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Policy Number: 
4.2

Transaction Authority and Payment Approval

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.

Policy Number: 
4.2
Responsible Executive: 
President
Provost
Responsible Offices: 
University Counsel
Executive Vice President and CFO
Date Issued: 
Friday, December 1, 1989
Date Last Updated: 
Wednesday, April 18, 2018
Contact: 

Your local college or unit administrative office.

View Official Policy: 
PDF icon University Policy 4.2, Transaction Authority and Payment Approval

Recent Changes to this Policy

April 18, 2018: Updated hyperlinks, contacts, office names, titles, and policy references throughout.

Keywords: 
Authority
Bylaws
Checks
Consulting
Contracts
Delegation
Purchases
Real Estate
Transaction

Cornell University Policy Office

395 Pine Tree Road, East Hill Office Building
Ithaca, NY 14850

CONTACT US

Email: policy@cornell.edu
Phone:  (607) 255-2800
Hours: 8:00 a.m. - 4:30 p.m., Monday – Friday

 


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