(Doc. T18-026), I. Introduction, This standards document provides additional detail related to the implementation of the Board of Trustees Reserves Policy (Doc. T18-026): The President will issue additional guidance specifying the accounting treatment for each reserve designation and its use., II. Definitions, In order to distinguish between unencumbered liquidity and reserves designated for a specific use, the University will account for and report unrestricted net assets in the designations defined below., Unexpended Plant & Facility Projects, – Designated to fund capital projects, equipment and the major renovation of all existing infrastructure and buildings including Research, Education & General (“E&G”), and Auxiliary., Auxiliary Enterprises, – Auxiliary enterprises are essentially self-supporting activities, which provide non-instructional support in the form of goods and services to students, faculty, and staff upon payment of a specific user charge or fee; this fund also includes the net position of Worcester City Campus Corporation (“WCCC”)., Education & General, – Maintained by departments to fund operational requirements, academic initiatives, research, faculty recruitment and University initiatives., Quasi Endowment, – Portion of unrestricted net assets invested in the Foundation’s pooled endowment fund, intended to be invested for the long term unless otherwise approved by the President or a designated authority. The President or designated authority will contemporaneously provide notification to the Board., Stabilization Fund, – Designated to provide budgetary stabilization for operations due to unforeseen and / or uncontrollable circumstances to ensure responsible long-term financial stability. Funds should be used for an unanticipated one-time disruption in funding or catastrophic event and shall not be used to cover operating shortfalls that could have been anticipated and managed., Other Unrestricted, – Undesignated for a specific use or purpose; however, it does include the net position for the Independent Business Lines of the Medical School (examples: Commonwealth Medicine and Mass Biologics)., III. Standards Statement, Reserves should be funded primarily through budgeted and surplus operating funds. Other receipts may be deposited into reserves on a case-by-case basis. Funds allocated to a reserve designation shall be used for the designated purpose. Unexpended Plant & Facility Projects Unexpended plant and facility funds are generally used for the construction, renovation and acquisition of the University’…, 1. Financial Ratios and Benchmarks, The University shall seek to maintain sufficient wealth and liquidity in order to ensure overall financial health, maintain strong credit ratings and withstand periods of volatility in its operating environment. The University will monitor the following financial ratios and benchmarks, in combination with ratios required in other policies and standards., Total Cash & Investments, – a direct measurement of absolute wealth and the assets that generate investment income. Calculation*: University Cash and Investments minus Debt Service Reserves plus Foundation Cash and Investments minus Assets held on the behalf of others. Aa2 Target Range: < 2,500,000,000 ≥ 100,000,000 *University Cash & Investments include the following lines from the Statement of Net Position: Cash…, Spendable Cash & Investments to Operating Expenditures, - indicates the extent to which the University can rely on wealth that can be accessed over time or for a specific purpose to operate without earning any additional revenue. This measure is of particular importance during periods of financial stress when revenue may be subject to volatility. Calculation: (University Cash and Investments minus Debt Service Reserves plus Foundation Cash and…, Spendable Cash & Investments to Total Debt, - highlights the ability of the University to repay bondholders from wealth that can be accessed over time or for a specific purpose. Calculation: (University Cash and Investments minus Debt Service Reserves plus Foundation Cash and Investments minus Assets held on the behalf of others plus Foundation Pledges Receivable Reported in Permanently Restricted Net Assets minus University Permanently…, Operating Margin, - indicates whether total operating activities resulted in either a surplus or deficit as a percentage of the budget. Calculation: (Operating Revenue plus Government Appropriations plus Gifts plus Endowment Income plus NonOperating Federal Grants plus Investment Income Net of Unrealized Gains and Losses) divided by (Total Operating Expenses plus Interest Expense) Aa2 Target Range: N/A, Operating Cash Flow Margin, - compares net income before non-cash expenses relative to operating revenue to indicate the amount of cash the University generates to support its strategic and capital investments. Calculation*: ((Operating Revenue minus Scholarship Expense plus Government Appropriations plus Normalized Investment Income plus NonOperating Federal Grants plus Gifts) minus (Operating Expenses minus Scholarship…, 2. Compliance/Reporting, The President or his/her designee shall annually review the University’s compliance with this policy. Consistent with the University’s Five-year Forecast and upon the release of the University’s annual audited financial statements, the Board of Trustees will be provided a report regarding the University’s reserve levels. The President shall notify the Board Chair when drawing funds from the…, 3. Roles & Responsibilities, The Board of Trustees shall establish a University Reserve policy. The President will issue standards and approve, where specified, the use of reserves. The President or his/her designee will annually review and report to the Board the University’s reserve level. Chancellors have the responsibility to implement and manage to the policy and standards., 4. Other Policies, This policy should be reviewed along with the following policies and reports: University Debt Policy – T09-050 Capital Planning, Land and Facility Use Policy – T93-122 Quasi Endowment Policy – T07-018 Report - Annual 5-year Financial Forecast Report - University’s Annual Operating Budget
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Doc. T22-066, as amended, Passed by the Board of Trustees on April 12, 2023, Purpose, The Policy provides systemwide uniformity for addressing safety, security, and compliance during University Travel (as defined below). It also establishes additional requirements for travel to high-risk destinations. This Policy applies to all University Travel and all University Travelers as defined in this policy, regardless of funding source., Introduction, The University of Massachusetts (UMass or University) recognizes the import and necessity of travel for educational, research and business purposes in furtherance of the University’s mission. In supporting these opportunities, the University must manage the associated travel risks and liabilities while promoting the health, safety, and security of all members of the UMass community. The…, I. Definitions, Approver: Duly Authorized university representative with authority to approve travel for budgetary and programmatic purposes. Campus: Individual academic institution of the University of Massachusetts system (Amherst, Boston, Dartmouth, Lowell, Chan Medical School). For purposes of this policy, the President’s Office is also considered to be a campus component. Campus Travel Risk Review Committee…, II. Policy, Prior Approval: All University Travelers must obtain budgetary, programmatic and, as necessary, risk approvals for University Travel prior to departure. Registration of Travel: All University Travelers must register University Travel in the University Travel Registry and obtain associated approvals prior to departure. Travel Expenses: The Business and Travel Expense Policy (T92-031, Appendix C)…, III. Responsibilities, Each campus is responsible for designating responsibility for compliance with this Policy and applicable state and federal law. Each campus is responsible for designating responsibility for compliance oversight of the U.S. export control and economic sanctions requirements for the University. The Travel Risk Management Advisory Committee (TARMAC) is responsible for designating, monitoring, and…, IV. Standards, The President, in consultation with the Chancellors and the Vice President for Administration & Finance and Chancellors, will issue administrative standards to implement this policy., V. Related Policies, Business and Travel Expense Policy Doc. T92-031, Appendix C, as amended.
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These presidential administrative standards (“Standards”) pertain to the University of Massachusetts Travel Policy (Doc. T-22-066) (the “Policy”). In accordance with the Policy, these Standards apply to travel by a duly authorized University of Massachusetts employee, student, Trustee, or associate traveling on university business regardless of the source of funds.
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These Standards provide guidance on the implementation of the University Travel Policy ("Travel Policy”), established pursuant to the authority granted in M.G.L. c. 75, § 32 to: set requirements and expectations for University Travel; provide systemwide uniformity for addressing safety, security, and compliance during University Travel; set forth approval requirements for domestic and…, A. Applicability, The Travel Policy and these Standards apply to all University Travel and all University Travelers as defined in the Policy, regardless of funding source., B. Definitions, Approver: Duly Authorized university representative with authority to approve travel for budgetary and programmatic purposes. Campus: Individual academic institution of the University of Massachusetts system (Amherst, Boston, Dartmouth, Lowell, Chan Medical School). For purposes of the Policy, the President’s Office is also considered to be a campus component. Campus Travel Risk Review Committee…
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Travelers must obtain budgetary, programmatic and risk (see Sections 1.09, 1.10, 1.11) approval prior to departure and in accordance with the timeframes set by their respective campus. Campuses may grant an exception to compliance with their respective timeframes. Campuses have the discretion to grant blanket approvals to Travelers for domestic University Travel.
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Registration of University Travel not only makes it possible to deliver destination-specific travel advice, but also assists the University in identifying and supporting Travelers potentially impacted by itinerary-specific threats and/or compliance requirements and in providing, as appropriate, assistance in response to events that might present health, safety and security risks to Travelers.…
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Travel expenses are governed by the Business and Travel Expense Policy (T92-031, Appendix C) and associated Standards. Travelers must abide by the Business and Travel Expense Policy and associated Standards for allowability of travel expenses and reimbursement of travel expenses.
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Travelers must abide by the Business and Travel Expense Policy and associated Standards for allowability of travel expenses and reimbursement of travel expenses: The risk associated with the Travel, despite mitigation measures, poses an unacceptable risk to health, safety, or well-being of the Traveler or The risk associated with the Travel, despite mitigation measures, poses an unacceptable…
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In accordance with M.G.L. c. 75, § 32, the University has the authority to require a Traveler to leave or evacuate a given location in the event of a voluntary or mandatory evacuation order by the U.S. Government or when, in its sole judgement and discretion, the University determines continued presence in that location may seriously endanger health, safety or well-being of University Travelers…
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