Draft FN01: Core Financial Policy, Delegation, and Signing Authority is a new policy and will replace a number of existing policies. See “Policy Information” below for more details.
This policy establishes principles, roles, and requirements for managing VIU’s finances and assets to ensure sound financial management, sustainability, and stewardship of institutional resources in achieving VIU's strategic objective.
Consultation on the draft policy is now closed. The consultation took place from October 15 until 4 pm on November 4. This policy will go through the Board of Governors approval process. The policy may be updated based on the feedback received. The Policy Office may also make minor changes to formatting/wording for consistency. Consultation feedback and policy changes will be outlined in the consultation report. The consultation report will be provided to the Board of Governors and posted on this policy page.
The updated draft policy has been submitted to the Board for approval at the November 20, 2025 meeting. Review the updated policy and consultation report in the Board agenda package. Check back on the FN01: Core Financial Policy, Delegation, and Signing Authority policy page for updates as this policy moves through the policy approval process. Thank you to everyone who provided feedback.
Policy information
A board level policy meets the fiduciary responsibility of the board to ensure proper financial controls are in place across the institution. This policy also defines the authorities of the board and the administration for financial management, including delegations of authority.
The new policy incorporates content from the following existing policies:
- 41.06 Commercial Ventures on Campus (note: this policy will remain in effect)
- 41.11 On Campus Hospitality Expenses
- 42.01 Bank and Investment Accounts Authorized Signatures
- 42.02 Investment of Funds – Working Capital
- 42.04 Discharge of Financial Obligation
- 42.05 Surplus Materials, Supplies & Equipment
- 42.08 Reimbursement of Travel & Other Expenses
- 42.09 Signing Authority
- 42.10 Collection of Revenues
- 42.11 Endowment Funds
- 42.12 Operating Fund and Budget
This policy brings the stand-alone statements into one cohesive policy. As a single policy, it will allow for better board oversight and administrative management. One policy is also more transparent and easier for the VIU community to understand.
In addition to bringing together existing policy statements, the new policy defines guiding principles for financial management, roles and responsibilities, limits of the administration’s spending authority, and consequences for policy violations and liabilities .
A number of other financial policies will also be retired. Their content will be brought into departmental procedures, standards, and guidelines as they are more operational in nature. These are:
- 42.03 Petty Cash Accounts
- 42.06 Recovery of Salary Overpayment
- 42.07 Travel Advances
- 42.21 Printing & Duplicating Centre
Documents for review
New:
Existing:
- 41.06 Commercial Ventures on Campus
- 41.11 On Campus Hospitality Expenses
- 42.01 Bank and Investment Accounts Authorized Signatures
- 42.02 Investment of Funds – Working Capital
- 42.03 Petty Cash Accounts
- 42.04 Discharge of Financial Obligation
- 42.05 Surplus Materials, Supplies & Equipment
- 42.06 Recovery of Salary Overpayment
- 42.07 Standing Travel Advance
- 42.08 Reimbursement of Travel & Other Expenses
- 42.09 Signing Authority
- 42.10 Collection of Revenues
- 42.11 Endowment Funds
- 42.12 Operating Fund and Budget
- 42.21 Printing & Duplicating Centre