Principles of Financial Stewardship

Human Resources | Safety/Security | Research Compliance | Compliance | Privacy/Information Security | Business Operations | Intellectual Property

Compliance Program | Compliance Hotline | Investigations by Third Parties | Research Integrity | Copyright | Export Control | Code of Conduct | Use of Human Anatomical Material | Clinical Trial Fee Billing Procedures | Contracts Policy | Conflict of Interest | Red Flag Identity Theft Prevention Program | Principles of Financial Stewardship | Human Tissue Use & Transfer

POLICY NO: 8012
EFFECTIVE DATE: 08/01/10
REVISED DATE:
REVIEWED DATE: 07/23/10

Preamble

It is the intent of UNMC to promote honest and ethical conduct of all employees having responsibility over and/or access to financial assets, and to foster a culture of honesty, integrity, stewardship and financial accountability across the entire campus community. Employees, including faculty and staff, with specific responsibilities for financial management are held to a higher standard in ensuring financial integrity. Accurate and reliable preparation of financial records is of critical importance in effective decision-making and in the fulfillment of UNMC’s financial, legal and reporting obligations. Diligence in accurately preparing and maintaining financial records allows UNMC to provide full, fair, accurate, timely and understandable disclosure.

Honest and ethical conduct is expected in all aspects of UNMC work from every employee, especially those employees who have been entrusted with handling UNMC’s financial affairs. These guidelines are applicable to all UNMC employees.

The following principles, although not an exhaustive list, establish a minimum standard of accountability for all UNMC employees for compliance with applicable law, ethical business standards and generally accepted accounting principles.

Leaders of UNMC’s major operating units must accept responsibility for the integrity and oversight of financial systems and communicate the importance of financial integrity to all employees. Leaders must provide education and training, systems development, enforcement and support. Operating personnel have stewardship responsibility for safeguarding University assets under their purview. Employees with responsibility for managing or updating financial systems must maintain the integrity of the financial transactions contained in those systems.

Principles

Financial Stewardship

• University resources are used as intended for legitimate University business purpose.
• Financial stewardship includes spending resources wisely. Resources include time, money, people, and property.
• Financial consequences are evaluated before existing activities are changed or eliminated and new activities begin.

Financial Accountability

• Employees shall acknowledge and assume responsibility for their actions, decisions, and results including the administration of programs within the scope of their position. Accountability encompasses the obligation to report, explain and answer for resulting consequences.
• Accountability cannot be delegated.
• Roles and activities are delegated to qualified and properly trained persons.
• The effectiveness of the accountability structure is continually monitored.
• Significant financial errors are addressed and changes are implemented to sustain financial accountability.
• Expenditures comply with relevant policies, rules, and regulations.
• All transactions are supported with appropriate documentation.
  
  

For additional information, please contact the Compliance Officer.

This page maintained by dkp.