requirement to levy VAT on the proposed activity.

    UCL Australia has its own forms and has delegated authority to process research grants, contracts and consultancy agreements. However UCL Australia staff shall consult with Research Services staff in the UK before submissions are made to external bodies. Copies of all agreements are included in the monthly returns to UCL, London. GST rather than VAT may apply.

    1. No formal application for a research grant shall be made without the signature of the appropriate Research Services staff member. In the case of contracts or consultancy agreements, no member of academic staff should enter into any agreement or commitment on behalf of UCL unless prior authorisation has been received; all bids shall be prepared in consultation with Research Services and contracts shall be signed by the appropriate Research Services staff member.

    In the case of UCL Australia no formal application for a research grant shall be made without the signature of the Chief Executive of UCL Australia. UCL Australia has delegated authority to prepare and submit bids within the guidelines issued by UCL. However UCL Australia staff shall consult with Research Services staff in the UK before submissions are made to external bodies.

    1. Research Services should be contacted at the earliest opportunity where there is a prospect of any project with UK or overseas industry, European Commission, or central or local government sources. No application for funding from these sources should be submitted without approval from Research Services whose responsibility it is to conclude an agreement with a sponsor and to determine whether the terms of any particular agreement are acceptable to UCL. In view of the need to maintain commercial confidence in respect of contracts and consultancy agreements, the costing and pricing of a proposed project, including indirect cost rates, shall not be disclosed to a sponsor without prior consultation with Research Services.

    UCL Australia has delegated authority to prepare and submit bids within the guidelines issued by UCL. However UCL Australia staff shall consult with Research Services staff in the UK before submissions are made to external bodies.

    1. In view of the need to maintain commercial confidence in respect of contracts and consultancy agreements, the costing and pricing of a proposed project, including indirect cost rates, shall not be disclosed to a sponsor without prior consultation with Research Services.

    UCL Australia staff shall maintain commercial confidence for all contracts and consultancy agreements.

    1. During negotiations for research grants, contracts or consultancies or other such agreements administered by Research Services, the Head of Department shall consult with:
      • the Director of Estates, to ensure adequate consideration and provision for: any additional accommodation and/or furniture required; any building or engineering work required; any significant increase in the use of water, heating, electricity and any other form of power or energy, or public utility services;
      • the Director of Research Services, where: any element of cost of installation or adaptation of premises arises which is unlikely to be met by the sponsor; full maintenance, servicing and running costs cannot be met from the projected grant or contract provisions; a continuing financial commitment will exist following the cessation of the grant or contract; there are increased insurance risks;
      • appropriate staff in the School of Life & Medical Sciences, where the proposed grant, contract or consultancy agreement may be subject to Home Office regulations;
      • the Director of Estates, where there are special safety, security, or environmental implications;
      • the Librarian, where it is expected that a high level of demand will be placed upon Library resources;
      • other senior staff as appropriate, if significant additional costs or implications for UCL are likely to arise within areas under their control.

      The Chief Executive of UCL Australia has delegated authority to sign off the above matters provided that there is no adverse impact on the approved UCL Australia budget. If there is an adverse impact the Chief Executive shall consult with the UCL Director of Finance and Business Affairs before any contract is signed.

    2. Where the value of a grant or contract is in excess of £500,000 or where the duration of a project is five years or more, the Dean or Finance Director of the appropriate Faculty shall consult relevant Heads of Department and confirm in writing to the signatory to the application that either:
      • the application appears to make no additional demands on UCL resources and hence should be approved; or
      • the application is likely to make additional demands on UCL resources. Where this is the case, the matter shall be referred to the Director of Research Services for consideration.
      • In the case of the Institutes of Child Health, Ophthalmology and Neurology the respective Directors can approve all applications, except those which include:
      • a current or future commitment to meet ongoing costs over and above existing budgetary provision and/or above the expected income from confirmed research grants or contracts;
      • a requirement for space or other resources over and above the existing provision. Applications which do include such items must be cleared in advance of any commitment, in writing, with the Vice Provost (Health) and the Provost.

      In the case of UCL Australia the threshold value is $1,000,000.

    3. Applications totalling less than £500,000 in respect of research grants, contracts or consultancy agreements shall be signed by the Director of Research Services only if accompanied by a standard disclaimer letter from the Head of Department, certifying that no commitment involving UCL general funds arises, unless, where such a commitment does arise, written confirmation as to the adequacy and source of internal finance shall be provided from the Director of Estates and/or the Director of Finance and Business Affairs (as appropriate). In the case of Medical Institutions which merged with UCL on or after 1 August 1995, the Director of Finance may authorise a member of Institute finance staff to act as a deputy for the purposes of this regulation and Regulation 125.
    4. Acceptance of any research grant, contract or consultancy agreement shall be made by the Director of Research Services, provided confirmation has been obtained that, subject to the information available:
      • the provision of finance, staffing, and office, teaching or research space is adequate;
      • no unduly onerous conditions are contained in the offer;
      • no financial commitment will exist after the expiry of the grant, except where Finance Committee has previously considered and accepted such commitment;
      • in the case of contracts, a Project Budget Approval Form has been signed by the Project Investigator and the Head of Department/Dean of Faculty showing the internal budget breakdown;
      • in the case of Consultancy agreements, a Consultancy Costing and Pricing Proposal (CCPP) has been signed by the PI and HOD, showing the budget breakdown;
      • where appropriate, a satisfactory company credit status report has been received in respect of the proposed sponsor.

      In the case of UCL Australia the approval of the Director of Finance and Business Affairs shall be obtained before any research grant, contract or consultancy agreement is accepted. Once this approval had been obtained the Chief Executive of UCL Australia may sign to accept such agreements.

    5. No appointment of staff, or the commitment of resources by a Head of Department, may be made until the research grant has been formally accepted or the research contract or consultancy agreement has been signed.
    6. Heads of Department shall be responsible for ensuring that each research grant, contract or consultancy agreement keeps within the limits of the expenditure for direct costs and staffing, as specified in the approved estimates for each project and in accordance with the terms and conditions of the contract or consultancy agreement. It will be the responsibility of the Head of Department to meet the cost of any overspends out of Departmental resources.
    7. No member of staff shall direct a sponsor to address monies or cheques to themselves, in their own name or to their department in respect of work undertaken on behalf of UCL.
    8. For further information, please access Research Services on Finance and Business Affairs website.

    Security of Computing Facilities

    1. Each Head of Department shall ensure that all staff and students are made aware of, and adhere to, the Computing Regulations issued by the Information Systems Division.
    2. The Director of the Information Systems Division shall ensure that a disaster recovery plan is prepared and regularly reviewed in respect of critical computing areas within UCL.

    In the case of UCL Australia the Chief Executive of UCL Australia shall ensure that there is a suitable disaster recovery plan for the local systems.

    Short Courses

    1. Heads of Department, or their nominee, shall consult with the Head of the Centre for the Advancement of Learning and Teaching, or nominee, where a charge is made to external bodies or individuals in respect of short courses, conferences, seminars or other part time or distance learning courses, organised on a commercial basis, and for which there is no equivalent full time course (and any other activities that fall within the scope of the UCL Guidelines on Short Courses and Conference). Heads of Department, or their nominee, shall ensure that a proper budget is prepared in accordance with the guidance, set out in these Guidelines, and that all appropriate overhead charges are included.

    In the case of the UCL Australia, where a charge is made to external bodies or individuals in respect of short courses, conferences, seminars or other part time or distance learning courses, organised on a commercial basis, and for which there is no equivalent full time course, and any other activities that fall within the scope of the UCL Guidelines on Short Courses and Conferences, the Chief Executive of the School shall ensure that a proper budget is prepared in accordance with the guidance, set out in these Guidelines, and that all appropriate overhead charges are included. Where there is an equivalent full time course the Chief Executive shall consult with the UCL Director of Finance and Business Affairs before fees are set.

    1. Heads of Department shall ensure that all activities (so defined by the UCL Guidelines on Short Courses and Conferences) are managed in accordance with the budgets, approved for these activities. Also, they should ensure that Finance and Business Affairs is provided with timely notification of those activities which have been completed in an annual accounting period in order that any outstanding charges for central overhead costs can be levied, in accordance with arrangements laid down by Finance and Business Affairs, and in order that the balances, remaining on these accounts, can be transferred promptly to appropriate departmental reserve accounts.

    UCL Australia has delegated authority to deal with the accounting entries in the local system.

    Staff Establishment

    1. Finance and Business Affairs shall ensure that an up-to-date record of the HEFCE funded staffing establishment of UCL is maintained, as approved by the Provost.
    2. Finance and Business Affairs shall ensure that each Head of Department annually confirms the Department's HEFCE funded staff establishment, including staff in post, and that such details are reconciled with the payroll records.
    3. Heads of Department shall obtain written approval from the Provost, via the Director of Finance and Business Affairs, prior to seeking to recruit staff as part of or as an addition to the approved HEFCE funded establishment.
    4. Heads of Department shall, in conjunction with the Human Resources Director, follow approved recruitment, advertisement and selection procedures. In particular, no offer of appointment may be made without the formal approval of the Human Resources Director. For the avoidance of doubt, where appointments are to be funded from Contracts, no offer of appointment, either verbal or written, shall be made until the Contract or Grant is formally signed.
    5. All letters of appointment shall be signed by the Human Resources Director, or persons designated by her in writing and, if appropriate, shall clearly state that the offer is made subject to UCL receiving satisfactory references.
    6. Heads of Department shall ensure that appropriate written references are obtained before a member of staff completes their probationary period, two written references must be obtained before the appointee commences employment. References for academic staff should normally be taken up before an appointment is made.
    7. The Human Resources Director, on behalf of the Provost, shall approve the non-pay conditions of service and terms of contract for all appointments of staff, and shall ensure that the terms of contract impose an obligation upon employees to be bound by these Financial Regulations. Applications to promote or regrade a member of staff should be directed to Human Resources, following the correct procedure.
    8. The Human Resources Director, or persons designated by the Human Resources Director in writing, shall be responsible for the safe custody, maintenance and control of the personal file of each member of staff.
    9. Each Head of Department shall maintain appropriate records of staff, formally recording all absences in respect of annual leave, special leave, unpaid leave, and notifying the Human Resources Division where required. Staff whose contract of employment specifies an annual leave entitlement should take in full their leave entitlement within the leave year, unless otherwise agreed by the Head of Department.
    10. The Human Resources Director shall be responsible for maintaining records in respect of absence through illness, injury, or other such enforced absence, and ensure that sickness payments, maternity benefits, etc, are paid in accordance with contractual and statutory requirements.

    More information is available on the Human Resources website.

    Stocks, Stores and Equipment

    1. All Heads of Department are responsible for maintaining suitable records and applying strict controls over all stocks, stores and equipment within their custody, including arrangements for recording equipment on loan or located at the home of an employee.
    2. A delivery note must be obtained from the supplier for all deliveries. The goods should be checked, as regards quantity, at the time of delivery and the quality and compliance with the original order as soon as possible thereafter.
    3. Each Head of Department shall maintain an inventory of all computer and ancillary equipment, irrespective of cost, and any other equipment costing in excess of £ 2,000, detailing date of purchase, cost, description, serial number, supplier, source of funding, and location.

    The limit for UCL Australia is Aus$4,000.

    1. At the time of purchase, Heads of Department should provide details to Finance and Business Affairs of all items of equipment and furniture costing in excess of £25,000 in a format, as laid down by Finance and Business Affairs.

    The limit for UCL Australia is Aus$50,000.

    1. Each Head of Department shall ensure that physical stock and inventory checks are carried out annually, or more frequently where the stockholding is of a high value or of an attractive nature.
    2. Each Head of Department shall arrange for the completion of an annual stocktaking record in respect of all stocks and stores under the Department's control as at 31 July each year, certifying that the particulars shown are correct. Where the value exceeds £10,000 in total, the Head of Department shall forward the signed record to Finance and Business Affairs.

    The limit for UCL Australia is Aus$20,000.

    1. Issues of stores internally shall be supported by an Inter-Departmental Order or official requisition order signed by an Authorised Signatory, showing the quantity of the goods issued and the account to be charged.
    2. Finance and Business Affairs shall arrange random checks of stocks and stores as considered necessary.
    3. Each Head of Department shall ensure that significant surpluses, deficiencies, or losses of stocks, stores, and inventory items are reported immediately to the Director of Finance and Business Affairs, who shall report as appropriate to the Provost.
    4. Any Assets (including stores, furniture and equipment) deemed to be surplus to requirements or obsolete shall not be disposed of by sale or destruction unless:
      • the authorisation of the Head of Department has been given where, in the view of the Head of Department, the estimated market value is less than £5,000, with advice to the Director of Finance and Business Affairs;
      • the authorisation of the Director of Finance and Business Affairs where the estimated market value is between £5,000 and £50,000;
      • the authority of Finance Committee where the estimated market value exceeds £50,000.

    All sales transactions will be subject to VAT.

    Tenders and Contracts

    1. When obtaining goods, services or equipment, the following limits apply in respect of quotations or tenders. The formal tendering procedures, as laid down by Procurement Services should be followed, where appropriate. Distinct procedures apply in relation to building works and related services and supplies.
    2.  

      £ (Excluding VAT)

      Requirements

      i)

      Under £ 5 000*

      Competitive quotations should be sought, where it appears that the benefits of competition are commensurate with the administrative and other costs involved.

      ii)

      £5,001 – £50,000*

      At least three competitive tender bids or written quotations

      iii)

      £50,001 – £173,000*

      A minimum of three competitive tender bids, and where practical more than three, in order to obtain the most competitive price. Exceptions may be appropriate where the product is a standard catalogue item, in which case at least three written quotations may be appropriate rather than competitive tender bids.

      iv)

      Over £173,000*

      EC Tendering Procedures apply except for Works contracts where a minimum of three and a maximum of six written competitive tenders shall be obtained (please refer to Procurement Services web site).

      v)

      Over £4,348,350* Works Contracts Only

      EC Tendering Procedures apply

      * These EU thresholds are applicable from January 2007 and are generally reviewed every two years.

    3. It is advisable to check the latest information on the Procurement Services web page.
      1. To contain the cost to all parties of the tendering process, the tender list should be the minimum number consistent with effective competition.
      2. Threshold values, quoted above, are exclusive of VAT.
      3. These figures refer to the total order value. Like items should be aggregated together in order to obtain best value from the supplier. The European Commission's Supplies and Services Directives have strict rules about aggregation.
      4. NOTE: It is not acceptable for orders to be subdivided into smaller amounts in order to avoid the appropriate procedures.
    4. EU rules and thresholds do not apply in Australia. The respective limits for UCL Australia for the table above are:

        • i) Under Aus$10,000 excluding GST.
        • ii) Aus$10,001 to Aus$100,000 excluding GST.
        • iii),iv),v) Over Aus$100,00

      Where the external purchase of goods, services or equipment in excess of £5000 but below £50,000 is envisaged by a Department (after due consideration of Financial Regulations 101-107), no less than three written competitive quotations or tenders should be obtained. These should be obtained in writing, held securely and opened at, or close to, the same time, wherever possible. In addition, whole life costing procedures should also be applied, where appropriate.

    5. The following are exceptions for the need to obtain competitive quotations, where:

    For UCL Australia the above limits are Aus$10,000 and Aus$100,000.

      • there is already a formal agreement in place arranged or promoted by Procurement Services;
      • the company selected is a UCL preferred supplier as recommended by Procurement Services;
      • the supply is of such a specialised nature that obtaining competitive quotations/tenders is inappropriate, and the Head of Department keeps a written record to justify this view;
      • the supply is to be financed by an external source which has imposed alternative arrangements and these are clearly identified; or
      • the EC Directives on the procurement of works, supplies, or services apply, and a tender process has already taken place to select an approved supplier or group of suppliers.
    1. Where, after due consideration of Financial Regulations 101-107, the cost of the external purchase of goods, services or equipment is likely to exceed £50,000, at least three competitive tenders shall be obtained. (NOTE: If the requirement is generally available from a catalogue and where the requirement is not complex in nature or in installation/ implementation, it may be more appropriate to obtain at least three quotations rather than three competitive tender bids. In these cases, the appropriate UCL Terms and Conditions must always be used.)
    2. For UCL Australia the above limit is Aus$100,000.

    3. Under special circumstances, the Head of Procurement or the Director of Finance and Business Affairs may approve the waiving of these tendering requirements in writing before placement of an order. Waivers may be approved in the following circumstances:
      • The supply is of such a nature that obtaining competitive tenders is inappropriate and the Head of Department can justify this view.
      • The supply is to be financed by an external source, which has imposed alternative arrangements.
      • Extreme urgency exists for reasons that could not have been foreseen.
      • The EC Directives for the procurement of supplies and services apply and the formal tender process has therefore already taken place to select an approved supplier or group of suppliers under these procedures.
    4. The Head of Procurement or Director of Finance and Business Affairs will reply within five working days of receipt of such requests. (NOTE: In accordance with Financial Regulation 162, ALL purchases of goods and services over £156,442 are subject to EC Tendering Procedures).

    This does not apply to UCL Australia.

    1. Following completion of the tendering process for goods or services in excess of £50,000, special procedures must be followed. The
    2. procedures are different for Migrated and Non Migrated departments:

    The limit for UCL Australia is Aus$100,000.

      • Migrated departments are those that use the Purchasing Module on the UCL Financial Information System (FIS) and raise purchase orders on line.
      • Non-migrated departments are those that have not implemented or do not use the Purchasing Module.

    1. These special procedures require the completion of a checklist confirming that UCL tendering procedures have been adhered to:
      • For migrated departments the order process should be done electronically.
      • For non-migrated departments a special order form has to be obtained from Finance and Business Affairs.

      For UCL Australia once the checklist has been approved then delegated authority has been given for an order to be raised locally by the UCL Australia Chief Financial Officer.

    1. The acceptance of a tender, other than the lowest price shall be reported to the Head of Procurement immediately with appropriate reasons.
    2. In cases where a formal contract has to be signed, the appropriate authorised signatory can sign this, according to their authorised financial limit, where there is no ongoing commitment, provided that an official order has been issued. Please view the list of authorised signatories and their financial limits.

    Please see Procurement Services webpage for further information.

    Property, Building and Engineering Works and related Services and Supplies

    1. All tenders and contracts for works or services relating to the acquisition, construction, adaptation or improvement of property or engineering works, however financed, shall be administered in accordance with the HEFCE guidance procedures, the European Community Works Directive and the Estates and Facilities Division’s procedures. In view of the likely VAT consequences of any building or engineering works, the Director of Finance and Business Affairs should be consulted, where appropriate, at the pre-tender stage. In this way, any adverse VAT consequences might be avoided by careful planning.
    2. The Director of Estates shall notify the Director of Finance and Business Affairs as soon as possible after any building contract in excess of £50,000 has been placed. When the building contract has been signed by all the relevant parties, the Records Manager shall document details of the Agreement in the Contracts Register.

    The limit for UCL Australia is Aus$100,000.

    1. Where architects or consultants are commissioned, they shall be instructed that all expenditure incurred (including additional expenditure arising from variations made during the progress of the work) must not exceed the approved budget for the Project unless previously authorised, in writing, by the Director of Estates.
    2. During the term of a contract, the building document, signed by the parties involved, together with the drawings, bills of quantities, and/or specifications forming part of the contract, shall be kept by the Director of Estates. On completion of the contract, the Director of Estates shall deliver the documents to the Records Manager.
    3. Before an architect or consultant issues the final certificate, the final account and other related documents may be referred to the Director of Estates for such examination as he may consider necessary.

    Please see Procurement Services webpage for further information.

    VAT/HMRC

    Most of the VAT Regulations are not relevant to UCL Australia. However the UCL Australia Chief Executive and Chief Financial Officer are responsible for ensuring that the School complies with all relevant Australian law regarding GST ( Goods and Services Tax).

    Note: VAT legislation is a complex area with frequent changes and amendments. Anyone, who is uncertain as to the correct VAT treatment of a specific item or requires advice on the general principles of VAT, should contact Finance and Business Affairs or refer to the VAT Guide.

    1. UCL is registered for VAT and must charge VAT on any goods or services it provides which do not fall to be exempt or outside the scope.
    2. It is essential that Heads of Department refer to the Finance and Business Affairs whenever they undertake any new activities, including provision of services, sales of goods and sponsorship arrangements, in order to obtain a ruling on the liability to VAT. Such a ruling must be obtained before any prices are quoted to customers, contracts signed or any work is undertaken.
    3. Where departments are charging their customers VAT on the provision of goods or services, they can recover all the VAT on their purchases and payments that relate directly to those sales.
    4. Where departments are involved in activities for which they charge their customers VAT, and activities for which they do not, or are a central service department, then a proportion of the VAT incurred on the general purchases and expenses of the department can be recovered
    5. Heads of Department should always ensure that a valid tax invoice is obtained from their suppliers, without which VAT cannot be recovered, where applicable. Details of a valid tax invoice are included in the VAT Guide. If there is any doubt they should refer to the Finance and Business Affairs.
    6. By virtue of its charitable status, UCL is able to obtain zero rating on certain equipment to be used in medical research, training or diagnosis. Individuals signing VAT Zero-rating certificates should ensure that the equipment is eligible for the relief. If there is any doubt, they should refer to Finance and Business Affairs.
    7. Heads of Department should ensure that due consideration is given, when dealing with non-UK customers or suppliers, to VAT regulations applicable to the import or export of goods or services. Orders for imports of goods or services from other European Union countries should quote UCL's VAT Registration Number (GB 524 3711 68).When exporting goods or services to other EU countries, the customer's VAT Registration Number must be obtained and quoted on the sales invoice. UCL may have to account for VAT on a "self-billing" basis on the import of goods or services from the EU and on imports of certain services from other overseas suppliers. If there is any doubt over the application of VAT legislation in this respect, Heads of Department are advised to seek advice from Finance and Business Affairs.
    8. When purchasing scientific instruments and apparatus from abroad, it may be possible to obtain a certificate of relief from Customs and Excise Duty. Heads of Department should ensure that all applications are made before the equipment is imported and, if appropriate, further advice should be sought from Finance and Business Affairs.

    For further information, please refer to VAT.

Please click here for a downloadable version.

 

This page last modified May 19, 2014 by Web Editor.


 


 

 

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