Office of the Controller > Policy Home > Policy FAQ

1. What is a policy?

A policy is a governing principle that mandates or constrains actions.

2. What policies can I expect to find on the financial policy website?

Financial policies that are needed to administer the University in accordance with state and federal legislation, reasonable administrative practice and the delegation of authority by the Executive Financial Policy Board (EFPB). Policies which are vetted by departments outside of Financial Administration (FAD) would not be available on this website.

Financial Administrative is organized into six offices: Office of the Controller (OC), Office of Budgets, Financial Planning and Institutional Research (OBFPIR), Office of Sponsored Programs (OSP), Office of Risk Management and Audit Services (RMAS), Office of Treasury management (OTM), and Office of Financial Systems Solutions (FSS). A University financial policy satisfies all of the following criteria:

• It has broad application throughout the University.
• It promotes compliance with applicable laws, regulations.
• It promotes operational efficiencies and reduces institutional risk.
• It promotes use of industry standards and best practices.
• It establishes responsibility for administering the policy.
3. How do I find a policy?

Specific policies may be found a number of ways. Options include:

Browsing by topic (left side bar)
Filtering by key word (left side bar)
Entering your own key words in the open Search field.
Also available under Advanced Search Options:
Browsing by revision date
Filtering by responsible office

If you still need assistance, you can email the University Financial Policy Office at fad_finpolicy@harvard.edu.

4. What is the Standard University Policy format?

A format developed by the University Financial Policy Office that defines the various optional and mandatory parts of a policy. All new financial policies will be written using this format. By standardizing the way that policies are presented to the reader, the University hopes to make policies easier to read and understand. The document should follow the standard policy format, which includes the following sections:

• Header, including the Responsible Office
• Policy Statement
• Reason for Policy
• Who Must Comply
• Responsibilities
• Related Policies
• Related Documents
• Procedures
• Forms
• Contacts
• Definitions
• Appendices (where applicable)

Click on the “How to Develop a Policy” link on the left side of the policy home page for a full description of the policy format.

5. How are new policies developed?

As of spring 2006, the University Financial Policy Office (UFPO) implemented a new policy development and maintenance structure. Once a responsible office has decided to propose a University financial policy, the responsible office shall draft a Financial Policy Impact Statement and submit the document to the Financial Policy Office. The Financial Policy Impact Statement will include, among other items, the reason for the policy. After reviewing the Financial Policy Impact Statement, the UFPO will submit the document to the Executive Financial Policy Board (EFPB). The EFPB will review the Financial Policy Impact Statement to initially determine if the policy has merit and whether to approve further development of the policy. The EFPB will also approve or assign the responsible office for the policy. If the EFPB determines that the proposed policy has merit and should be further developed, the UFPO will distribute the Financial Policy Impact Statement to the FPRC for review and to the responsible office for further development. If the EFPB determines that the proposed policy does not have merit and should not be further developed and adopted, the UFPO will report this determination to the responsible office.

6. Are there policies today that may no longer be needed?

Yes, that is possible and there may be policies in need of updating. The University Financial Policy Office (UFPO) regularly reviews the list of policies on the website and attempts to ensure current applicability. Due to the volume and complexity of policies on the website, there may be policies which are not applicable anymore or in need of updating which are not identified as such.

7. If I need further clarification on a policy or a specific example to discuss?

Each policy displays the responsible office, or feel free to contact the University Financial Policy Office via e-mail at email the University Financial Policy Office at fad_finpolicy@harvard.edu.

8. What should I do if I want to comment on a current policy or procedure?

The University Financial Policy Office certainly encourages regular interaction. Please feel free to contact the responsible office, or send feedback to the University Financial Policy Office via e-mail at email the University Financial Policy Office at fad_finpolicy@harvard.edu.

9. What are procedures?

Procedures are steps taken to comply with a policy.

10. What is the role of the University Financial Policy Office?
• Maintain processes for initiating, creating, issuing, communicating, updating and maintaining University financial policies and procedures.
• Receive and/or propose Financial Policy Impact Statements for new or revised University financial policies and procedures.
• Prioritize policies for review by the Executive Financial Policy Board.
• Work with the responsible office to formulate and distribute policies and procedures.
• Maintain the web-based policy library of all University financial policies and procedures.
• Chair the Financial Policy Review Committee.
• Act as a liaison between the responsible office, the Financial Policy Review Committee, and the Executive Financial Policy Board for the review and approval of Financial Policy Impact Statements and policy documents.
11. What is the role of the Responsible Office?
• Identify the need for new or revised University financial policies or procedures.
• Draft and submit Financial Policy Impact Statements to the University Financial Policy & Compliance Office.
• Establish an Editorial Group to draft and submit each policy document in the standard policy format to the Financial Policy Review Committee.
• Ensure that the Editorial Group vets the draft policy document with constituents prior to submission to the Financial Policy Review Committee.
• Hold responsibility for policy accuracy, issuance, communication, training, administration, compliance, and timely updating.
• Support policy compliance by responding to questions and providing interpretation and clarification of policies and/or related procedures.
12. What is the role of the Financial Policy Review Committee (FPRC)?
• Review and provide feedback on the clarity and practical application of each policy.
• Understand and comment on the University-wide impact of each policy.
• Evaluate the impact of proposed policies on other University financial policies and procedures.
• Recommend that the final draft of proposed policies and any related comments be forwarded to the Executive Financial Policy Board for final review and approval.
13. What is the role of the Executive Financial Policy Board (EFPB)?
• Review and approve the Financial Policy Impact Statements for proposed policies.
• Approve or assign the responsible office for each policy.
• Review and approve the prioritization of policy development maintained by the University Financial Policy & Compliance Office.
• Review the final draft of and approve each policy for issuance.