605 Reports of Expenditures by the President
Approved by Board of Trustees
Effective Date: June 5, 2017
Responsible Division: President
Responsible Office: Audit and Consulting Services
Responsible Officer: Director of Internal Audit and Consulting Services
This policy is established to comply with T.C.A. § 49-14-104, which requires a policy establishing at least annual reporting of discretionary expenditures made by, at the direction of, or for the benefit of the President and T.C.A. § 49-7-3001, which requires an annual internal financial audit of the Office of the President.
Discretionary Expenditures. T.C.A. § 49-14-104 states that it is the legislative intent that the policy require the report of discretionary expenditures, which shall include, but not be limited to, those made from unrestricted gifts, foundation funds, athletic funds, sponsorship fees, licenses, and royalty funds, and other such funds that would not be included in the operating budget for Office of the President.
III. Expenditure Exceptions
The President shall not have the authority to grant himself/herself exceptions to fiscal, spending, or travel policies established by the Board or by statute.
IV. Reports of Expenditures
A. The President shall provide a quarterly report of the expenditures made by, at the direction of, or for the benefit of the President, in a format provided by Audit and Consulting Services.
B. The report will include expenditures from any source of funds, including, but not limited to, institutional funds, foundation funds, unrestricted gifts, athletic funds, sponsorship fees, licensing revenue, royalty funds, and any third-parties.
C. The report will be submitted following the end of each quarter to Audit and Consulting Services.
D. An annual report of expenditures made by, at the direction of, or for the benefit of the President will be presented to the Audit and Compliance Committee of the Board of Trustees (Board).
V. Results of Internal Financial Audit
A. The results of the annual internal financial audit of the Office of the President will be reviewed by the Audit and Compliance Committee of the Board.
B. The results of the annual internal financial audit of the Office of the President will be provided to the Comptroller of the Treasury by December 1.
References: T.C.A. §§ 49-7-3001; 49-14-104.