Roles and Responsibilities - Debt Financing & Management

Transcription

1 Rles and Respnsibilities - Debt Financing & Management Sectin: Debt Financing & Management Number: Title: Rles and Respnsibilities - Debt Financing & Management Index POLICY.100 POLICY STATEMENT.110 POLICY RATIONALE.120 AUTHORITY.130 APPROVAL AND EFFECTIVE DATE OF POLICY.140 KNOWLEDGE OF THIS POLICY.150 DEFINITIONS.160 HIGH LEVEL ROLES AND RESPONSIBILITIES.690 CONTACT INFORMATION.695 HISTORY APPENDIX Nne. POLICY.100 POLICY STATEMENT The plicy sets frth high-level Debt Financing and Management rles and respnsibilities fr the Chancellr's Office and the Institutins..110 POLICY RATIONALE OUS seeks t ensure that the high-level rles and respnsibilities f the Chancellr's Office and the Institutins related t Debt Financing and Management are dcumented, cmmunicated, and clearly understd and applied..120 AUTHORITY

2 Oregn Cnstitutin Article XI-F(1) - Higher Educatin Building Prjects Oregn Cnstitutin Article XI-G - Higher Educatin Institutins and Activities; Cmmunity Clleges ORS Duties and Pwers f Chancellr ORS Bard Pwer t Purchase Real Prperty OAR Delegatin and Assignment f Respnsibility IMD Finance and Business Affairs Accunting Plicies - Assignment f Respnsibility IMD Finance and Business Affairs Accunting Plicies - Institutinal Respnsibility.130 APPROVAL AND EFFECTIVE DATE OF POLICY Apprved by the Budget and Finance Cmmittee f the Bard n 2/15/02 as part f the Fiscal Accuntability Framewrk Final Reprt. The effective date f the plicy is 3/1/ KNOWLEDGE OF THIS POLICY All Chancellr's Office and institutinal persnnel with debt financing and management and related respnsibilities shuld be knwledgeable f this plicy..150 DEFINITIONS Nne..160 HIGH LEVEL ROLES AND RESPONSIBILITIES A. CHANCELLOR'S OFFICE High level rles High level respnsibilities Debt Apprval Prcess Establishing Lngterm Plan and prject requests. Submits prject lists fr bnd limitatin apprval Prvides guidance fr prject requests. Reviews and apprves Apprving Bnds by the OUS Bard, DAS, and the Legislature. Emergency Bard Reviews and submits prject requests fr apprval t the OUS Requests Bard and the E-Bard. Requests frm the Apprved Legislative Plan Reviews and apprves requests fr bnd funds. Crdinates with Treasury t hld bnd sale. Assigns plant fund and prject number fr prject. Receives funds frm bnd sale. Allcates funds t institutin as requested. Prvides debt service schedules fr prjects. Debt Service Payment Prcess Fund Management Transfers funds at institutin's request fr debt and makes semiannual payment f debt t Treasury fr frwarding t Custdial Bank.

3 Fund Mnitring and Reprting Mnitrs annual activity f debt payment. Mnitrs prject expenditure limitatin. Submits state (tax certificatin, cash flws) and federal (arbitrage liability) reprting fr Bnd Cunsel review. Mnitring Funds t Ensure Prper Usage Mnitring Funds Mnitrs allcatin f bnd funds t institutins. Mnitrs budget and limitatin f prjects. Wrks with institutins t reslve budget and limitatin prblems. Prject Apprval Apprves bnd allcatin fr small prjects. If necessary, gets apprval fr additinal funding and limitatin/apprpriatin frm OUS Bard and Legislature/E-Bard. Submitting Arbitrage Earnings t IRS Calculating and Recrds and distributes interest earnings. Perfrms arbitrage Dispersing Earnings calculatin. Charges institutins fr arbitrage liability. Submits reprts and payments f arbitrage liability t the Bnd Cunsel and the IRS. Student Building Fee Funds Fund Management Cllects student building fee frm institutins. Pays debt service n building fee debt and unallcated prceeds. Fund Planning Prjects available funding frm student building fee pl. Certificates f Participatin (COPs) Request fr Funds Requests that DAS include funds in COP Sale. Requests COP funds frm DAS. Fund Reimbursement Requests reimbursement frm DAS and Trustees and prcesses reimbursement t institutins. Debt Service Payment B. INSTITUTION Prepares debt payment schedule fr institutins. Pays debt service amunt t DAS. High level rles High level respnsibilities Debt Apprval Prcess Establishing Lng-term Submits priritized prject requests t the Chancellr's Plan and Apprving Bnds Office. Emergency Bard Requests prject apprvals. Institutin als prepares a due Requests diligence study f each prject. Requests frm the Submits request fr bund funds. Requests that the plant Apprved Legislative Plan funds and prject be established. Debt Service Payment Prcess Fund Management Requests debt payment transfers. Fund Mnitring and Mnitrs prject expenditure limitatins. Reprting

4 Mnitring Funds t Ensure Prper Usage Fund Management Perfrms accunting functins fr prjects. Wrks with Chancellr's Office t reslve budget and limitatin prblems. Submitting Arbitrage Earnings t IRS Arbitrage Earnings Apprves charges fr arbitrage liability. Payment Student Building Fee Funds Fund Management Cllects student building fee frm students. Fund Planning Student Gvernment/President f the University/Administrative Cuncil priritizes prjects t be funded with student building fees. Certificates f Participatin (COPs) Request fr Funds Requests COP Funds thrugh Chancellr's Office. Fund Reimbursement Recrds expenditures and requests reimbursement frm COP Funds. Debt Service Payment Pays debt service t Chancellr's Office..690 CONTACT INFORMATION Direct questins abut this plicy t the fllwing ffices: Subject General questins frm institutinal persnnel General questins frm institutinal central administratin and Chancellr's Office persnnel Cntact Institutin Office f Business Affairs Chancellr's Office Cntrller's Divisin.695 HISTORY 10/15/03 - Refrmatted 2/15/02 - Apprved Plicy Last Updated: 10/15/03 APPENDIX Nne.

5 Appendix Last Updated: 10/15/03