|55. Tuition fees||
Fees Strategy Group (FSG) is a strategic advisory group that reports to the Central Management. Group (CMG). FSG recommends fee proposals to CMG for final decision. The Fees policies and guidance contains a Programme Costing Template.
|56. Maximisation of income||
It is the responsibility of all staff to ensure that revenue to the University is maximised by the efficient application of agreed procedures for the identification, collection and banking of income. In particular, this requires the prompt notification to the Finance Department of sums due so that collection can be initiated.
There is guidance on fee setting within the Fees policy and guidance. Goods/services received into the University at contract prices cannot be ‘marked up’ for internal resale unless agreed policy on internal recharges is agreed by the management accountants in FIRST. Such proposals must also be notified to the Director of Procurement.
|58. Receipt of income||
Income can be received in various ways such as cash, cheque, credit card and online payments. All income received must be accounted for in the appropriate budgetary cost centre in order to facilitate accurate budgetary control and reporting.
|59. Cheque receipts||
Cheques intended for any fund within the University must be made payable to the University of Edinburgh.
|60. Credit card/ internet payments||
All electronic payments must comply with Payment Card Industry Data Security Standards (PCI DSS). Compliance is mandatory for any business that processes, stores or transmits cardholder data i.e. process card payments.
Responsibility for compliance with PCI DSS is managed by the Finance Department. Policies, training and checklists are provided to help all departments and staff who deal with card transactions.
|61. Payments to subsidiaries||
Payments made to University subsidiaries should be made payable to the subsidiary concerned. If goods and services are being procured and the subsidiary is wholly owned, the University Procurement Strategy permits non-competition.
|62. Sales Invoices||
The Director of Finance is responsible for the University's sales’ invoicing, debt management and credit arrangements. In exercising these responsibilities the Director of Finance will ensure that:
a. sales invoices are accurate, raised promptly on official invoices and are recorded in the financial system;
b. any credits granted are valid, properly authorised and accurately recorded;
c. VAT is correctly charged and accounted for;
d. monies received are posted to the correct debtor account;
e. swift and effective action is taken in collecting overdue debts;
f. outstanding debts are monitored and pursued, and reports are prepared for management.
|63. Overdue debts||
Debt which is overdue by more than six months, or is deemed irrecoverable before that date, is charged back to the School, Research Institute or Administrative Service who raised the associated invoice.
|64. Debt write off||
The Policy and Resources Committee has delegated authority to approve financial transactions for settlement of tax matters, incorporation and winding up of a subsidiary, creation of joint venture legal entities write-off or write-down of money due and foreign exchange dealings, up to £10m.All transactions listed in this section must be notified to the Director of Finance.