Maryland's Public System of Higher Education

  284.0 VIII-7.00 - POLICY ON FINANCIAL MANAGEMENT
 
  (Approved by the Board of Regents, June 21, 1990)
 
 
  1.   The Board of Regents recognizes the desirability and
       importance of gathering and publishing consistent and
       comprehensive Systemwide financial information for a variety
       of internal and external purposes.
 
  2.   The Chancellor shall submit annually to the Board of Regents
       an audited consolidated financial report for the University
       of Maryland System.
 
  3.   The Chancellor shall submit to the Board of Regents periodic
       financial management reports that shall include revenue and
       expenditure data for the year to date as compared with
       budgeted data, an assessment of the expected revenues and
       expenditures for the year, and an analysis of deviations.
 
  4.   The Chancellor shall establish and promulgate financial
       procedures.  The procedures shall provide for accounting
       standards for the University of Maryland System, timely
       submission of financial data from the constituent
       institutions and components, and such financial information
       as is necessary to meet internal and external requirements.
       The System's external certified public accounting firm shall
       be consulted as necessary to ensure that the procedures are
       consistent with industry accounting standards.
 
 
  Replacement for:  BOR V - 14.00