Last updated August 3, 2005
A. General. Unit administrators of the university’s financial resources are identified as financial stewards. They are responsible for implementing, maintaining and following proper administrative and accounting procedures, and for complying with all relevant governmental and regulatory requirements. In addition, unit administrators are required to certify an understanding the UI’s Statement of University Financial Resource Stewardship. (See Section B below) (Also see APM Chapters 10.00, 20.00, 45.00, 50.00, 55.00, 65.00, and 70.00)
As financial stewards, fundamental oversight responsibilities include:
A-1. Comply with Policy and Procedures. Learning, following and upholding financial policies and procedures established by the University.
A-2. Maintain Adequate Records. Maintaining processes and procedures in accordance with record-keeping requirements established by the University.
A-3. Ensure Budget Compliance. Expending or committing any fund within approved University budgets using appropriate financial, accounting, purchasing and other approved University procedures, and maintaining records appropriate to these transactions.
A-4. Monitor Current Budget Status. Monitoring current expenditures and revenues regularly for budgeting and accountability purposes.
A-5. Ensure Proper Salary and Wage Payments. Reconciling reports of time and effort to assure correct payment of salaries and wages to employees.
A-6. Substantiate Creation of Budgets. Contributing to or constructing budgets based on a thorough analysis of need while complying with guidelines and instructions issued by the UI Institutional Planning and Budget Office.
A-7. Ensure Adequate Internal Controls. Implementing basic management controls, including segregation of duties to maintain appropriate checks and balances, in order to ensure that transactions are appropriately executed and recorded.
A-8. Correct Internal Control Weaknesses. Correcting management control weaknesses that could lead to waste, misuse, misappropriation, or destruction of assets, including data and data integrity.
A-9. Report Improprieties. Reporting to the Director, Internal Audit Services, all suspected or known misappropriations, misuses, destruction of assets (including data and data integrity) and conflicts of interest.
A-10. Ensure Confidentiality and Safeguarding of Sensitive Information. Maintaining the confidentiality of University financial information as required.
A-11. Accountability and Compliance. Performing periodic internal reviews to ensure continued compliance with University financial policies and administrative and accounting procedures.
A-12. Ensure Proper Computer Security. Maintaining systems security and a secure computer environment for financial and other University records.
A-13. Monitor for Potential Conflict of Interest. Identifying potential conflicts of interest and taking effective action to avoid or prevent these conflicts.
B. Procedure. Unit administrators of the university’s financial resources are responsible for familiarity with these particular financial stewardship responsibilities. In conjunction with these responsibilities is a requirement to certify understanding of such policy and procedures. Specifically, unit administrators will:
B-1. Certify Understanding of the Institution’s ‘Statement of University Financial Resource Stewardship’. Specifically, unit administrators having responsibility for a Departmental Code (roll-up), as identified in Banner (financial reporting system), are required to certify their understanding of Statement of University Financial Resource Stewardship.
B-2. Supervisory Review and Signature Required. Unit administrators will review the Statement of University Financial Resource Stewardship with their supervisor, sign, retain a personal copy, and file a copy in the departmental personnel file.
B-3. Annual Performance Review. The annual performance evaluation for the above identified responsible unit administrators will include an evaluation of compliance with the requirements of the Statement of University Financial Resource Stewardship.
C. Forms. See attached Statement of University Financial Resource Stewardship.
D. Information. For additional information, contact the Office of the Vice President for Finance and Administration at 885-6174. In addition, the following references are provided for information purposes.
D-1. UI Executive Council. Executive Council agenda item 2003-0011, Improved Management Controls over Deficit Spending.
D-2. UI Executive Council. Executive Council agenda item 2003-0012, Transparent, Arms-length, Business-like with Ancillary and Auxiliary Services.
D-3. Miscellaneous References. There are other professional organizations that outline specific ethical conduct relative to the profession. Review of the following websites is encouraged:
i) National Association of College and University Business Officers, (NACUBO), NACUBO Website
ii) Association of Public and Land-Grant Universities
iii) Council on Governmental Regulations (COGR), COGR Website