What is it?
Financial Approval (formally called Signing Authority) is a level of authority granted to an individual by the owner of a particular funding source. Ownership is derived through a particular position at the University (such as a department head), or through a granting authority (such as a research fund).
Why is it important?
Financial approval authorities are required to authorize and approve a financial transaction before it is committed. This includes payroll documents, purchase requisitions, expense reimbursements, advances, and financial reallocations. Financial approval authority is delegated by the owner of the funding source to another individual within the University (e.g. a departmental administrator or research assistant) and may NOT be further sub-delegated. The individual receiving the authority must agree to the delegation.
In terms of fund-orgn security, a financial approval authority has both posting and query authority so that they may both create and view any financial transaction for which they have signing authority. An individual who requires both query and posting authority can do so WITHOUT being a Financial approval authority.