Please see the attached new Faculty of Medicine Guidelines for financial transactions.
Please note the following:
#1. This is a Faculty of Medicine guideline that has been recommended by UBC Internal Audit as a mechanism to improve internal controls and reduce risk and is being implemented.
#2. There are three main points to be aware of in the guideline:
a) Two signatures: One should be the PG holder, and one should be a financial reviewer. The Department Head’s signature is not required for all transactions.
b) Division of Responsibilities: The PG holder or Head’s signature approves that the expenditure is reasonable and appropriate within the budget against which it is being charged. This is a managerial or “primary” approval. The financial review and authorization checks accuracy and completeness, fit with policy, and that sufficient funds are available, as well as ensuring that the right approval signature is in place.
c) Risk-based: Scrutiny should be increased in relation to risk. The Department Head’s signature is needed for one-over-one for the PG holder or Division head, depending on your department’s structure, and for honorariums, individual professional fees or high value items, but should not be needed for everything.
#3. This guideline applies to all financial transactions, including but not limited to: Q Requisitions, Journal Vouchers, Travel Requisitions, Purchase Order Requests as well as Smart Forms (including Honorariums)
#4. The Financial Approver in the Department of Psychiatry is Vicky Yau, Finance and Facilities Manager. Please forward all financial paperwork to her attention at:
Dept. of Psychiatry, Faculty of Medicine
University of British Columbia
2255 Wesbrook Mall, Rm 2C1
Vancouver, BC V6T 2A1
When received, Vicky will review per the guidelines and after approving, will forward on for processing. Please ensure you maintain a copy of the paperwork you submit for reconciliation and audit purposes.
The Senior Director, Finance in the Faculty of Medicine has asked that we remind all PG managers of their responsibilities with having signing authority, including ensuring that sufficient funds are in place to meet all commitments and obligations.