Office of the Controller

Approval Authority for Financial Transactions, Policy on

Posted on by
Title: Approval Authority for Financial Transactions, Policy on
Policy Owner: Office of the Executive Vice President for Finance and Chief Financial Officer
Applies to: University Workforce Members
Campus Applicability: All UConn Campuses, except UConn Health
Approval Date: May 29, 2025
Effective Date: July 1, 2025
For More Information, Contact: University of Connecticut Controller’s Office
Contact Information: 860-486-2937
Official Website: https://controller.uconn.edu

PURPOSE

To ensure financial transactions are approved by individuals with the necessary knowledge and oversight authority. This policy outlines the criteria for granting approval authority and necessary internal controls and required documentation for the overall approval process.

Note: This policy does not address the authority to sign contracts on behalf of UConn which is covered by  “UConn Delegation of Contract Approval and Signature Authority” and accompanying procedures. 

APPLIES TO

This policy applies to any University Workforce Member who approves UConn financial transactions, including independent contractors, affiliates, and UConn Health employees with access to UConn’s financial systems.

DEFINITIONS

Authorized Approver: A person authorized to approve financial transactions at the University due to their expertise, oversight, and understanding of the transaction’s nature and implications.

Authorized Delegate: A person authorized to approve a financial transaction on behalf of the Authorized Approver.  NOTE: For payroll/timesheet transactions and travel expense approvals, the Authorized Delegate must be of equal rank or higher than the Authorized Approver.

Financial Transaction: Any transaction processed within UConn’s financial systems with a financial implication to the University.

Financial Systems: All electronic systems used by the University to process financial transactions including, but not limited to:

  • Core-CT – Time and labor system
  • Concur Travel System (Concur)
  • Kuali Financial System (KFS) – Financial enterprise resource system
  • HuskyBuy – Purchasing system
  • HuskyTime – Student time tracking system
  • Public Safety Payroll (PSP) – NP-5 Bargaining Unit employee time tracking system
  • PeopleSoft Student Administration System (Student Administration) – Student admissions, financials, financial aid, and records
  • UKG – Dining Services student time tracking system

POLICY STATEMENT

The authority to receive or spend University funds is granted only to necessary individuals with direct knowledge of relevant Financial Transactions. Authorized Approvers and Authorized Delegates are expected to act responsibly, exercise sound judgment, and thoroughly review transactions in accordance with the internal controls outlined below before approving them.

Individuals Eligible for Approval Authority 

Individuals must meet the following minimum criteria to be eligible for approval authority:

  • Current, active UConn or UConn Health employee, independent contractor or affiliate (NOTE: Independent contractors and affiliates are not eligible to approve payroll or timesheet transactions);
  • Competent and skilled in respective area(s) of responsibility; full understanding of the transactions needing approval;
  • Adequately trained in the financial systems used for approval.

Granting, Changing, or Terminating Approval Authority

Authorized Approvers must be designated by their Department Head or equivalent senior manager. Authorized Approvers may identify an Authorized Delegate within their department with approval from their Department Head or equivalent. The Department Head is responsible for defining the types of financial transactions the Authorized Approver or Authorized Delegate can approve and setting any approval limits, such as dollar amounts, specific expenditures, or certain vendors. They must also ensure the Authorized Approver’s authority is commensurate with their experience, knowledge, skills, and position at the University. Although the Authorized Approver can delegate authority to others (with prior approvals from the Department Head or equivalent senior manager), they remain accountable for the approval of each financial transaction.

Any changes to the scope of transactions approved by an Authorized Approver or Authorized Delegate must be communicated in writing by the Department Head or equivalent to the IT or system administrator of the applicable financial system.

Approval authority can be revoked by the Department Head, Senior Management, Human Resources, Information Technology Services, or the University Controller at any time and must be no later than the employee’s last day in their current position.

If an Authorized Approver no longer serves in the position for which their authority was delegated, their approval authority terminates effective immediately.

Internal Controls and Segregation of Duties

The following principles must be upheld through implemented controls and systems:

  • Authorized Approvers cannot approve transactions they created, payments to themselves, or any transaction that impacts them financially.
  • Authorized Approvers must approve transactions within a timely manner and within the scope defined by their Department Head.
  • Authorized Approvers must ensure transactions comply with University policies and procedures, applicable laws and regulations.
  • Authorized Approvers must only approve transactions that are accurate, reasonable, and supported by documentation.
  • Authorized Approvers must verify that funds are available within the approved budget and are allowable and allocable under the appropriate funding source(s) as applicable.
  • Authorized Approvers must confirm goods/services were received or performed before final payment is approved.

Specific financial systems may have built-in flexibility regarding the above internal controls.

Documentation Requirements

Approval Authority

A formal request is required to grant an individual approval authority of financial transactions within UConn’s financial systems. The request is initiated by the individual requesting approval authority or their supervisor. The request must be approved by the Department Head or the equivalent level of senior management and be sent to the IT or system administrator that oversees the applicable financial system and must include:

  • The individual’s full name, NetID, and department.
  • A description of the transactions for which approval authority is granted.
  • Specific exclusions (e.g., dollar limits, goods/services, customers, vendors).
  • The effective start and end dates (if applicable) of the approval authority.

Transactional Approval Documentation

Most UConn financial systems require the use of UConn email addresses or NetID to access the application and track approval actions through a routing log or activity history, documenting the date, time, and action performed.

For approvals permitted to exist outside of an electronic system, the Authorized Approver must sign and date their approval before the financial transaction progresses through the workflow.

PROCEDURES

Procedures regarding the implementation of this policy are available here. These procedures are adopted under the authority of the Executive Vice President for Finance and Chief Financial Officer, President or designee.

ENFORCEMENT

Violations of this policy and any related procedures may result in appropriate disciplinary measures in accordance with University By-Laws, General Rules of Conduct for All University Employees, applicable collective bargaining agreements, and the University of Connecticut Student Code.

POLICY HISTORY

Policy created: 05/29/2025 (Approved by the Senior Policy Council and President)

 

Tax Credit Incentive Program, Policy On

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Title: Tax Credit Incentive Program, Policy On
Policy Owner: Division of Athletics
Applies to: University Workforce Members
Campus Applicability: All UConn Campuses except UConn Health
Effective Date: July 1, 2025
For More Information, Contact: Director of Athletics
Contact Information:  (860) 486-2725

PURPOSE

The University of Connecticut (“University”) administers a UConn Tax Credit Program (“Program”) to encourage the promotion and public recognition of the University and its programs, services, or mission. This policy sets forth the framework required to comply with Connecticut law.

APPLIES TO

All University workforce members.

DEFINITIONS

Credit: A Connecticut state tax credit equal to 50% of payments made under a qualified agreement for the applicable taxable or income year, not to exceed $500,000 per taxpayer, per taxable or income year, with an aggregate annual program cap of $5 million per calendar year.

Qualified Agreement: A written agreement to which (1)  a Taxpayer and the University are parties, and (2) one which the University has determined, in accordance with written procedures, provides for  payments  that will encourage the promotion and public recognition of the University’s Division of Athletics program, services, or mission.

Reservation: A written acknowledgement issued by the University that it has reserved a tax credit equal to the amount of the expected tax credit to be awarded to the taxpayer pursuant to a qualified agreement, and issued on a first-come, first-served basis.

Taxpayer: Any person, as defined in section 12-1 of the general statutes, whether or not subject to any taxes levied by Connecticut, that executes a qualified agreement.

Voucher: A certificate issued by the University which authorizes the taxpayer to claim a tax credit on their Connecticut tax return.

POLICY STATEMENT

The Division of Athletics, in consultation with the Office of the Controller, is responsible for establishing and administering the Program.

The Director of Athletics ensures that all Qualified Agreements support the University’s athletic activities that promote or enhance public recognition of the University’s mission, program, or services. Acceptable activities include, but are not limited to, sponsorships, marketing partnerships, and other initiatives approved by the Director of Athletics.

The University may not issue Vouchers that, in aggregate, exceed $5 million in Credits for any calendar year. No Taxpayer may receive more than $500,000 in tax credits per income or taxable year.

University employees directly involved in negotiating or administering Qualified Agreements may not personally benefit from, or hold a financial interest in, any Taxpayer receiving Credit.

The Division of Athletics and the Tax and Compliance Office shall adopt procedures concerning the implementation of this policy. Such procedures must include:

  • Processes for application, Reservation, and Voucher;
  • Documentation requirements;
  • Record retention requirements;
  • Reporting requirements to the Commissioner of Revenue Services and General Assembly; and
  • Criteria for Qualified Agreement determinations.

 

ENFORCEMENT

Violations of this Policy or associated procedures may result in appropriate disciplinary measures in accordance with state law, University By-Laws, General Rules of Conduct for All University Employees, applicable collective bargaining agreements, the University of Connecticut Student Code, and Division of Athletics Student Athlete Handbook.

POLICY HISTORY

Policy Approved: June 20, 2025 (Approved by President’s Senior Policy Council)

Use of University Funds for Gifts, Social Functions, Sponsorships & Donations

Posted on by
Title: Use of University Funds for Gifts, Social Functions, Sponsorships & Donations
Policy Owner: Office of the Controller
Applies to: All Faculty and Staff
Campus Applicability:  All Programs at All Campuses, except UConn Health
Effective Date: June 1, 2017
For More Information, Contact Office of the Controller
Contact Information: (860) 486-0865
Official Website:  http://controller.uconn.edu/

 

REASON FOR POLICY

As a public university and agency of the State of Connecticut, the University draws funding from a wide range of sources including students, taxpayers and benefactors.  The University has an obligation to these constituencies to use its funds prudently in pursuit of its mission and goals.  All uses of University Funds, therefore, must be directly related to University business and in the best interests of the University.  This policy provides guidance to departments and employees when considering the use of University Funds for gifts, social functions, sponsorships and donations.

APPLIES TO

All employees and individuals with authority to request, control or approve the expenditure of University Funds.

DEFINITIONS

“University Funds” are all operating and non-operating revenues of the University.  For the purposes of this policy, University Funds also include grant funds managed or administered by the University, unless the terms of the grant contract clearly authorize a usage not consistent with this policy.  University Funds do not include funds from or belonging to the UConn Foundation.

“Sponsorships” include all situations wherein the University provides funds, goods or services to an outside organization in support of one or more activities, events or programs with the expectation of acknowledgment, recognition or promotion.  Sponsorships are discernable from donations in that Sponsorships provide a measurable benefit to the University, whereas donations are provided with no expectation of a measurable benefit to the University.

POLICY STATEMENT

I.                    Gifts

University Funds may not be used to purchase gifts for University employees or their families in recognition of holidays or personal events such as birthdays, birth or adoption of a child, marriages or bereavement. This restriction does not apply to:

  • Noncash items or benefits offered due to an employee’s status as a donor, student, or member of the general public.
  • Gifts given in recognition of employee achievements or milestones, in accordance with University-wide practices approved by Human Resources.

II.                  Social Functions

University Funds may not be used for social functions or parties attended solely or primarily by University employees such as holiday parties or summer outings.  In limited circumstances, University funds may be used for employee recognition, but only with the prior approval of the President, Provost, or their authorized delegates, or Executive Vice President for Administration and Chief Financial Officer who shall consider, among other factors, the employee’s contribution to the University.  In addition, University Funds may not be used to purchase alcoholic beverages.

The restrictions in this policy do not extend to business meals and meetings eligible for payment or reimbursement under the University’s Travel and Entertainment Policy (https://policy.uconn.edu/2020/04/29/travel-and-entertainment-policies-and-procedures/).

III.                Sponsorships

Sponsorships, like other uses of University Funds, must be supported by a clear business purpose and a benefit to the University.  University Funds may only be used for Sponsorships when the anticipated benefits of the Sponsorship equal or exceed the costs.   Benefits may be non-monetary and may include, for example, enhancement of the University’s reputation, recruitment benefits, advertising opportunities or increased visibility.  Sponsorships require the approval of the President, Provost (or their authorized delegates), or Deans.  Employees shall not authorize or approve the usage of University Funds for Sponsorships without documentation or a statement explaining the business purpose of the Sponsorship, including its anticipated benefit to the University.

IV.                Donations

Donations of University Funds are not permitted.

Nothing in this policy is intended to prohibit individual employees from using personal funds for any of the above reasons; however, employees must always comply with the gift rules articulated in the State Code of Ethics for Public Officials (http://policy.uconn.edu/2011/05/24/guide-to-the-state-code-of-ethics/).

Exceptions to this policy may be approved on a case-by-case basis by the President, Provost, and their authorized delegates.

ENFORCEMENT

The University will not reimburse employees for expenditures of personal funds in violation of this policy, and employees who expend University Funds in violation of this policy will be required to reimburse the University.  Additionally, Violations of this policy may result in appropriate disciplinary measures in accordance with University Laws and By-Laws, General Rules of Conduct for All University Employees, applicable collective bargaining agreements, and the University of Connecticut Student Conduct Code.

PROCEDURES/FORMS

University employees shall use their best judgment to expend University Funds only when justified with a business purpose and a clearly identifiable benefit to the University.  The act of requesting, using or approving any use of University Funds constitutes the employee’s official determination that the expense is justified by a business purpose and in the best interests of the University.  When evaluating whether an expenditure is appropriate, employees should consult with the appropriate University offices and departments.  Any uses of University funds not consistent with this policy should be rejected by the appropriate employee.

Specific procedures and forms will vary from department to department, as well as the applicable office or responsible for oversight of expenditures.