Fiscal Policies

FI0105 – General Statement on University Fiscal Policy

To provide University of Tennessee employees with basic policies and procedures related to the university’s fiscal operations.

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FI0110 – Budgets

To provide policies and procedures relating to budgets and budgetary control.

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FI0112 – Budgeting Current Unrestricted Funds

To provide policies and procedures relating to budgets and budgetary control of current unrestricted funds.

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FI0115 – Reconciling and Reviewing Departmental Ledgers

To establish fiscal responsibility for reconciling and reviewing University funds.

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FI0120 – Records Management

To provide guidance for identifying, maintaining, preserving and destroying university records while complying with applicable laws and regulations.

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FI0125 – Conflict of Interest [replaced by GE0002]
FI0130 – Fraud, Waste and Abuse

The purpose of this policy is to define fraud, waste, and abuse and the procedures and responsibilities for preventing, reporting, investigating, and resolving known or suspected instances of such behavior.

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FI0131 – Cash Shortages and Property Losses

To provide reporting requirements for cash shortages and losses of equipment or other university property when employee involvement is not suspected.

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FI0135 – Commercial Insurance

To provide information related to the university’s insurance coverages, restrictions on procuring insurance, and guidance on filing a claim. This policy does not apply to group employee insurance such as health, dental and vision.

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FI0140 – Unclaimed Property

To provide policies on reporting and disposing of unclaimed property.

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FI0145 – Service and Recharge Centers

To provide policies and guidelines for the fiscal operations of university service centers and recharge centers that will assure compliance with sound accounting principles and government regulations. This policy addresses the establishment of service centers and recharge centers, billing rates, costing issues including equipment, limitations on sales, and compliance responsibilities.

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FI0150 – Approvals

To provide policies regarding the department head’s responsibility for approving financial and human resources transactions and guidelines for delegating approval authority.

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FI0155 – Duplication and Distribution of Instructional Materials Prepared by Faculty

To provide policies on copyright compliance and on the use, duplication and distribution of copyrighted materials for instructional purposes.

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FI0160 – HIPAA Re-designation and General Policy

To re-designate The University of Tennessee (“University” or “UT”)as a Hybrid Entity and establish general policy related to the Health Insurance Portability and Accountability Act of 1996 (“HIPAA”).

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FI0205 – Sponsored Projects

To provide policies and procedures for administering grants and contracts, including budgets, proposals and applications, cost sharing, subcontracts, and salary allocation.

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FI0206 – Sponsored Projects – Distinguishing Direct vs Indirect Costs

The purpose of this policy is to provide policies and procedures for distinguishing between direct and indirect (Facilities and Administrative/F&A) costs on grants and contracts. This policy will address federal, federal flow-through and non-federal projects. Several reference material documents are also included.

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FI0207 – Sponsored Projects – Salary Policy

The purpose of this policy is to provide policies and procedures for charging salary to sponsored projects. This policy will address federal, federal flow-through and non-federal projects.

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FI0208 – Sponsored Projects – Federal Salary Rate Limitation

To provide guidance regarding the salary rate limitation of federal projects.

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FI0210 – Sponsored Projects – Cost Sharing

To ensure compliance with federal costing and cost-sharing requirements as set forth in the OMB Uniform Guidance. This policy establishes procedures for recording cost share expenditures in the university’s accounting and effort certification systems for sponsored projects.

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FI0215 – Sponsored Projects – Effort Certification

To ensure compliance with federal requirements as specified in OMB Uniform Guidance §200.430 (i) Standards for Documentation of Personnel Expenses. This policy provides guidance for documenting personnel expenses through the university’s process of effort certification on sponsored grants and contracts.

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FI0220 – Sponsored Projects – Cost Transfers

This policy provides guidelines to ensure the timely allocation of charges or credits to the correct WBS element or cost center.

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FI0225 – Sponsored Projects – Code of Business Ethics

The University of Tennessee (UT) is committed to providing high quality technical work to our sponsors that is conducted with the highest moral and ethical standards and to conduct all business and related professional activities in good faith and with fairness, integrity, and respect for others. UT believes that compliance with applicable laws and regulations is an essential condition for performing effective work under sponsored agreements. Therefore, all employees who participate in sponsored activities are subject to this Code of Business Ethics for sponsored projects. In addition, federal contracts that include FAR clauses 52.203-13 and 52.203-14 are subject to the additional requirements listed in section 3 and 4 below.

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FI0230 – Sponsored Projects – Subaward Origination and Subrecipient Monitoring

This policy sets forth the responsibilities at various stages in the subcontracting process.

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FI0235 – Sponsored Projects – Program Income

To ensure compliance with sponsor program income requirements, including identifying program income in proposals and in the accounting system, using the program income appropriately, and reporting it to the sponsor, if required.

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FI0305 – Accounts Receivable

To provide policies and procedures on recording, collecting, and writing off accounts receivable and returned checks.

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FI0310 – Receiving and Depositing Money

To provide guidelines and procedures on receiving and depositing money.

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FI0311 – Credit Card Processing

This policy provides the requirements and guidelines for all credit card processing activities at the University of Tennessee, including debit card processing and e- commerce activities. The policy addresses protection against the exposure to and possible theft of account and personal cardholder information and the compliance with credit card company requirements for card information that is stored, processed, or transmitted on the university’s information technology resources. The referenced credit card company requirements are known as the Payment Card Industry Data Security Standards (PCI DSS). Compliance with the PCI DSS and this policy is mandatory for all university departments/merchants and entities processing credit, debit, or e-commerce payments directly or indirectly.

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FI0312 – Custody of Third-party Funds

To provide guidelines for University employees who handle third-party funds, funds that don’t belong to the university.

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FI0313 – Gift Cards and Gift Certificates

To provide policies and procedures on the purchase, distribution, tracking and accounting for gift cards and gift certificates.

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FI0315 – Gifts

To provide policies and procedures on the acceptance and administration of gifts to the University. Donor gifts are solicited in the name of the University or a related University Foundation depending upon the wishes of the donor.

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FI0320 – Indicia Licensing, Promotions, and Sponsorships

To provide guidelines related to the university’s Indicia Licensing Program, promotions, and sponsorships.

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FI0325 – Vending and Solicitations on the University Campus

To provide policies and procedures on vending and solicitations on the university campuses.

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FI0330 – Unrelated Business Taxable Income (UBTI)

To ensure proper reporting of Unrelated Business Taxable Income (UBTI)

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FI0335 – Tax Exempt Bonds

To outline the authority and the responsibilities of The University of Tennessee with regard to appropriate use of University facilities and space financed by tax-exempt bonds.

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FI0340 – Endowment

This policy establishes the necessary guidelines and requirements for University units wishing to create Endowments and Quasi-endowments. The objective is to ensure University funds are invested in assets appropriate for their intended duration and purpose, and that the University can properly manage the liquidity of its Consolidated Investment Pool (CIP).

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FI0405 – Procurement

To provide departments with the policies for obtaining goods and services.

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FI0420 – Contracts

To outline authority and responsibilities of university personnel regarding drafting, reviewing, and signing contracts.

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FI0425 – Campus Bookstore Purchases

To provide guidelines on departmental purchases from campus bookstores.

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FI0430 – Receiving Materials

To provide guidelines and procedures for university staff on receiving materials, supplies, and equipment.

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FI0435 – Memberships and Subscriptions

To provide policies on the purchase of memberships and subscriptions.

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FI0445 – Employee Services between the University Board of Regents Institutions and State Agencies

To provide policies on employee services between the university, other public colleges and universities, and state of Tennessee agencies.

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FI0450 – Moving Stipend

To provide guidelines on the payment of a moving stipend for newly hired faculty and staff members.

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FI0505 – Accounts Payable

To provide guidelines for efficiently paying the university’s non-payroll obligations while ensuring compliance with IRS regulations and establishing proper internal controls to prevent fraud, waste and abuse.

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FI0510 – Advance Payment to Vendors

To provide policies on the methods of prepaying outside vendors for goods and services.

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FI0520 – Internal Transfers

To provide guidelines on the use of internal transfers for conducting business between university departments by ensuring the timely allocation of charges or credits to the correct WBS element or cost center.

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FI0525 – Petty Cash

To provide guidance on establishing, maintaining, and reimbursing petty cash funds.

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FI0530 – Procurement Cards

To provide policies and procedures to departmental personnel on the use of university procurement cards.

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FI0531 – Travel Cards

To provide policies and procedures to departmental personnel on the use of university travel cards. Obtaining a travel card is optional and is intended to reduce the out-of-pocket burden for employees, and guests who travel on behalf of the university.

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FI0535 – Student Payments (Non-Employment Related)

To outline the policy for payments to students when the payments are for non-employment purposes.

To comply with US Department of Education regulations. Payments such as awards, prizes and gifts to enrolled students in recognition of academic pursuits or achievements must be reported to the Office of Financial Aid when paid for non-employment purposes.

To ensure that student payments are made in accordance with Internal Revenue Service tax rules and regulations.

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FI0540 – Independent Contractors

To ensure compliance with applicable rules and regulations of the Internal Revenue Service (IRS) and other governmental agencies related to the proper classification of an individual providing services to the University.

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FI0600 – Equipment – Sensitive Minor

To ensure that adequate definitions and property controls are in place over “sensitive” non-capital equipment items that do not meet the University’s thresholds for financial reporting purposes.

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FI0605 – Equipment

To provide directions for university employees who are responsible for recording moveable capital equipment assets and safeguarding both movable equipment assets and “sensitive” non-capital equipment items [See FI0600 – Equipment – Sensitive Minor].

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FI0610 – Surplus Property

To provide policies and procedures for the transfer, sale, and other methods of disposal for university surplus property.

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FI0615 – Disposition of Gift Personal Property

To provide all university officials involved with the receipt, use, or disposition of gift personal property with guidelines for disposal of such property, including sale, donation, exchange, or trade.

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FI0620 – Capital Outlay

To provide policies addressing capital outlay projects, responsibilities of the university officials who manage such projects, and basic requirements of applicable state agencies.

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FI0625 – Lease of Real Property by or to the University

To provide guidelines to university officials who are involved in the lease of real property by or to the university. Lease approval authority, advertising and reporting requirements vary depending on the annual rent and the term of the lease. This policy is based on State Building Commission (SBC) policy, Tennessee Higher Education Commission (THEC) policy, and University policy and procedures.
This policy addresses general leasing policies, reporting of leases, advertising requirements and exceptions, and approval levels.
Any questions concerning leases of real property or related SBC/THEC policies should be referred to the Office of Capital Projects (OCP).

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FI0630 – Leasing Negotiation

To provide guidelines to University of Tennessee officials who are involved in the lease of real property to the university. This policy is based on Tennessee Code Annotated, State Building Commission (SBC) policy, and University of Tennessee policy and procedures. This policy addresses lease negotiations with Proposers during the procurement process to ensure the process is objective, impartial, transparent, and consistent in its application.

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FI0640 – Reports on Discretionary Spending for Senior-level Administrators

To comply with TCA 49-14-104, and to provide oversight for discretionary expenditures made by or for the President or Chancellors.

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FI0705 – Travel 

To provide policies for traveling on business for the University of Tennessee to i) ensure compliance with state and federal laws and regulations; ii) safeguard efficient use of university money; and iii) create mechanisms for record-keeping and to provide guidance for employees.

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FI0715 – Entertainment, Group Arranged Events, Food and Housing Purchases for UT Sponsored Conferences and Seminars

To provide policies and procedures for the payment and reimbursement of expenses for Entertainment, Group Arranged Events, and Food Expenses for UT Sponsored Conferences and Seminars.

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FI0717 – Employee Gift Acceptance Policy

To provide employees with an understanding of acceptable behavior regarding personal gifts offered by vendors, potential vendors, customers, potential employees or any other outside individual or organization. The policy is also intended to provide departments with guidance in giving employees work related awards. This policy does not apply to gifts to the University through our fund raising efforts. Those gifts are covered underFI0315 – Gifts. This policy doesn’t apply to gifts at retirement receptions. They are governed by FI0720 – Retirement Receptions. This policy also does not apply to health care professionals at the University’s Health Science Center and their interaction with health care vendors. These guidelines are addressed in the Health Science Center’s fiscal procedure F125B – Conflict of Interests, Interactions between Health Care Professionals and Industry. Campuses have the option to establish more restrictive policies and procedures.

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FI0720 – Retirement Events

To provide guidance for events held for retirees.

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FI0725 – Use of University Vehicles

To provide policies and guidelines on the use of university vehicles maintained by the campus motor pools. While utilizing campus motor pool vehicles, users must observe any policies and procedures developed by a campus motor pool.

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FI0730 – Telephones and Other Communication Devices

The University recognizes that cellular telephones, smart phones, data plans, and the ability to remotely connect to the Internet are routinely needed by various employees to efficiently perform their University responsibilities. The purpose of this policy is to provide guidelines for obtaining these services. Campuses and units have the option to establish more restrictive procedures with respect to this policy.

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FI0900 – Fringe Benefits Provided to Employees

To ensure that the tax laws are observed with respect to taxable fringe benefits provided to university employees. To also provide guidance that informs university campuses and institutes of their responsibility to appropriately notify the System Payroll Office of taxable fringe benefits provided to employees and to facilitate proper withholding and reporting of payroll taxes.

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FI0910 – Taxability of Graduate Tuition Waiver for Employees

The purpose of this policy is to ensure compliance with applicable tax laws with respect to graduate fee waivers provided by the University. Graduate fee waivers provided to individuals other than benefits-eligible employees and graduate assistants are not qualified under The University of Tennessee Section 127 – Graduate Educational Assistance Plan (UT127PLAN.pdf) and may represent additional income to those individuals. University campuses and institutes are responsible for capturing and reporting the value of these fee waivers to the System Payroll Office to facilitate the proper withholding and reporting of payroll taxes.

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FI0920 – Patient Protection and Affordable Care Act

The purpose of this policy is to provide guidance to university departments in complying with the Patient Protection and Affordable Care Act (ACA). The Act requires the university to offer health insurance to all employees, including temporary and student employees, who work 75% time or greater. The Act provides methods for calculating an employee’s percent of effort, time that this effort must be measured and the length of time that insurance must be provided.

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FI0930 – Payroll

The purpose of this policy is to provide University departments guidance for processing payroll in an accurate, timely manner with sufficient internal controls and to provide guidance to employees for reporting hours worked, leave used and other payroll related transactions. Links to applicable human resource policies are provided and these policies should also be consulted for additional guidance and information.

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FI0940 – Faculty Supplement Based Administrative Appointments

To provide guidance on the setting of faculty salaries for employees who continue to hold faculty appointments after their Supplement-Based Administrative Appointments have concluded in accordance with university policy BT0023.

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