Regulatory changes result in new policies

Recent regulatory changes, especially those resulting from the Sarbanes-Oxley Act of 2002, have required the University of St. Thomas to re-examine several policies and procedures. New auditing standards for colleges and universities include assessments of how our organization deals with business risk and what the "tone at the top" is. Further, the U.S. Internal Revenue Service has increased scrutiny of colleges and universities, requiring a more detailed tax return for tax-exempt organizations.  The university also must answer specific questions relating to conflict of interest and whistle-blower policies as well as relationships of board, officers and key employees.

Because of these changes, the following policies and procedures have changed.

  • The university’s Code of Professional Conduct has been developed as an umbrella document that holds various policies and procedures that apply to the Board of Trustees, officers and employees.
  • A new Conflict of Interest Policy has been developed to cover the Board of Trustees, officers and employees. The previous two separate policies are eliminated.
  • An Annual Disclosure Statement for Trustees, Officers and Key Employees has been developed to comply with the annual tax return questions and disclosures. This will be dispersed annually by the Controller’s Office.
  • An Employee Disclosure Statement has been developed to identify other potential conflicts. Human Resources will be responsible for obtaining these forms.
  • A Whistle-Blower Policy has been developed for students and employees to report suspected violations. The reporting hotline, 1-800-ETHICAL (managed by EthicsPoint Incorporated – a governance, risk management and compliance company), has been in place since Tuesday, Sept. 2.
  • Financial reporting procedures have been developed to identify clearly the roles of various campus departments responsible for financial reporting.

If you have questions about these policies, please call Human Resources, (651) 962-6510.

Print Friendly, PDF & Email