NJIT Finance Policies
Alcohol Policy
The University reaffirms its commitment to providing a safe academic environment by focusing on the wellness and safety of the entire NJIT community. All members of the NJIT community are expected to meet personal conduct and professional standards when holding or attending University related events at which alcohol is served. Those who sponsor alcohol at approved events are obligated to do so in a responsible manner that does not threaten the welfare or safety of others and does not damage or harm the reputation of the University. Additionally, procurement of alcohol, regardless of funding source, must comply with the University’s Fiduciary Responsibilities Policy... more
Department Credit/Debit Card Acceptance Policy
The University accepts credit/debit cards for goods and services, adhering to applicable laws and Payment Card Industry Security Standards Council (PCI SSC) regulations. The protection of cardholder data is a fiduciary responsibility shared by the University and its merchants. This policy pertains to certain commercial activities taking place at the university that are unrelated to student tuition/fees handled by the Bursar Office. This policy outlines the standards, procedures, and responsibilities for handling credit/debit card transactions to safeguard sensitive cardholder data... more
Fiduciary Responsibility Policy
The Fiduciary Responsibilities policy pertains to all employees who are responsible for committing University funds, regardless of the funding source, and defines their responsibilities for encumbering, reviewing and approving the expenditure of University funds and business transactions. This policy provides further guidance regarding the delegation and assignment of authority to review and approve University expenditures. As such, the University relies on the integrity and sound judgment of its employees who have financial management responsibilities... more
Gift Card Policy
NJIT is a public research university and as stewards of public funds, ensures that all financial transactions meet the applicable State standards and University guidelines. These guidelines and procedures outline the process under which Gift Cards may be purchased and distributed using University funds. Due to the cash-equivalent nature of Gift Cards, appropriate administrative and fiscal controls are required... more
Pooled Endowment Fund Investment Policy
The goal of the long-term Pooled Endowment Fund of New Jersey Institute of Technology and the Foundation at New Jersey Institute of Technology is to provide funds for annual support of student scholarships and other donor designated purposes. The Board of Trustees of New Jersey Institute of Technology and the Board of Directors of the Foundation at New Jersey Institute of Technology (collectively “the Boards” or “Boards”) seek to continue to grow the Pooled Endowment Fund through gifts and capital appreciation in order to fulfill its goal... more
Purchasing Policy
This policy pertains to University faculty, staff, and students who are responsible for the procurement of construction, goods and/or services required to conduct University business. The purpose of this policy is to ensure sound business practices, prudent use of University funds, and compliance with University policies while adhering to all applicable State (N.J.S.A. 18A:64E) and Federal Guidelines (OMB 2CFR200)... more
Timekeeping and Reporting Policy
Timekeeping records constitute the basis for the payment of wages as well as recording of University recognized sick, vacation, personal or other sanctioned leave usage. The purpose of this policy is to clarify the roles and responsibilities of all employees as it relates to timekeeping and reporting. This policy addresses compliance with applicable Federal and State laws related to accurate and timely reporting of time worked or leave taken in the University's official timekeeping system within Banner Self Service... more
Travel and Business Expense Policy
NJIT has determined that it is prudent to merge the existing Employee Business Reimbursement Policy and the Travel Reimbursement Policy into this single policy which shall be entitled Travel and Business Expense Policy (“Policy”). This Policy shall govern expenses incurred or for which reimbursement is sought by NJIT faculty, staff and students while performing University approved business or in support of sponsored research activities. Any and all expenses must comply with this Policy, as well as applicable federal and state regulations, restrictions, grant and contractual obligations, and other university policies... more
University Unrestricted Strategic Reserve Fund Policy
The purpose of the University Unrestricted Strategic Reserve Fund (University Reserve Fund) is to help ensure the long-term ability of the New Jersey Institute of Technology (NJIT or University) to meet its mission. NJIT will maintain financial reserves adequate to ensure responsible fiscal management, advance University priorities, mitigate current and future risks, and preserve NJIT’s investment grade bond ratings. Building reserves is an important component of long-term strategic planning as such reserves provide operational flexibility to respond to externalities and unexpected events... more