The Glasgow Caledonian University Order of Council 2010

Financial control and arrangements

6.—(1) The University Court is to make such arrangements as it considers appropriate for the conduct of the financial affairs of the University.

(2) The University Court must comply with any conditions imposed by the Scottish Further and Higher Education Funding Council for the payment of grant to it.

(3) The University Court may receive donations, legacies, annuities, subscriptions and other gifts to further the objects of the University.

(4) All donations, legacies, annuities, subscriptions and other gifts must be applied in accordance with the directions of the respective testators or donors but in the absence of any specific directions, the University Court may determine the manner in which any such donation, legacy, annuity, subscription or other gift in whole or in part shall be used to further the objects of the University.

(5) The University Court may receive and expend recurrent and capital funds, lend money (with or without security), borrow or raise money, guarantee and give security for the payment of money by the University, the University Court, or any other person, firm, company or body corporate (including any such person or entity associated with the University or University Court).

(6) The University Court must cause accounts to be kept of income and expenditure and shall appoint external auditors to audit these annually.

(7) The University Court may make any borrowing of money or other financial arrangements subject to ancillary contracts, instruments, agreements and other arrangements (including without limitation, any contracts, instruments or agreements relating to hedging arrangements for borrowed monies) intended to protect the University against adverse movements in inflation, interest or currency rates.

(8) The University Court may levy and receive fees for all services, including the provision of courses (whether or not leading to a degree or other academic distinction).

(9) The University Court may reimburse any member of the University Court for their reasonable travel and subsistence expenses.

(10) The University Court must make provision for the remuneration of staff appointed in accordance with articles 27 and 28.

(11) The University Court may make provision for the superannuation of staff and the provision of benefits to them, their spouses, dependants and others.

(12) The University Court must approve a business plan and budget for the University for each 12 month financial period.