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Confirms that he/she has the necessary approval authority to approve the transaction.
Employees with approval authority are responsible to approve only appropriate and legitimate financial transactions and may delegate approval authority to other qualified employees under their scope of authority.
Please note that approval authority differs from signature authority.
§ 718.307 Special relief approval authority for State Executive Directors.
Have approval authority for the financial transactions of their units and may delegate approval authority to the department lead administrator as necessary and appropriate.
If they delegate approval authority and the approval authority limits are not maintained in one of the Universiyt's financial systems„ they are responsible for retaining the documentation.
The dean, chair or director may delegate approval authority to the unit's lead administrator.
The lead administrators may, in turn, delegate approval authority to certified designees.
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In its lawsuit, filed late last month, State Farm argued the commissioner only has pre-approval authority and does not have the right to backdate rate changes and issue refunds beyond Proposition 103's initial rollback.
For more information on signature authority, see Policy 1104 Signature Authority, Approval Authority and Access for Financial Transactions.
See About Signature and Financial Approval Authority @ Stanford.
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