3175 - Financial Stewardship Responsibilities

Owner:

Last updated: July 1, 2020

A. General. The As the Chief Financial Officer for the University, the Vice President for Finance and Administration and his or her designees within the Division of Finance and Administration are responsible for managing the overall financial resources for the university. This includes providing leadership in budget and financial accountability, policy, systems and reporting, as well as internal controls in cooperation with Internal Auditing Services.

All individuals involved with management of financial resources, including those within individual units, are responsible for:

A-1. Complying with Policy and Procedures. Learning, following and upholding financial policies and procedures established by the University.

A-2. Maintaining Adequate Records. Maintaining processes and procedures in accordance with record-keeping requirements established by the University.

A-3. Creation of Budgets. Contributing to or constructing budgets based on a thorough analysis of need while complying with any applicable guidelines and instructions issued by the Division of Finance and Administration.

A-4. Ensuring Budget Compliance. Expending or committing any funds within approved University budgets using appropriate financial, accounting, purchasing and other approved university procedures, and maintaining records appropriate to these transactions.

A-5. Monitoring Current Budget or Fund Status. Monitoring current expenditures and revenues regularly for budgeting and accountability purposes.

A-6. Ensuring Proper Salary and Wage Payments. Reconciling reports of time and effort to assure correct payment of salaries and wages to employees, including leave and overtime.

A-7. Ensuring 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 and expenditures have a valid business purpose and are necessary and reasonable.

A-8. Correcting Internal Control Weaknesses. Correcting management internal control weaknesses that could lead to noncompliance with fiscal policies, waste, misuse, misappropriation, or destruction of assets, including data and data integrity.

A-9. Reporting Improprieties. Reporting to the Director of Internal Audit all suspected or known (a) misappropriation of assets, (b) misuse of University property, facilities or equipment, (c) falsification of financial records or reports, (d) unauthorized or improper destruction of assets (including data and data integrity) and (e) conflicts of interest.

A-10. Ensuring Confidentiality and Safeguarding of Sensitive Information. Maintaining the confidentiality of University financial information as required.

A-11. Ensuring Accountability and Compliance. Performing periodic internal reviews to ensure continued compliance with University financial policies and administrative and accounting procedures.

B. Procedure. The Division of Finance and Administration is responsible for developing and making available guidance on budget and financial accountability, policy, systems and reporting. Unit administrators are responsible for familiarity with the above financial stewardship responsibilities and should ensure that introduction to these policies is included in the training of staff with financial duties. The annual performance evaluation for individuals involved with management of financial resources should include an evaluation of compliance with this policy.

Version History

Adopted July 2020. This section formerly resided in the Administrative Procedures Manual as APM 25.01. In 2020 it was extensively revised and moved to FSH 3175.