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The university’s Finance System must be used to account for all University of Colorado business and only University of Colorado business. Similarly, it is illegal to use the university’s procurement systems to make non-university purchases.

University business must be kept separate from non-university business because:

• Using the Finance System to account for non-university business activity erroneously reports the non-university business revenue and expenses as those of the university.
• It is not proper to allow non-university parties to receive the advantages or discounts that the university receives, such as tax exempt status.
• Depositing university funds into a non-university account could be interpreted as an act of embezzlement.

All revenues and receipts from university business must be deposited into a university account. Funds received must never be:

• Deposited into an outside bank account.
• Held for petty cash
• Spent directly for goods and services.

Note: There are two exceptions to this policy:

1. Agency Funds (those in Fund 80) may be deposited in a non-university account. Refer to Chapter 4 for more information on Agency Funds.
2. Gifts that need to be deposited with the ¶¶Òõ¶ÌÊÓƵ Foundation. Refer to Chapters 4 and 15 for more information on Gifts.

In most situations, it is very clear whether an individual is engaged in university business or personal (non-university) business. However, students, faculty and staff may be involved with some activities in which the distinction is not so clear-cut. Such as:

1. When private contributions are solicited for a gift for an individual employee (e.g., retirement gift, baby shower gift, etc.). Such solicitations should direct individuals to make checks payable to the person in charge of the event and not to the University of Colorado. Any checks made out to the university must be returned to the maker. These checks may not be deposited into a university account.
2. When an employee is serving as the treasurer for an organization and collects dues or other payments on behalf of the organization, these checks should be deposited into an off-campus account in the name of the respective organization.

Note: When a similar situation involves a student group, the group can accept checks made out to the University of Colorado, provided the group has opened an agency account through the Center for Student Involvement.

Authority for both program activity and fiscal control rests with .

1. Every campus program or project has an associated account combination in the Finance System and are assigned to a specific campus unit.
2. The Organization Principal for each campus unit assumes responsibility for the sound fiscal management of all funds assigned to that unit.

Within the scope of day-to-day operations, Boulder campus administrative and business processes are largely guided by regulations and procedures issued by the Campus Controller’s Office (CCO). 

As part of the multi-campus University of Colorado System, the Boulder campus is subject to policies and procedures that have been established for the entire system. , developed in the offices of the university’s President and Vice Presidents and maintained by the Office of Policy and Efficiency, provide system-wide guidance, procedures and requirements for university operations. These policies address academic, research, fiscal, human resources, property/facilities, information technology and general matters, and are based on external and internal mandates, laws and regulations.

Of particular importance with respect to financial management is  APS #4014. This policy establishes the roles and responsibilities for key levels of management involved in university operations so that the fiscal impact of university operations is planned, controlled and accurately accounted for in the university’s financial records. This policy applies to all funds received by the university from any source and spent by the university for any purpose. 

The Office of University Controller (OUC) issues an to provide guidance on how to comply with specific aspects of the APSs. It is followed by all of the campuses.

Procurement functions for all campuses of the university system are consolidated in the , which publishes procedures and guidelines for purchasing, travel and accounts payable for use by all campuses.

Functions associated with human resource management, payroll and benefits are administered centrally by . However, each campus maintains a Human Resources office to manage the local hiring needs and employee relations. 

The Colorado Office of State Controller (OSC) manages the financial affairs of the State by providing financial information, issuing fiscal policies, ensuring timely recording of the state budget and providing accounting consulting services to state agencies (such as ¶¶Òõ¶ÌÊÓƵ). The OSC publishes the that addresses issues associated with the opening and closing of a fiscal year. Additional topics covered in this manual include capital construction, state-required reports and accounts receivable. In accordance with the provisions of Colorado State Senate Bill 10-003, the university has adopted its own Fiscal Procedures and is no longer subject to the State Fiscal Rules as issued by the State Controller; however, we refer to the state Fiscal Procedures as foundational guidance and adhere to the state’s published dates.

The OSC also publishes to address uniform financial reporting among Colorado’s institutions of higher education.

The university conducts sponsored activities supported by funds from federal government grants and contracts, and other sponsoring agencies. Therefore, financial policies and practices must reflect pertinent government regulations such as those contained in or issued by:

1. Office of Management and Budget 2 CFR 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, also known as .
   Note: Uniform Guidance combined and updated other relevant circulars, such as Office of Management and Budget Circulars A-21, A-110 and A-133. 
2. - Part of the Federal Code of Regulations, the Federal Acquisition Regulations establish Cost Accounting Standards. CFR Title 48, Chapter 99, Subchapter B, Part 9905 specifically addresses the standards for educational institutions.

• Cost Accounting Standard 501 addresses consistency in estimating, accumulating and reporting costs.
• Cost Accounting Standard 502 states that there must be consistency in allocating costs incurred for the same purpose.

At the highest level, financial management practices at the University of Colorado Boulder adhere to Generally Accepted Accounting Principles (GAAP). In addition, finance operations are guided by the interpretation and application of rules and regulations issued by the:

• (GASB)
• (AICPA)
• (NA¶¶Òõ¶ÌÊÓƵBO)