Fund Financial Manager Policy

Overview

The concept of the Fund Financial Manager is an important component of fund management. The purpose of this policy is to define the responsibilities of the Fund Financial Manager and to provide the framework and requirements in naming and changing this important financial contact and thus maintaining controls for accountability.

For the purposes of this Policy, "employee" collectively refers to academics, researchers, and administrative staff.

Refer to the Procedures for details regarding the implementation and interpretation of the following policies.

Policy

P1. General

A Fund Financial Manager, or Fund Holder, is the academic, researcher or administrative staff responsible and accountable for a McGill fund or grant and who plays an important role with regards to the safeguarding and sound management of public funds entrusted to the University.
P1.1.
Consultants, contractors or other individuals not considered employees are not eligible to be named as Fund Financial Manager, unless approved by the Dean or Vice Principal of the unit (as applicable) and the University Controller.
P1.2.
Although certain control and monitoring measures can be passed on or supported by administrative staff, permanent delegation of overall title and responsibilities of Fund Financial Manager is not permitted.
P1.3.
Financial Services must be notified, in writing, if a Fund Financial Manager leaves the University or is no longer acting in the capacity of fund oversight.

P2. Responsibilities of a Fund Financial Manager are

P2.1.
Timely monitoring of a fund/grant’s transactions to ensure they are legitimate, reasonable and an appropriate use of the fund/grant in support of the University’s and fund/grant’s objectives
P2.2.
Ensuring financial controls are in place and operating effectively at the local level
P2.3.
Periodic and timely monitoring the fund’s transactions to ensure they are legitimate, reasonable and an appropriate use of the fund in support of the University’s and fund’s objectives;
P2.4.
Adherence to all policies & procedures;
P2.5.
Ensuring no over-expenditures exists;
P2.6.
Compliance with any externally imposed restrictions;
P2.7.
Assigning appropriate authority and responsibilities (i.e. extent of delegation of duties) with respect to financial management.
P2.8.
Informing (and providing documented evidence) Financial Services of any changes to the fund record (e.g. title, restrictions, purpose, departmental affiliation).

Procedures

PR1. Administrative Responsibility

PR1.1.
The administrative responsibility of McGill Funds/Grants, including the identification of the Fund Financial Manager on fund records, is the responsibility of Financial Services. Related inquiries should be directed to Fund Administrator of the fund/grant in question, who is identified on all formal correspondence from Financial Services.

Any dispute will be resolved by the University Controller.

PR2. Roles and Responsibilities

PR2.1. What is a Fund Financial Manager?

 

A Fund Financial Manager, or Fund Holder, is a McGill academic, researcher or administrative staff named on the 6-digit fund code to be responsible and accountable for that fund. The ID of the Fund Financial Manager is associated to the fund code on Banner form FTMFUND. Refer to P2. above for a list of responsibilities.

 

This individual is the addressee on all correspondence relating to the fund, including the New Fund Confirmation and Notice of Over-Expenditure letters.

PR2.2. Who can be a Fund Financial Manager?

The Fund Financial Manager is determined at the fund’s inception, based on the information provided on the Request for New Fund form. In assessing the appropriate individual to be responsible for the fund, Financial Services applies the following guidelines:

a) In the case of funds in support of a unit’s operations, the Fund Financial Manager is the head of that unit.
For example:
  • The Director is named on all operating, capital, endowment and other School or Centre restricted and unrestricted funds.
  • The Chairperson is named on all operating, capital, endowment and other Department restricted and unrestricted funds.
  • The Dean is named on all operating, capital, endowment and other Faculty restricted and unrestricted funds.
b) In the case of projects/activities not tied to a unit’s operations, the Fund Financial Manager is the person responsible for that particular project/activity.
For example:
  • The researcher is named on a research grant or contract
  • The professor organizing a conference is named on the event fund.

PR3. Administrative Process

Requests to change the Fund Financial Manager:

Although certain control and monitoring measures can be passed on or supported by administrative staff, permanent delegation of overall title and responsibilities of Fund Financial Manager is not permitted.

However, there are scenarios where the Fund Financial Manager must be permanently or temporarily changed for one or more funds. These are the guidelines for accommodating such requests:

PR3.1.
If the change is due to a replacement of the Unit Head, (i.e. there is a new Director of a Centre, a new Chairperson of a Department, or an “acting” appointment due to a sabbatical leave) as documented by the listing of Academic Administrative Appointments, Financial Services will make the change.
PR3.2.
If the above (PR3.1.) is not supported by official documentation, then Financial Services will require a memo signed by the incumbent’s superior (i.e. Chair for a Director, Dean for a Chair).
PR3.3.
If the reason for change is other than PR3.1. or PR3.2. above, Financial Services will require a memo signed by the Org Financial Manager (Unit Head) overseeing the particular fund. The memo must include the name and title of the current Fund Financial manager, the name and title of the new Fund Financial Manager, as well as the reason for the permanent change.
PR3.4.
If the reason for change is temporary, the delegate must be an employee who possesses the necessary skills and knowledge for the effective exercise of signing authority.

PR4. Glossary of Terms

Fund Financial Manager
Also known as the FFM, Fund Holder or Principal Investigator (in the case of research grants). The academic, researcher, or administrative staff responsible and accountable for the financial operations encompassed by a McGill fund.
Unit Head
The individual responsible for a McGill unit, also deemed to be the 'Organization Financial Manager'; usually the Chairperson or Director of a department or unit, or the Dean of a Faculty.

Request for New Fund form

Listing of Academic Administrative Appointments

Research Administration Roles and Responsibilities


Publication Date: January 19, 2006
Revision Date: February 23, 2017 - V 2.2

Related Memorandums, Announcements, and Revision Notes

September 20, 2017 - Memorandum from Yves Beauchamp, Vice-Principal, Administration and Finance and Cristiane Tinmouth, Associate Vice-Principal, Financial Services about Fund Financial Management | Channels News | PDF icon communication_to_fund_financial_managers.pdf (PDF version)

February 23, 2017 - Version 2.2: Overview section - Added "For the purposes of this Policy, "employee" collectively refers to academics, researchers, and administrative staff."; Replaced the phrase “academic staff and administrative and support staff” with "employee".

January 19, 2017 - Memorandum from Yves Beauchamp, VP Administration and Rose Goldstein, VP Research and Innovation about Research Asset Management Phase 1: Tracking & Tagging of Research Equipment | Channels News | PDF icon MEMO January 2017 - Research Asset Management Phase 1: Tracking & Tagging of Research Equipment.pdf

January 18, 2017 – Version 2.1: Replaced the labeling convention "G1., G2., etc." in the Procedures section to "PR1., PR2., etc.".

September 22, 2016 - Memorandum from Morty Yalovsky, Interim Vice-Principal, Administration and Finance and Cristiane Tinmouth, Associate Vice-Principal, Financial Services about Fund Financial Management | Channels News | PDF icon MEMO Sept 2016 - FFM Annual Communication (PDF version)

September 28, 2015 - Memorandum from Rose Goldstein and Michael Di Grappa about New Requirement for Research Expenses: Digital Record Retention | Channels News | PDF icon MEMO Sept 2015 - Digital Record Retention (PDF version)

May 5, 2014 - Memorandum from Rose Goldstein and Michael Di Grappa about New requirements for research funds: authorization of expenses by PIs and record retention | Channels News | PDF icon Record Retention of Supporting Documentation Table [.pdf]

February 26, 2014 - Announcement from Cristiane Tinmouth, Controller, Financial Services and Francois Pouliot, Director, Procurement Services about Delegating Purchase Requisition Approvals - Change in Process | Channels News

December 4, 2013 - Announcement from Cristiane Tinmouth, Controller, Financial Services and Alison Verkade, Director Service Centre, Human Resources about POPS Timesheets now available on Minerva Delegate Temporary Signing Authority Menu | Channels News

May 9, 2013 - Announcement from Cristiane Tinmouth, Controller, Financial Services about Delegation of Temporary Signing Authority Procedures For All Fund Financial Managers | Channels News

May 6, 2013 - Memorandum from Rose Goldstein and Michael Di Grappa about Research Administration and Accountability – Tri-Agency Recommendations - NEW DELEGATION MENU | Channels News