UA/06 - Delegation of Signature Authority

Effective March 10, 2010

I. Background and Purpose

The California State University, Stanislaus Foundation (FND) is engaged in diverse transactions that require prudent control over the authorization to execute documents that obligate the FND, or that otherwise confirm transactions. This policy provides guidance on who has signature authority for documents and transactions necessary in the course of operations of the FND and for which signature authority may be designated, and by whom.

II. Policy

• Under existing policy the Executive Director is authorized to sign any documents required for operations of the FND, except as have been reserved in policies by the Board for its approval prior to execution. For practical purposes, the Executive Director may delegate and limit the signature authority for persons reporting to the Executive Director through management guidelines issued and maintained by the Executive Director’s office. Signature authority will also be limited and comply with other policies and guidelines as relevant, particularly the policies related to purchasing, investments and other financial transactions.
  • The guidelines will provide any delegations of signature authority for, at minimum, the categories of transactions noted herein, and may also delegate signature authority for other types of transactions, as they become known.
  • These delegations may also allow for designations of authority by authorized individuals to other persons, with any designations provided in writing to the Executive Director.
  • The Board of Directors may also delegate signature authority for specific types of transactions as required under the other Board policies, or as approved by actions of the Board.
  • The President or Secretary/Treasurer may sign any document or transaction requiring an officer signature including resolutions of the Board.
  • Contractual obligations shall require concurrence of the University’s Vice­President of Business and Finance.
• FND transactions for which signature authority may be delegated if in writing in guidelines.
  •  Banking Transactions
    • Bank account transfers
    • Savings and Investment account withdrawals and transfers
    • Letters of credit withdrawals
  • Negotiable Instruments
    • Commercial checks
    • Payroll checks
  • Contracts
    • Leases
    • Licenses
    • Memorandums of Understanding
    • Contracts with the University, or third parties at University’s request
    • Agreements and Contracts on behalf of the FND
    • Real property conveyance instruments (to transfer existing trust assets, consistent with trust instrument and board policy)
  • Purchasing and Disbursement transactions
    • Expenditure request/authorization
    • Check requests (used when purchase order is not required)
    • Purchase agreements
    • Confirming requisitions/purchase orders
  • Other
    • Applications for special programs or conferences and workshops
    • Contractor’s release
    • Federal voucher certifications
    • Key authorizations
    • Letters of credit withdrawals
    • Personnel forms
    • Survey of equipment
    • Tax returns
    • State and Federal filings and applications
    • Time Cards
    • Travel Authorization

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