| DATE: | June 3, 2021 |
|---|---|
| SUBJ ECT: | Approval of Authorized Signature Policy |
| FROM: | EXECUTIVE AND AUDIT |
| ACTION ITEM: | YES |
BACKGROUND: Policies outlining signature authority are essential to clarity in institutional operations, specifically those that bind the institution financially or legally through contracts and memoranda of agreement. Within the Commonwealth of Kentucky, KRS 164A.560, a subsection of KRS 164A.575, vests financial management responsibility as relates to administrative regulations to the governing board and through the governing board to the University President.
BACKGROUND: Policies outlining signature authority are essential to clarity in institutional operations, specifically those that bind the institution financially or legally through contracts and memoranda of agreement. Within the Commonwealth of Kentucky, KRS 164A.560, a subsection of KRS 164A. 575, vests financial management responsibility as relates to administrative regulations to the governing board and through the governing board to the University President.
In reviewing signature authorization policies from a variety of national institutions of higher education (including University of Kentucky, Eastern Kentucky and University of Louisville), common features align around assignment of signature authority for the institution, delegation of signature authority, and scope and applicability of the signature authority policy as pertains to grants, contracts, and institutional operational documents such as those generated for employment, for athletic events and other matters that would bind the university fiscally and/or contractually.
SUMMARY OF PROGRAMS/ACTIVITIES: The Authorized Signature Policy (new) outlines the scope, process, assignment of signature authorization and delegation, and institutional impact.
ALIGNMENT WITH STRATEGIC GOALS:
Goal 3: Increase the University's Financial Strength and Operational Efficiency
PROGRAM IMPLICATIONS: Kentucky State University will have a clear and enforceable policy governing authorized institutional signatures.
FISCAL IMPLICATIONS: NONE
RECOMMENDATION: The Kentucky State University Board of Regents approve the Authorized Signature Policy
ATTACHMENTS: YES