201  Financial Responsibilities

201.1 Overview of Responsibilities

The Australian National University Act 1991 at section 45 states that the Council shall "... cause to be kept proper accounts and records of the transactions and affairs of the University and shall do all things necessary to ensure that all payments out of the moneys of the University are correctly made and properly authorised ...".

Other key sections of the Act dealing with financial responsibilities are:

• powers of the Vice-Chancellor, section 34;
• powers of the Council, section 9;
• delegation by Council, section 18;
• fees, sections 41, 43;
• money payable to the University, appropriations, section 42;
• bank accounts, section 46;
• audit, section 47;
• taxation, section 48;
• annual financial statements, 49.

The Council has established a Finance Committee to consider matters relating to the financial and accounting affairs of the University and to make recommendations on these matters.  Where the Finance Committee holds the requisite delegations from the Council, it may determine matters on behalf of the Council.

The responsibilities of the following senior officers of the University are relevant to the financial and accounting context:

Vice-Chancellor/President

The Vice-Chancellor is the Chief Executive Officer of the University.  Subject to the ANU Act 1991, the Statutes and to any determination or resolution of Council, the Vice-Chancellor's role is to control and manage the affairs and concerns of the University including the control and management of real and personal property.

Deputy Vice-Chancellor/Vice President

The Deputy Vice-Chancellor is the Vice-Chancellor's chief adviser.  In addition to responsibilities in academic and other matters, the Deputy Vice-Chancellor is also concerned with the management of the University's buildings, grounds and equipment.

Director, Finance & Business Services

The Director, Finance and Business Services advises the Vice Chancellor/President and Deputy Vice-Chancellor/Vice President on financial policy and management of the University. The Director is responsible for: the interpretation and implementation of the financial policies of the University; the provision of advice on all matters associated with the financial management of the University; and financial reporting for management and external users.  The Director also oversees the operation of budgets, investments and accounting systems.