Management of University Cash and Cash Equivalents
Description: Provides the overarching University policy for the integrated management and control of cash, investments, debt and financial information. This policy governs a number of Finance Department guidelines and procedures that include, but are not limited to, cash depositing, use of credit cards, and electronic funds transfer.
Notes: Reviewed by UEC: May 4, 2005; Board FSR: May 24, 2005; Approved by the Board of Governors: June 20, 2005 Effective: June 20, 2005
Approval Authority: Board of Governors
Signature: “Marshall Cohen”
The management of cash and cash equivalents is an integral part of York University’s responsible management of its assets.
Cash and Cash Equivalents: Cash as well as monies held in short-term investments or bank accounts.
This policy shall apply to all monies received and to be held or invested by the University in operating, ancillary, research, special purpose, endowment and capital funds.
The University shall manage its cash in accordance with the following:
1. The University shall maintain sufficient liquid resources from time to time to ensure funds are available to meet all planned and unplanned cash requirements.
2. All activities related to the management of University cash and cash equivalents shall be centralized in the Finance Department, through Treasury, to ensure optimal management of cash resources.
3. All activities related to the management of University cash and cash equivalents shall maximize interest income by investing in approved investments of all available funds not immediately required for its purpose, subject to any trusts affecting the same.
4. The University shall invest all endowment fund contributions in a timely manner under the guidance of the Investment Committee of the Board of Governors, in accordance with the Statement of Investment Policies and Procedures in place from time to time.
The Vice-President Finance and Administration shall have the responsibility for the oversight of the University’s cash management and for the creation of guidelines and procedures pursuant to this policy.
Monitoring and Reporting
The Vice-President Finance and Administration shall report on a regular basis on activities related to the management of cash and cash equivalents to the Investment Committee of the Board of Governors.
The Assistant Vice-President Finance and Chief Financial Officer shall be responsible for the assessment and implementation of all activities related to the management of cash and cash equivalents.