Commercial Transactions Policy

Chief Operations Officer

This policy is intended to give guidance to the operations personnel of the College, to ensure integrity in all its commercial transactions as they relate to service agreements, banking (including cash handling), inventory control, asset purchases and contractual obligations. This policy is read in conjunction with the Financial Policy and Procedure Manual.

The policy primarily relates to the Chief Operations Officer (“COO”) and the personnel supervised by this officer.

The Commercial Transactions Policy of the College shall refer to all transactions in which economic values such as materials, products and services, and assets which are purchased. All transactions of the College shall be conducted based on truthful representation and in accordance with contract provisions. Comparison pricing shall govern actual purchases, and the person authorised to make the purchase shall be at liberty to obtain identical quotes from multiple sources to ensure value for money.

This Commercial Transactions Policy shall address such issues as (not limited to):

• Property Purchases and Lease Arrangements;
• Office Supplies;
• Student Tuition Fees;
• Information Technology
• Library Purchases; and
• Marketing and Communication Purchase and Arrangements.

Property and Lease Arrangements

• The COO, on the advice and recommendations of the Governance Board shall be responsible for preparing property and lease contracts, execution, secure document storage, and confidential filing. For leasehold or capital expenditure requirements, the COO and Property Manager shall be responsible for obtaining written quotations. For minor expenditures ($10,000 or less), verbal quotations are adequate and the principle of value for money shall be observed.

Office Supplies

• The Receptionist shall be responsible to identify office supplies needs and to place monthly orders for replenishment, based upon best value for money principles. The Receptionist shall liaise with the CFO/Finance Manager to ensure that purchases of consumables do not exceed budget limits.

Library

• The Library Manager (“LM”) shall be responsible for maintaining and purchase of monographs, books, eBooks and journals in the library, and shall conduct a stocktake of the collection at least annually. The LM should conduct a search of suppliers to obtain best price for quality items. The LM shall be responsible to maintain a financial budget relating to the library and spend within its means. If there are items that exceed the financial budget, this must be approved by the COO.

Marketing and Communication

• The Communications Manager (“CM”) shall be responsible for maintaining a financial budget relating to the marketing/communication activities. The IT Manager shall arrange a search of suppliers to obtain the best price and postage/delivery costs. Furthermore, CM shall be responsible for maintaining a financial budget relating to the marketing/communication activities. If there are items that exceed the financial budget, this must be approved by the COO.

Information Technology

• The IT Manager shall be responsible for the acquisition and maintenance of the information technology and telecommunications systems at the College. The CM shall arrange a search of suppliers/services to obtain best price and postage/delivery costs. Furthermore, IT Manager shall be responsible to maintain a financial budget relating to the information technology activities. If there are items that exceed the financial budget, this must be approved by the COO.

Student Tuition Fees

• The Registrar shall be responsible to supervise all student enrolment activities to ensure their accuracy. The Registrar shall arrange the tuition fee invoices which shall generally be delivered to enrolling students via email.
• Cash, Cheque and Credit Card payment of invoices shall be processed by the Receptionist and receipts shall be issued for each payment. Tuition fee payments received through FEE-HELP, HECS-HELP or Commonwealth Supported Places shall be processed by the CFO/Finance Manager under supervision of the Chief Operations officer.

Other

• In the day-to-day operations of the College, the CFO/Finance Manager, shall ensure prompt and timely payment of all College obligations.
• In regards, to procurement of goods, services, material or assets, the College commits to ensuring best practice. For the size of the College this matrix below applies to such purchases across Property, IT, Marketing, and general operation staff and divisions.

Inventory Tracking

• An Assets register shall be maintained of all furniture and information technology hardware and other equipment items. This register shall be reviewed and revised at least annually and shall be audited at least annually by a qualified auditor. The CFO/Finance Manager shall be responsible to maintain the register.