FMPM 100 Financial Management Practice Manual - Overview

Policy Financial Management Introduction (FMPM 100 - FMPM 199) FMPM 100 Financial Management Practice Manual - Overview

Print Friendly and PDFPrint Friendly

Intent

This policy is intended to guide and direct University financial management practices.

Scope

This policy applies to all employees and persons acting for, or on behalf of the University, engaged in duties in connection with the financial management of the University, or part thereof, must comply with the overarching principles for the reference guide.  

Definitions

Financial Management Practice Manual (FMPM) – reflects the financial practices (systems, policies and procedures) used by the University to manage financial resources.

Policy

  1. The University will develop and document financial management practices and controls necessary to give effect to matters contained in the Financial and Performance Management Standards 2009 (Qld), empowered under the Financial Accountability Act 2009 (Qld).
  2. The practices and controls, including specifications of requirements related to the Financial and Performance Management Standards 2009 (Qld) will be documented in the Financial Management Practice Manual. These will be described as Financial Policies and with related Financial Procedures.
    1. Finance Directives (Policy) – summarise the minimum legislative requirements of the University and documents any further policy requirements to ensure the effective management of the University.
    2. Finance Procedures – documents the detailed procedures required to enact the legislative and policy requirements.
  3. The contents of the Financial Management Practice Manual must be kept current.
  4. Records must be retained of superseded versions of the Financial Management Practice Manual for a minimum of 12 months following the completion of the external audit.
  5. The following systems are adopted to effectively and economically manage the financial resources of the University:
  • A revenue management system - FMPM 600-699;
  • An expense management system - FMPM 700-799;
  • An asset management system  - FMPM 240-299 and 310-399;
  • A cash management system –  FMPM 200-239 and 300-309;
  • A liability management system - FMPM 400-489;
  • A contingency management system – FMPM 490-499;
  • An equity management system - FMPM 500-599;
  • A planning management system - FMPM 800-899; and
  • Further applications:
    • FMPM 900 – 999,
    • Appendix A – Delegations Policy,
    • Appendix B – Accounting Policies,
    • Appendix C – Related Legislation, and
    • FMPM Glossary.
    • Reportable Gifts Policy

Related policy instruments

N/a

Schedules/Appendices

N/a

Related documents and legislation

Australian Accounting Standards

Financial Accountability Act 2009 (Qld)

Financial and Performance Management Standard 2009 (Qld)

James Cook University Act 1997 (Qld)

Administration

Approval Details

Policy sponsor:

Deputy Vice Chancellor, Services and Resources

Approval authority:

Finance Committee

Date for next review:

31 March 2018

Revision History

Version

Approval Date

Implementation date

Details

Author

16-1 (V1.0)

11/09/201612/09/2016

Updated to amend position titles and other minor amendments

Director, F&BS

11-02

18/08/2011

18/08/2011

Finance Committee (06/11)

 

11-01

14/04/2011

14/04/2011

Finance Committee (02/11)

 

01-01

12/2001

12/2001

  

Keywords

Financial, financial practices, manual