Financial Managment
Overview
Financial Management is the process of managing all financial-related transactions for your department, including resource allocations, record-keeping, and reconciliations of fiscal activities. The Controller’s Office maintains a centralized accounting system for the university. This system contains a series of funds and accounts that record the university’s financial activities. Departments may access the system directly or view summarized on-line reports.
The University requires that managers perform monthly reviews of financial transactions, as part of their responsibility to monitor and review revenues and expenditures recorded in the funds assigned to them.
- Planning for the effective use of departmental financial resources (including people, space, and time)
- Authorizing financial transactions and ensuring that sufficient funds are available in the fund or funds
- Ensuring an effective Departmental financial record keeping system is developed and maintained
- Ensuring appropriate staff is trained to process transactions accurately, timely, and in accordance with applicable federal and state regulations and university policies
- Ensuring sufficient funds are available in the fund or funds for financial transactions
- Overseeing the departmental funds to prevent over expenditure of a fund. If an overdraft occurs, you must take immediate steps to fund the deficit
- Ensuring that charges to funds are accurate and have been authorized