► 10 Financial Regulations

10             Financial Regulations

10.1     The Financial Regulations and Procedures shall include provisions for: the purposes to which Union assets and monies may be put; the custody of financial records; audit arrangements; financial procedures and controls including those applicable to the Union Council, its committees, and recognised clubs and societies (bank accounts, ordering, payments, contracts, investments and provisions, indemnity, insurance); the annual timetable for consideration of estimates of income and expenditure; the extent of virement within certain budgets; the definition of the Union’s cost centres to which income and expenditure accrue; reporting of irregularities; the disposal of assets in the event of dissolution of the Union; the provisions made by the University under Part II of the Education Act 1994; and the enforcement of these regulations.  The Union is responsible to the Committee on Student Activities and Management for its budgetary, financial and related affairs.

10.2     No committee or individual may authorise or permit expenditure which would lead to an approved budget being exceeded without the approval of Finance Committee, on behalf of the Council. Finance Committee may delegate this power of approval to a sub-committee, which must report to the next meeting of the Finance Committee all such authorisations.

10.3     The Regulations for the use of the Union’s facilities and property owned by the University and managed by the Union shall include provision for: admission of members, non-members and guests to the Union’s premises and to licensed areas; discipline on the premises; safety, security, and duty officers; the provisions made by the University under section 43 of the Education (No. 2) Act 1986 and Part II of the Education Act 1994; enforcement of these regulations.