FINANCIAL POLICY SUMMARY OF CHANGESPrepared by Kaley Kennedy, Policy and Research CoordinatorPrepared on April 15, 2015

1. Removal of redundant definition clause.2. Removal of references to the VPFO handbook, which no longer exists.3. Aligning wording in Financial Policy with Board of Operations Policy. 4. Removal of highly specific procedures from policy. 5. Addition of Net Income/Surplus policy under Section 3: Budget. 6. Removal of section on independent, external, departmental audits, which have not been a practice of budgeted for in the past several years.7. Removal of requirement for all investment transactions to be reported since a professional investment manager deals with these through the DSU banking services.8. Updating the processes around the university-restricted account to reflect current operations. 9. Aligning policy on bonuses with policy on other compensation issues by cheque or via payroll.10. Including a provision to increase per diem rates by inflation each year.11. Throughout the policy, removing sections outlined elsewhere in policy (e.g. Society Policy, Grants Policy) or in the Constitution.12. Updates to the dates for the submission of books for societies receiving direct levies. 13. Throughout the policy, removing internal policy references. 14. Throughout the policy, replacing his or her with their.15. Reordering, formatting changes, and copy editing corrections.16. Reorganizing and reformatting the policy to align with other DSU policies.17. Various changes to correct spelling or grammatical errors and to make language more clear or consistent.