Financial Services

Overarching Special Funds Policy

In addition to the funds that are received from government sources and through private endeavour for normal University operational requirements, the University receives other funds from various sources.

Some are unrestricted funds for general use (general donations) and other funds are of a restrictive nature to be applied only in accordance with the conditions and terms that have been agreed between the University and the donor/grantor, such as endowments.

Policy statement

  • It is important here to stress the obligations of the University, and in particular those of Business Units or staff members who are the recipients of such special purpose funds, to ensure that such funds are appropriately accounted for and spent only in accordance with the terms or conditions that apply to them.
  • It is normal practice for such funds to require formal certification and/or audit stating that the required conditions and timing of expenditure have been complied with. Whilst Business Units have a responsibility to incur expenditure to comply with the grant conditions, any deficit incurred at the completion of the project remains with the Business Unit and must be offset by funds from other sources (by appropriate expenditure transfer).