FMPM 510 Internal Interest Distribution

Intent

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

Function	Responsibility of
Classification of funds	Chief Financial Officer
Credit of interest to funds	Chief Financial Officer
Basis of interest distribution	Investment Sub-Committee

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 Chief Financial Officer 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).

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	16/08/2021

Revision History

Version	Approval date	Implementation date	Details	Author
16-1	16/08/2016	17/08/2016	Reviewed 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