1 — POLICY
The President shall have authority to commit and spend, on behalf of the University, up to an amount equalling 1% of the General Operating Fund budgeted expenditures, net of internal cost recoveries, as approved by the Board of Regents in May of each year, subject to the following terms and conditions.
2 — TERMS AND CONDITIONS
2.1 Funds Subject to Annual Budgeting Processes
The President shall have the authority to direct the operations of the University and make related financial commitments within the context of the approved budget. Changes to the net budgeted surplus or deficit as originally approved require Finance and Administration Committee approval.
Expenditures for new programs with on-going costs, or expenditures for one-time purchases of goods or services, that are in excess of 1% of the original approved expenditure budget net of internal cost recoveries, even when the net surplus or deficit is not affected, require approval of the Finance and Administration Committee.
2.2 Other Funds
2.2.1 Specific Purpose Funds
Funds restricted to a specific purpose (ie. a specific project or program) are to be expended in accordance with restrictions imposed for that program by the granting agency, the donor(s) and/or the related trust deed.
2.2.2 General Purpose and Unrestricted Funds
Funds restricted to a general purpose, unrestricted funds and appropriations can be committed or expended by the President for a specific purpose up to an amount equalling 1% of the General Operating Fund expenditure budget, net of internal cost recoveries, as approved by the Board of Regents in May of each year. Any expenditure in excess of that amount requires approval of the Finance and Administration Committee.
2.3 Financing
Notwithstanding the above, the President has authority to commit the University to financing arrangements where the annual cost of that financing does not exceed .1% of the General Operating Fund budgeted expenditures, net of internal cost recoveries, as approved by the Board of Regents in May of each year. Financing arrangements where the annual cost of financing exceeds that amount require approval of the Finance and Administration Committee.