Authorization Rule of Wenzhou-Kean University on Financial Issues (Modified in 2016)

This Rule is composed to establish a procedure of authorization of -expenditures of the university, and to clarify the authority and responsibilities at all administrative levels.

1. General Principles

1.1 The principle of “centralized accounting & hierarchical authorization” should be adopted in financial management. Authorized university officials should approve expenditures within their scope of authority. Anybody without due authorization or consignment should not approve any expenditure.

1.2 Authorization of approving expenditures should be granted by the -Party -Administration Joint Conference in writing.

1.3 University officials with authority at all levels, while approving an expenditure, should abide by Chinese financial regulations and university rules, adhere to the principle of earmarking a fund for its specified purpose only, refer to the limits of each fund, and be held responsible for the authenticity, rationality, validity, efficiency and economy of the transaction they have approved.

1.4 Name list of authorized university officials at all levels and their signature specimens should be submitted to the Office of Financial Services. Any adjustment to the list should be submitted to Financial Services together with the new signature specimen.

1.5 When an authorized official him/herself or his/her immediate family is involved in a transaction, the transaction should be approved by an official of higher authority.

2 Scope of authority in approval of financial issues

2.1 The following matters should be submitted to the – Party -Administration Joint Conference for authorization:

2.1.1 Annual budget plan and adjustment to annual budget;

2.1.2 Final accounts .

2.2 Rules on authorization of expenditures in daily operation funds.

2.2.1 Expenditures with a single payment of RMB5,000,000 Yuan or above should be authorized by the leading member of the university leadership upon advice from the member of the university leadership in charge of finance.

2.2.2 Expenditures with a single payment between RMB 5,000 Yuan and RMB 5,000,000 Yuan (5,000,000 Yuan not included) should be authorized by the member of the University leadership in charge of finance, or verified by the member of the University leadership supervising the business before final authorization where appropriate.

2.2.3 Expenditures with a single payment under RMB 5,000 Yuan should be authorized by the head of the relevant functional office.

2.2.4 Prepayments not exceeding RMB 50,000 Yuan may be authorized by the head of Financial Services in extraordinary urgent cases where the appropriated approver is unable to exercise his/her authority in time.

2.2.5 Approval from the head of relevant functional office is sufficient for recognition of an expenditure by writing-off the advance upon an invoice, when the invoice value does not exceed the amount of advance payment. Approval from the person with appropriate authority according to the authorization rules is requrired (as for the total expenditure of the transaction) when the invoice value exceeds advance payment.

2.3  Rules on authorization of expenditures in campus construction fund

2.3.1 A single payment of RMB 5,000,000 Yuan or above should be authorized by the leading member of the university leadership upon the advice from the member of the university leadership in charge of campus planning and infrastructure.

2.3.2 A single payment between RMB 5,000 Yuan and RMB 5,000,000 Yuan (5,000,000 Yuan not included) should be authorized by the member of the university leadership in charge of campus planning and infrastructure.

2.3.3 A single payment below RMB 5,000 Yuan should be authorized by the head of the relevant functional office

This Rule takes effect upon issuance. The Office of Financial Services should be held responsible for interpretation of this document.

Attachment: Authorization Rule of Wenzhou-Kean University on Financial Issues(Modified in 2016)