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