CFL Financial Management Regulations
CFL Financial Management Regulations
Budget management
At the beginning of the budget year, CFL administration makes budget plan and reports it to school by the joint decision of party and administration sector of CFL. Once the budget is approved, it cannot be changed. Dynamic management is needed by collecting different uses of funds at regular period of time. At the end of the budget year, CFL can make corresponding adjustment through the approval of the party and administration sector.
Revenue management
Revenue refers to all kinds of non reimbursable funds attained by conducting teaching, academic researches and other activities, such as school appropriation revenue, research revenue and donation revenue, etc.
CFL revenue cannot be withheld, concealed, misappropriated, and embezzled. If the college is involved in non-free activities, it should report to the school in writing form. The implementation should be after the approval of the school and the completion of related procedures. It must be strictly enforced according to the approval standard and be announced publicly. Charges without receipts are strictly prohibited.
Expenditure management
The scope of expenditure includes expenditure on personnel and expenditure on daily office work. Expenditure on personnel refers to allowance and performance bonuses to CFL faculty. Expenditure on daily office work refers to expenditure on work travelling, training, mailing, and office equipment purchase and so on.
In order to improve the efficiency of fund usage, all expenditure should be paid under the approval of person in charge of fund. Besides, expenses and reimbursement are supposed to follow written procedures.
Property management
Property refers to the currency-counted economic resources that is occupied or used by CFL, including fixed assets and intangible assets.
Fixed assets inventory work should be done each year. The transfer and purchase of intangible assets, such as patent rights, copyrights and conversion of scientific and technological achievements, shall be approved by the party and administration joint meeting.
