FMPM 510 Internal Interest Distribution

Print Friendly and PDFPrint Friendly

Intent

To identify funds subject to, and the requirements for, internal interest distribution.

Scope

Function

Responsibility of

Classification of funds

Director, Financial and Business Services

Credit of interest to funds

Director, Financial and Business Services

Basis of interest distribution

Investment Sub-Committee

Definitions

Business Unit Funds

Miscellaneous Operating Funds

Non Research Consultancy Funds

Major Project Funds

Operating Funds

Research Funds

Restricted Funds

Policy

Requirements

  • In accordance with the provisions of the James Cook University Act 1997, the University must periodically distribute the income of the investment common fund having regard to the share of each component fund (i.e. each restricted fund account) in the investment common fund.

  • The Director, Financial and Business Services is responsible for the classification of all funds into one of the categories of research, restricted, miscellaneous operating, non-research consultancy, business unit, major project or operating.

  • No fund (other than restricted funds) will receive a credit for interest unless there is a contractual obligation to do so.

  • Investment Sub-Committee is responsible for determining the basis of interest distribution (refer FMPM 301: Procedure – Investments).

Related documents and legislation

James Cook University Act 1997 (Section 53)

For enquiries in relation to this FMPM Policy please contact corporatefinance@jcu.edu.au.

Administration

NOTE: Printed copies of this policy are uncontrolled, and currency can only be assured at the time of printing.

Approval Details

Policy Sponsor

Deputy Vice Chancellor, Services and Resources

Approval Authority

Finance Committee

Date for next review

16/08/2019

Revision History

NOTE: A minor amendment will not result in a change of the next major review date.

Approval date - the date the approval authority approved the establishment, minor or major amendment or disestablishment

Implementation Date - the date the policy was published in the Policy Library and is the date the policy takes effect

Version

Approval date

Implementation date

Details

Author

16-116/08/201617/08/2016Reviewed with no changes other than a minor administrative change to enquiries email address.Quality, Standards and Policy Officer

15-01

09/09/2015

10/09/2015

Policy Sponsor and Approval Authority updated to reflect the approved Policy and Delegations Framework

Quality Standards and Policy

11-01

18/08/2011

18/08/2011

Finance Committee (06/11)

 

03-01

09/2003

09/2003

 

There are no related procedures.

There are no other related documents.