16.2.7
Policy on Publishing Financial Data
1. Purpose
This policy establishes the framework for the transparent publication, reporting, and communication of the University of Thessaly’s financial data. It aims to ensure that all financial operations are conducted with integrity, accountability, and compliance with national and international transparency standards, allowing internal and external stakeholders to access accurate, timely, and comprehensive financial information.
2. Scope
This policy applies to:
– All University administrative and academic units responsible for budget management, procurement, and financial operations.
– All financial data that relate to public or externally funded activities, including research projects, grants, donations, and endowments.
– All disclosures made through national platforms such as “Diavgeia” (Transparency Portal) and the University’s own financial reporting systems.
It applies to both institutional and departmental levels and covers financial planning, execution, auditing, and reporting.
3. Definitions
– Financial data: Official records including budgets, expenditures, income statements, balance sheets, and audit results.
– Transparency: The principle of making financial information accessible, understandable, and verifiable by all stakeholders.
– Stakeholders: Members of the University community, government agencies, donors, students, and the public.
– Annual Financial Report: A comprehensive document summarizing the University’s financial activities and performance for a fiscal year.
– Diavgeia: The official Greek government transparency platform where all public sector decisions and financial data are published (https://diavgeia.gov.gr).
4. Policy Statement
The University of Thessaly is committed to transparent and responsible financial governance. To achieve this, the University shall:
1. Publish all financial decisions, contracts, and expenditures on the Diavgeia Transparency Portal in accordance with Greek law.
2. Maintain a dedicated Financial Transparency Section on the University’s website containing:
– Annual budgets and financial reports.
– Public procurement data and awarded contracts.
– Funding sources, research grants, and major donations.
– Audit summaries and management responses.
3. Ensure that all financial information is accurate, timely, and publicly accessible.
4. Comply fully with national and European financial reporting standards.
5. Promote internal awareness and training on financial transparency obligations.
6. Uphold confidentiality only when legally required, such as in cases of personal data protection or competitive procurement processes.
7. Encourage internal and external stakeholders to review and provide feedback on published financial information.
8. Submit annual financial performance reports to the University Senate and make them publicly available.
5. Implementation Responsibilities
The Department Financial Services, under the supervision of the Rector’s Office and the Internal Audit Service, is responsible for implementing and monitoring this policy. Responsibilities include:
– Managing publication of financial data on Diavgeia and the University website.
– Preparing the Annual Financial Report in line with national accounting standards.
– Coordinating with the Senate Financial Oversight Committee to ensure compliance.
– Conducting periodic internal audits to verify the accuracy of disclosed information.
– Ensuring accessibility and clarity of published data through user-friendly formats and summaries.
Each faculty and department must designate a Financial Transparency Officer responsible for submitting accurate data to the central system.
6. Monitoring and Review
The Internal Audit Service shall conduct annual reviews of financial data publication practices. An Annual Financial Transparency Report will be submitted to the University Senate and published online. The University will maintain an archive of all published financial data for a minimum of ten (10) years. Non-compliance or inaccuracies will result in corrective actions or disciplinary measures as per University and national regulations.
7. Review and Amendment
This policy shall be reviewed annually or as required by updates in financial legislation, auditing standards, or institutional governance practices. Amendments shall be proposed by the Rector and approved by the Governing Council.
8. References and Compliance Frameworks
– Greek Law 3861/2010 (“Diavgeia” Transparency Programme)
– Greek Law 4727/2020 on Digital Governance and Open Data
– Greek Public Accounting Standards
– EU Directive 2014/24/EU on Public Procurement Transparency
– UN SDG 16 (Strong Institutions and Transparency)
– HAHE ESG 1.1, 1.4 (Governance and Transparency)
– OECD Guidelines for Public Sector Financial Reporting