4.2, Transaction Authority and Payment Approval

 Policy Statement

Cornell’s Board of Trustees, “the Board,” formally delegates authority to designated individuals to enter into agreements with external parties that obligate the university.  This is referred to as “transaction authority.”  An individual must not assume transaction authority unless that authority is extended through this policy. 

The Board also grants to heads of units the authority to delegate “payment approval” to individuals with related functional responsibilities.  This is not the same as transaction authority.  Instead, payment approval is the authority to approve payments charged to university accounts.

 Entities Affected By This Policy

All units of the university (excluding the Weill Cornell Medical College)

 Policy Information

• Responsible Executive(s): Provost/Executive Vice President for Finance and Administration
• Responsible Office(s): Vice President for Financial Affairs and University Controller/University Counsel
• Dates: Issued: December 1989; Revised as Interim: August 2000; Reissued: August 2, 2007
• Contact: Your local unit's administrative office

 

*The official version of this policy is available for download and printing by clicking on the "PDF Document" link.

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