The University of Sheffield - Financial Regulations

Introduction

The Financial Regulations provide an effective framework for communicating the University´s approach to financial management and control. They include both high level guidance in terms of the University’s Governance requirements, and also procedural detail to support decision making, clarify accountability and ensure integrity of internal controls and stewardship.

Format and status of the Financial Regulations

The Financial Regulations contain the key high-level principles contained within the more detailed guidance. The reader of the Financial Regulations should gain an understanding of the University’s overall approach toward financial management and control and the essential matters. To support the Financial Regulations there are:

  • Supplementary Information Appendices (SIAs) which contain more detailed information on each individual area in order to provide policy or procedural guidance to the user within the University and act as a tool in decision making when considering activities in greater detail.
  • Financial Advice Notes (FANs) contain detailed guidance in the form of “how to?” guidelines and best practice advice for common activity areas.

Thus, the Financial Regulations, Supplementary Information Appendices and Financial Advice Notes all aim to achieve a balance between ensuring the University´s compliance responsibilities are discharged in the most effective manner whilst also supporting all members of staff in their activities and roles by providing detailed guidance and advice on those topics most frequently encountered by most staff.

The Financial Regulations have been approved by Finance Committee. Subsequent amendments to the Financial Regulations will be approved by Finance Committee. However, the authority to execute operational changes to the Supplementary Information Appendices and to Financial Advice Notes will be delegated to the Authorised Financial Officer. This will enable the University to reflect the dynamic nature of its environment in the timeliest manner possible.

Compliance with the Financial Regulations is compulsory for all Officers and members of staff of the University by virtue of a Regulation of the Council. A member of staff who fails to comply with the Financial Regulations may be subject to disciplinary action under the University´s disciplinary procedures.

A version of these Financial Regulations has been created to be more applicable to the circumstances of University Subsidiaries. Compliance with the Financial Regulations for University Subsidiaries is compulsory for all officers and members of staff of a subsidiary company. Questions in relation to the application of the Financial Regulations for University Subsidiaries must be directed to the Authorised Financial Officer.

Both the University and Subsidiary Companies Financial Regulations are available as a PDF document from the “downloads” box on the right hand side of this screen. They contain an index page and it is possible to search for content using the PDF key word search function.

The additional documents accessed from the links below have been developed in order to promote compliance with, and aid understanding of, the Financial Regulations.

 

Comments

Comments on the Financial Regulations are welcomed and encouraged. Please send any comments via our feedback form.