Directors: A guide for Understanding Fiscal Responsibilities
The centralization of business services for the College of Public Service &Community Solutions has brought about changes in responsibilities and expectations for operations and human resource transactions. The OFFICE OF FINANACE & ADMINISTRATION(OFA) performs the following:
- Process and/or approve all documents in the University Financial System (Advantage).
- Reconcile all accounts monthly to ensure accuracy of charges to accounts, status of documents, and account balances.
- Review financial reports for accuracy of expenditures and codes on all accounts and take appropriate action to make corrections.
- Maintain financial records in an up-to-date and orderly manner. Records are organized for ready accessibility and in a way that is easily understandable by anyone who would require access in the event of an audit or the absence of the record keeper
- Familiar with routine policies and procedures – both University and the College's – and be aware of (and use) on-line resources such as policy manuals for guidance related to the non-routine. It is also important to regularly review resources for updates to policies and forms
- Manage purchasing cards activity in conjunction with the purchasing card holder. This includes regularly using the on-line tool PaymentNet to review account activity and correct expense codes; reconcile statements; ensure compliance with policies and procedures and avoid prohibited transactions; provide audit oversight at manager level for unit cardholders. NOTE: It is not a best practice for staff to provide final audit review on a supervisor’s card. In these cases the secondary reviewer should be in the Dean’s Office.
- Manage all aspects of department payroll. This must include regular payroll audits; review of payroll records using MyReports (a web tool); reviewing the Budget Position Control Report monthly for payroll expenses versus budget; be timely in taking corrective action when payroll problems are discovered or brought forward for resolution.
- Provide regular management reports to chair/director and others, as deemed appropriate.
It is understood that the OFFICE OF FINANCE & ADMINISTRATION work closely with the schools and centers to perform these functions to ensure accuracy of the transactions, accounts and final reporting.