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Capital expenditure gross

The following principles, although not an exhaustive list, establish a minimum standard of accountability for all UNMC employees for compliance with applicable laws, 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.

Employees in positions subject to certification through the Administrators’ Fiduciary and Leadership Essentials (AFLE) course have a direct reporting relationship to the Vice Chancellor for Business and Finance. Those employees must report either potential or actual non-compliant financial activity to the Vice Chancellor or Assistant Vice Chancellor for Business and Finance or his/her designee, if prior reporting to supervisors did not properly correct the perceived non-compliance.

Careful review of any applicant for employment by an employee subject to certification through the AFLE course will help ensure that the individual possesses the requisite knowledge, skills, and abilities to comprehend, implement and adhere to the principles of UNMC Policy No. 8012, Principles of Financial Stewardship. The Vice Chancellor for Business and Finance or his/her designee will participate in any future searches for an applicant who will report directly to a dean, department chair, or institute director and will only approve that selection when such applicant is suitable for the position and also appears to be suitable for certification through the AFLE course.

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.