Signature Authority Policy

Effective Date:

March 15, 2013

Supersedes:

Agreement Execution Policy

Policy Review Date:

March 2015

Issuing Authority:

Research Foundation President

Responsible Party:

Chief Compliance Officer

Contact Information:

518-434-7145

rfcompliance@rfsuny.org

Reason for Policy

The Research Foundation for The State University of New York ("Research Foundation" or "RF") Board of Directors has vested authority in the Officers to operate the business of the RF by obligating the Research Foundation and committing its resources. To improve operational efficiency this authority may be further delegated pursuant to this policy.

Statement of Policy

No person may obligate the Research Foundation or commit its resources without authority to do so.

An RF Officer may delegate, his/her authority to other qualified individuals or designees. These designees may further delegate authority to other qualified employees as follows:

  1. The person delegating authority cannot delegate authority that is inconsistent with or greater then his/her own authority;
  2. The delegation of authority must be in writing, signed by the person delegating the authority;
  3. The delegation of authority must designate the types of transactions and amounts that may be committed by the designee and any limitations on the delegation of authority; and
  4. The designee receiving the delegation must comply with RF policies when implementing the authority that has been delegated.

Responsibilities

The following table outlines the responsibilities for compliance with this policy:

Responsible Party

Responsibility

RF Board of Directors

Delegate authority to officers pursuant to the RF bylaws

RF president

Delegate authority and designate appointed officers (including operations managers)

Chief financial officer, general counsel and secretary

Delegate authority

Other Appointed Officers

Perform duties consistent with delegations of authority.

Further delegate authority as authorized.

Other designees

Perform duties consistent with delegations of authority.

Further delegate authority as authorized.

Definitions

None

Related Information

Signature Delegation Procedure

Forms

Delegation of Authority Form

Detailed Delegation Template

Change History

Date

Summary of Change

December 7, 2012

Replaced the Agreement Execution Policy with overall signature delegation policy. Effective 3/15/2013

 

 

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