Financial Management Principles
The statement of principles below summarises Lancaster University's values relating to the management of its finances.
The principles are supplemented and supported by more detailed internal guidance documentation.
In all of its financial dealings, Lancaster University is committed to:
- compliance with all relevant statutory requirements and the HEFCE Memorandum of Assurance and Accountability
- operating clear and transparent schemes of delegation of authority
- the highest standards of openness, integrity, impartiality and accountability
- ensuring declarations of potential conflicts of interest are sought, appropriately recorded and appropriate adjustments made
- showing zero tolerance for any form of financial irregularity involving its staff or third parties
- a sensible balance between prudence and appropriate risk-taking under our Risk Management Framework
- ensuring value for money, taking steps to eliminate waste and discourage extravagance
- sustainable procurement practices, by seeking to manage the social and environmental impacts of our procurement decisions
- expenditure and internal allocation of funds that is fair, transparent and supports the University's strategy
- operating within approved treasury and investment policies for the safe custody of funds under our management
- careful assessment of any ethical implications before accepting donations
- full co-operation with external and internal auditors, allowing them access to all assets, records, documents and correspondence relating to any financial and other transactions of the University