Policy 2100 Revenue Principles, General – Important reminders
November 16, 2022
Policy 2100 Revenue Principles, General – Important Reminders
- Policy 2100 Revenue Principles, General
- Procedure 2100 PR.01 Executing Revenue Agreements
- Policy 1104 University Signature Authority
- Signature Authority Tool
At this time, no revisions have been made to these policy documents. Rather, this communication is being issued to highlight several important reminders.
- As a general reminder, Policy 2100 provides that “All departments and central offices that collect and process revenue on behalf of the University must ensure that:
- Revenue agreements are created and properly authorized whenever the University commits to provide services, goods, or assets to external parties.
- All revenue is accurately recorded in the University’s accounting system in the period in which it is earned.
- Appropriate internal controls and sound financial business practices are adopted for the recognition and billing of revenue, the collection and timely recording and deposit of cash receipts, and the management of accounts receivable.”
- Specific to revenue agreements, “Any commitment made on the University’s behalf to provide goods, services, or assets to an external party must be documented in a written revenue agreement executed by an authorized individual.” To fulfill this obligation, departments are instructed to “Refer to Procedure 2100 PR.01 Executing Revenue Agreements for guidance on who to contact and the process to follow for drafting, negotiating, obtaining appropriate review, and executing … revenue agreements.”
- Regarding the authority to sign revenue agreements, “The revenue agreement must be signed by an authorized individual. Generally, the reviewer will forward the agreement to an authorized individual for signature once they have reviewed and obtained necessary approvals for the agreement. To identify who should be reviewing and signing a specific type of revenue agreement, use the Signature Authority Tool.” In addition, departments should consult Policy 1104 University Signature Authority. Please note, authorized signatories are a relatively small set of individuals. Policy 1104 provides as follows: “Only Yale officers or employees who have been given Signature Authority by the Yale Corporation By-Laws or a resolution of the Yale Corporation, or who have been delegated Signature Authority as prescribed in such By-Laws or resolutions, may sign or execute agreements, contracts, and other legally binding documents on behalf of Yale.”
Should you have any questions on these policy requirements, please contact email@example.com.
Always check the Policies & Procedures Website for the latest revisions of all documents. This will ensure you that are utilizing the most up-to-date version.
If you have any questions, please contact Policy & Compliance Services at firstname.lastname@example.org.