Financial Policies
Responsible Administrative Unit
Administration & Operations


Issued: April 1, 2011
Policy Contact
Revised: Dec. 1, 2016

Control er: rcuswort@mines.edu

1.0
APPLICATION OF THESE FINANCIAL POLICIES
These Financial Policies of the Board of Trustees of the Colorado School of Mines (hereinafter,
the “Mines’ Financial Policies” or “Policies”) shal apply to all operations under the control of the
Board of Trustees. Throughout the document, the terms Colorado School of Mines, Mines, and
University all refer to the Colorado School of Mines.

2.0
BACKGROUND AND PURPOSE
In the 2010 legislative session, Senate Bil 10-003, referred to as the Higher Education
Flexibility Bill, was passed by the General Assembly and signed by the Governor that allowed,
among other things, institutions of higher education to be excluded from certain sections of
C.R.S. §24-30-202.
Specifically, C.R.S. §24-30-202 (13) (b) was changed as follows (text in al CAPS added):
(b) It is the intent of the general assembly that fiscal rules promulgated by the
controller shal be applicable to any institution of higher education;
notwithstanding any specific grant of authority to the governing board of such
institution of higher education EXCEPT THAT THE GOVERNING BOARD OF
AN INSTITUTION OF HIGHER EDUCATION THAT HAS ADOPTED FISCAL
PROCEDURES AND HAS DETERMINED THAT THE FISCAL
PROCEDURES PROVIDE ADEQUATE SAFEGUARDS FOR THE PROPER
EXPENDITURE OF THE MONEYS OF THE INSTITUTION MAY ELECT TO
EXEMPT THE INSTITUTION FROM THE FISCAL RULES PROMULGATED
BY THE CONTROLLER PURSUANT TO THIS SUBSECTION (13),
INCLUDING ANY PROCEDURES OR FORMS REQUIRED BY LAW TO BE
PROMULGATED BY THE CONTROLLER AND ANY REVIEW OR
APPROVAL REQUIRED TO BE PERFORMED BY THE CONTROLLER, AND
SHALL NOT BE REQUIRED TO COMPLY WITH RULES PROMULGATED
PURSUANT TO THIS SUBSECTION (13) OR WITH THE PROVISIONS OF
SUBSECTION (1), (5) (b), (20.1), (22), OR (26) OF THIS SECTION. THE
PROVISIONS OF THIS PARAGRAPH (b) SHALL ALSO APPLY TO THE
BOARD OF DIRECTORS OF THE AURARIA HIGHER EDUCATION
CENTER WITH REGARD TO THE EXPENDITURE OF MONEYS OF THE
AURARIA HIGHER EDUCATION CENTER.
This flexibility was authorized in recognition of the extraordinary reduction in state support for
higher education institutions as well as the increasingly divergent operating needs of colleges
and universities relative to other State agencies.
It is the intent of the University’s management to adopt and implement financial policies for the
University that provide the needed flexibility to conduct University operations in the most


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efficient and effective manner while ensuring adequate safeguards for the proper expenditure of
University resources. Adoption of such University specific financial policies will result in
immediate efficiency gains through the elimination of the time and effort required to obtain State
Controller approval for both routine and unique University transactions. It wil also result in staff
timesavings by the gradual elimination of duplicative and unnecessary steps in approving
expenditures and processing payments and contracts.



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