The purpose of this policy is to ensure the Justice Institute of British Columbia’s (“JIBC” or the “Institute”) financial management activities and practices promote appropriate and effective stewardship of all JIBC funds.
JIBC has been entrusted with public and private funds to fulfill its mission of developing dynamic justice and public safety professionals through exceptional applied education, training and research. In carrying out activities to support its mission, JIBC must comply with specific financial administration, accounting, control, management, audit and reporting requirements. This policy and a series of detailed procedures have been developed to assist JIBC to meet these requirements.
This policy applies to all JIBC employees and contractors.
Board – The Board of Governors of the Institute.
President – The President and Chief Executive Officer of the Institute.
Vice-President, Academic (VPA) – The person responsible for all academic programs at the Institute.
Vice-President, Brand, Communications & Engagement (VPBCE) – The person responsible for communications and marketing at the Institute.
Vice-President, Finance & Operations (VPFO) – The person responsible for finance and operations management at the Institute.
Vice-President, People, Culture & Organizational Planning (VPPCOP) – The person responsible for human resource management at the Institute.
Applicable Law
The College and Institute Act (British Columbia), which applies to JIBC, provides for, among other things:
- powers of the Board, which includes the power to appoint a president as the chief executive officer to, among other things, exercise powers and perform duties assigned to the president by the Board;
- provisions for borrowing and investment; and
- audit requirements.
The Financial Information Act (British Columbia) applies to JIBC, which, among other things:
- outlines specific financial reporting obligations; and
- describes requirements with respect to the appointment of an auditor.
The Trustee Act (British Columbia) applies to JIBC and outlines requirements with respect to investment.
Roles and Responsibilities
Pursuant to the College and Institute Act, JIBC’s Board may manage, administer and control JIBC’s property, revenue, expenditures, business and affairs. The Board does so by establishing policies as it deems appropriate and delegating responsibility to JIBC’s President for meeting JIBC’s financial goals.
The President is accountable to the Board for the application of Board financial policies, and for JIBC’s financial management. The President does so by delegating the responsibility and accountability to appropriate senior administration. Senior administrators may delegate, when appropriate, responsibility to appropriate staff within their units. Individuals who are delegated financial responsibility are accountable to the individual who delegated the responsibility to them.
The VPFO advises the Board on all financial matters with respect to JIBC and is accountable to the President for all financial management issues including financial policies and procedures, financial systems and financial procedures.
Related Policies and Procedures
- 2201-001 Audit Procedure (for internal use only)
- 2201-002 Banking, Investment and Borrowing Procedure (for internal use only)
- 2201-003 Budgeting Procedure (for internal use only)
- 2201-004 Evaluation of Suppliers Procedure (for internal use only)
- 2201-005 Financial Records Procedure (for internal use only)
- 2201-006 Instructional Assignment Agreement Procedure (for internal use only)
- 2201-007 Methods of Purchasing Goods and Services Procedure (for internal use only)
- 2201-008 Payment Services (Accounts Payable) Procedure (for internal use only)
- 2201-009 Payroll Procedure (for internal use only)
- 2201-010 Provincial and Federal Taxes Procedure (for internal use only)
- 2201-011 Purchasing Procedure (for internal use only)
- 2201-012 Revenue Services (Accounts Receivable) Procedure (for internal use only)
- 2201-013 Roles and Responsibilities Procedure (for internal use only)
- 2201-014 Signing Authority and Contract Review Procedure (for internal use only)
- 2201-015 Staff and Faculty Engagement Funding Procedure (for internal use only)
- 2201-016 Travel Expenses Procedure