Skip to main content
  Cornell University

The University Faculty

Office of the Dean

Article XI. Internal Control

  1. An adequate system of internal control, including appropriate segregation of duties, shall be maintained so as to provide reasonable assurance as to the safeguarding of the University’s assets against loss from unauthorized use or disposition, and as to the reliability of the financial records for the preparation of proper financial statements and budget administration and maintaining accountability for assets.
  2. The President shall present to the Board of Trustees for its approval from time to time a schedule of those officers of the University who are to be authorized to execute contracts, deeds and other instruments in writing on behalf of the University together with an appropriate statement of limitations, if any, on such contracting authority and of the power of delegation for each such officer. This schedule of contracting authority, together with any delegations pursuant thereto, shall be placed on file with the Secretary of the
  3. There shall be a University Controller who shall be responsible for maintaining adequate records of assets, liabilities, income, expenses and other financial transactions of the University; for establishing and maintaining effective internal control procedures; and for preparing all necessary financial reports of an accounting nature. The Accounting Department, under the direction of the University Controller, also shall establish appropriate processes for reviewing for correctness and propriety any voucher or order for any transaction prior to its payment by the University Treasurer. The University Controller shall be elected by the Executive Committee of the Board of Trustees, on the recommendation of the President; the University Controller shall report to such officer as the President may designate, and shall serve at the pleasure of the President.
  4. There shall be a University Auditor who shall be responsible for internal audits of the University’s financial accounts and records, for determining the overall effectiveness of the system of internal control and for making recommendations for the improvement thereof. The Auditor shall have authority to make specific reports directly to the President, and/or the Executive Committee and/or the Audit Committee of the Board of Trustees. The University Auditor shall serve at the pleasure of the Executive Vice President and Chief Financial Officer but, in recognition of the Auditor’s responsibilities and relationship to the Audit Committee, the Auditor’s appointment may be terminated by the Executive Vice President and Chief Financial Officer only with the concurrence of the Audit Committee; in the event that the Audit Committee does not concur, the matter may be referred to the Executive Committee for review and determination.
  5. Other principal officers of internal control may be appointed by the President pursuant to Article V, Section 6. of these Bylaws, and they shall report to such officer as the President may designate.
  6. No purchase or commitment of indebtedness shall be incurred in the name of the University or any subordinate unit thereof in excess of budgets and other authorized amounts approved by the Board of Trustees.

Last Updated: July 12, 2017 at 11:27 pm