Policy: Financial Authorization: Difference between revisions

From Future Worlds Center Wiki
Jump to navigationJump to search
No edit summary
No edit summary
Line 2: Line 2:


* Purchases have to comply with the relevant project budget;
* Purchases have to comply with the relevant project budget;
* Every purchase must be approved beforehand by the [[Project Coordinator]] of the project as well as the [[Financial Officer|Financial Director]] to ensure that it is necessary for the project;
* Every purchase must be approved beforehand by the [[Project Coordinator]] of the project as well as the [[Financial Officer|Financial Director]];
* Project payment should be paid via cheque or electronic transfer. Cash can be used only in special circumstances approved by the [[Executive Director]];
* Project payment should be paid via cheque or electronic transfer. Cash can be used only in special circumstances approved by the [[Executive Director]];
* Payment to [[Associate]] and payment to third parties shall be authorized by the [[Project Coordinator]] of the project as well as the [[Financial Officer|Financial Director]] prior to payment;
* Payment to [[Associate]] and payment to third parties shall be authorized by the [[Project Coordinator]] of the project as well as the [[Financial Officer|Financial Director]] prior to payment;

Revision as of 07:23, 2 September 2013

Since Future Worlds Center has many projects and therefore many expenses to pay, the following financial authorization policy must be implemented:

  • Purchases have to comply with the relevant project budget;
  • Every purchase must be approved beforehand by the Project Coordinator of the project as well as the Financial Director;
  • Project payment should be paid via cheque or electronic transfer. Cash can be used only in special circumstances approved by the Executive Director;
  • Payment to Associate and payment to third parties shall be authorized by the Project Coordinator of the project as well as the Financial Director prior to payment;
  • Every payment is prepared by the Financial Director, approved by the Head of the Financial Unit and signed by the person(s) authorized to sign cheques.