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4.2, Transaction Authority and Payment Approval

Policy Statement

Cornell’s Board of Trustees, “the Board,” formally delegates authority to designated individuals to enter into agreements with external parties that obligate the university. This is referred to as “transaction authority.” An individual must not assume transaction authority unless that authority is extended through this policy.

The Board also grants to heads of units the authority to delegate “payment approval” to individuals with related functional responsibilities. This is not the same as transaction authority. Instead, payment approval is the authority to approve payments charged to university accounts.

Entities Affected by this Policy

All units of the university

Policy Information

  • Responsible Executive(s): President/Provosts
  • Responsible Office(s): Vice President for Finance and Chief Financial Officer/University Counsel
  • Dates: Issued: December 1989; Last updated: April 13, 2015
  • Contact: Your local college or unit administrative office

Violations of Finance Policy

Violation of a financial policy should be reported to your supervisor, your human resource representative, unit manager, and/or the office responsible for the policy. Where these resources are inadequate, you may choose to make an anonymous report through the Cornell University Hotline.

View Official Policy*

University Policy 4.2, Transaction Authority and Payment Approval

*This PDF document is the official version of this policy.

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