Financial Regulations
Financial Limits for Banking Information and Inventory Lists
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These limits were reported to the 14 December 2006 meeting of Council as Chair's Action. A minor amendment to the Banking Arrangements was made by Council on 13 March 2008.
| Powers of specified officers/signatories | Authorised Signatories | |
|---|---|---|
| Banking arrangements | College alterations to bank mandate. | Warden and Director of Finance. |
| Indemnities | Chair of Council (to be reported to Council as Chair's Action) | |
| College cheques, money transfers, BACS and other instruments | Up to and including 拢10,000. | One signatory from Group A (see list below) |
| Over 拢10,000. | One signatory from Group A and one signatory from Group B (see lists below). | |
| Signatory groups | Group A | Director of Finance Registrar and Secretary Director of Human Resources Head of Management Accounts |
| Group B | Warden Pro-Wardens |
|
Where an individual bank's rules of operation require a decision at a meeting of a formal committee, either Finance and Resources Committee or Council will act, as the timetable dictates. (Added by Council 13 March 2008.)
Value of items to be included in inventories
- All items that have an original cost of more than 拢1,000, whether purchased, donated or leased
- Computing and audio visual equipment items that have an original cost of more than 拢300
- Items of equipment that have an original cost of less than 拢500 but that are considered vulnerable to theft. The entry of items under 拢500 is at the discretion of the Head of Department