Financial Regulations

Financial management and control

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15. Income

15.1 General

Director of Finance is responsible for:

  • ensuring that appropriate procedures are in operation to enable the College to receive all income to which it is entitled;
  • approving all receipt forms, invoices, tickets or other official documents and electronic collection systems in use;
  • arranging the prompt collection, security and banking of all income received;
  • ensuring that all grants notified by the HEFCE and other bodies are received and appropriately recorded in the College's accounts;
  • ensuring that all claims for funds, including research grants and contracts, are made by the due date.

15.2 Maximisation of Income

It is the responsibility of all staff to ensure that revenue to the College is maximised by the efficient application of agreed procedures for the identification, collection and banking of income. In particular, this requires the prompt notification to the Director of Finance of sums due so that collection can be initiated.

15.3 Receipt of Cash, Cheques and other Negotiable Instruments

All monies received within departments from whatever source must be recorded by the department on a daily basis together with the form in which they were received, for example cash, cheques and other negotiable instruments. All monies received must be paid to the cashier promptly, and in accordance with a timetable prescribed by the Director of Finance and set out in Financial Procedures. The custody and transit of all monies received must comply with the requirements of the College's insurers. All sums received by departments must be paid in and accounted for in full, and must not be used to meet miscellaneous departmental expenses or be paid into the departmental petty cash float. Personal or other cheques must not be cashed out of money received on behalf of the College.

Receipts by credit or debit card: the College may only receive payments by debit or credit card using procedures approved by the Director of Finance.

Internet receipts: any member of staff wishing to arrange for payment to be made to the College by the internet should seek guidance from the Director of Finance at an early stage.

15.4 Collection of Debts

The Director of Finance should ensure that:

  • debtors' invoices are raised promptly on official invoices, in respect of all income due to the College;
  • invoices are prepared with care, recorded in the ledger, show the correct amount due and are credited to the appropriate income account;
  • any credits granted are valid, properly authorised and completely recorded;
  • VAT is correctly charged where appropriate, and accounted for;
  • monies received are posted to the correct debtors account;
  • swift and effective action is taken in collecting overdue debts, in accordance with the protocols noted in the Financial Procedures
  • outstanding debts are monitored and reports prepared for management.

Only the Director of Finance can implement credit arrangements and indicate the periods in which different types of invoice must be paid. Requests to write off debts must be referred in writing to the Director of Finance.

15.5 Student Fees

The procedures for collecting tuition and residence fees must be approved by the Director of Finance. He/she is responsible for ensuring that all student fees due to the College are received. Any student who has not paid an account for fees or any other item owing to the College shall not receive the certificate for any degree, diploma or other qualification to which he/she is entitled, until all outstanding debts have been cleared. Students in debt to the College shall be prevented from re-enrolling at the College and from using any of the College's facilities unless appropriate arrangements have been made.

15.6 Student Loans

Appropriate records will be maintained to support all transactions involving student loans.

15.7 Short-term Emergency Loans

The College's scheme for short-term emergency loans is managed by an office designated by the Registrar and Secretary under General Regulations. The Director of Finance will be responsible for approving the financial arrangements and for the procedure for recovering any loans which have not been repaid.