New Financial Policies Released

Four new financial policies were recently posted to the Office for Financial Policy website, where you can browse financial policies by topic or alphabetically by title. Here's a list of the new policies, along with effective dates, brief summaries, and policy-owner contact information.

Donations to Foreign Offices Policy

  • Effective date of July 1, 2010 (offices wishing to receive first-time donations should follow procedures immediately)
  • The policy allows approved foreign offices to accept and hold certain direct cash donations locally, rather than sending them to Cambridge
  • If you work for or support a foreign office, and think that office might be a candidate to accept and hold cash donations locally, or if you have any questions about the policy, please contact Bob Lammey in the Office of Global Business Compliance.

External Financial Service Provider Controls, SAS 70 Policy

  • Effective date of April 1, 2010, to allow for training of few affected tubs
  • The new policy helps protect Harvard by reasonably ensuring that external providers have adequate internal controls to protect the integrity of University financial data
  • If your department outsources a financial process to an external, or third-party, non-Harvard vendor, you must contact Bob Lammey in the Office of Global Business Compliance by April 1 to determine if you must take action in order to comply with the policy

Pledges and Pledges Receivable Policy

  • Effective date of February 1, 2010 (this general accounting policy is already being followed in practice)
  • The policy and its procedures document the University's existing practices related to recording pledges and pledges receivable
  • The policy affects all tubs that receive pledges
  • If you have questions about the new policy, or if you're in doubt about whether you need to take steps to comply with it, contact Michelle Quinlan in the Financial Accounting and Reporting Office

Commitments and Contingencies Policy

  • Effective date of February 1, 2010 (this general accounting policy is already being followed in practice)
  • The policy will reasonably ensure the operating results of University units are not misstated as a result of commitments and contingencies not being recorded or being recorded improperly, and will reasonably ensure that all appropriate disclosures are included in the University's financial statements
  • The policy affects all tubs that have commitments or contingencies
  • If you have questions about the new policy, or if you're in doubt about whether you need to take steps to comply with it, contact Michelle Quinlan in the Financial Accounting and Reporting Office
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