Financial Regulations

• Schedule 1 - Competition Procedures
  The £25,000 purchase limit on Marketplace items has been removed and other minor changes made to the table and Note 2.
   
• Schedule 2 - Definitions and Interpretations
  Definitions for Proposals, Quotes and Written have been amended and the definition for Tender Submissions has been removed.

F - Purchasing 
The limit for advance payments requiring prior written consent from the Head of Department has been increased from £10,000 to £50,000 (inclusive of VAT). The threshold for advance payments requiring approval from the Director of Finance has been raised from £10,000 to £50,000 (inclusive of VAT).

F - Purchasing
Reg 18.4(d) reference corrected to Regulation 6.2

J - Staffing
Reg 31.3 The principles and rules for expense reimbursement are set out in the Employees Expense Policy and not in the the Finance procedures.

M- Explanatory Notes
The paragraph on EU Public Procurement Directives, now reads "The Council, on the advice of its Finance Committee, reviews and confirms annually whether the University remains outside their scope."

Schedule 1 Competition Procedures
References to EU thresholds and the management of EU Tenders through Procurement Services have been removed from the table.

Schedule 2 – Definitions
The reference to EU Tenders has been removed