Indiana University (“University”), like all corporations, must act through authorized individuals. The law authorizes the Treasurer to act for the University. The Treasurer may delegate this authority where practical. For example, agreements conducive to standardized terms with immaterial financial implications for which an agreement template may be used repeatedly could be a candidate for signature authority delegation. These delegations are developed through consultation with University Counsel as delegations and sub-delegations of authority include the ability to sign contracts and agreements that bind the University to legally enforceable obligations.
The University enters in to agreements and contracts to protect the University’s assets. Signing a contract/ agreement is an action that binds the University. As such, delegations of authority will only be granted to individuals who are knowledge experts relating, but not limited, to transaction details - including financial implications, governing laws, rules and policies. In an organization as large and complex as Indiana University, there are occasions/functional arrangements in which the delegation of authority would be in the best interest of the university.
The Treasurer has the sole authorization to delegate authority.
The Treasurer, in consultation with University Counsel, decides what authority to delegate. Delegation of authority is made to a specific individual and cannot be sub-delegated.
The Secretary of the Board of Trustees maintains an official record of signature authority delegation.
A delegated authority lasts until its defined expiration date, if applicable, when rescinded by the Treasurer or the individual leaves the university or changes job responsibilities.
University Counsel must review and initial all contracts and agreements prior to signature by the Treasurer. University Counsel will also be involved in all decisions regarding the delegation of signature authority.
Reviews of documents executed on behalf of the University and the signature authority of the individual signers are components of all audits performed by the Internal Audit Department.