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Scope

This policy applies to all University employees who monitor fiscal performance and activity and/or review, approve or process fiscal transactions.

Reason for Policy

This policy establishes the fiscal oversight roles within the °ÄÃÅÁùºÏ²Ê¹ÙÍø¿ª½±.

Policy Statement

It is every employee’s responsibility to be a good steward of the resources entrusted to the University and to make decisions in good faith which serve the best interest of the University. This policy outlines the fiscal responsibility for positions across the °ÄÃÅÁùºÏ²Ê¹ÙÍø¿ª½±.  °ÄÃÅÁùºÏ²Ê¹ÙÍø¿ª½± Health Care maintains a separate policy for fiscal accountability within its structure.

Primary fiscal responsibility rests at the level where the expenditures are made, with those who initiate programs and make decisions on how to actually implement plan and programs. Financial planning is an interactive process that ultimately results in approval at the upper levels (Board of Curators, president, chancellor, vice chancellor and provost) of board policy statements and plans.

The actual details are decided at the operating level (deans, directors and department chairs) within the constraints of University policies. Ultimate responsibility for ensuring that fiscal transactions are in accordance with approved plans, programs and policies rests at the Dean/Director/Department Chair level. Specific roles are listed under the accountabilities section of this policy.

All individuals with fiscal responsibilities will comply with the University’s Code of Ethics statement.

Definitions

College/School/Division Fiscal Officer - the individual primarily responsible for supporting the Dean, Director, or Manager at the College/School/Division level.

Other Fiscal Staff - include employees with fiscal responsibilities as a part of their role within the University.

Accountabilities

Role of Chancellor, Provost, Vice Presidents and Vice Chancellors:

• Accountable for the financial health of the campus. Chancellor certifies the campus financial results at the end of each fiscal year (see sub certification policy).
• Establish campus financial plans and approve college/division plans ensuring priorities align with the vision, mission and goals of the University.
• Responsible for compliance of all University fiscal matters with applicable policies, laws and regulations.
• Responsible to maintain strategic oversight for all campus programs and for the fiscal integrity and ethical conduct in financial matters
• Responsible to act prudently to safeguard and use campus assets and resources consistent with the best interests of the University, appropriately limiting liabilities and reducing and managing potential risks.

Role of Deans and Directors:

• Establish college/division strategic priorities consistent with campus vision, mission and goals, and approve department plans.
• Responsible for the fiscal integrity and the ethical conduct of the college/division fiscal activities.
• Ensure appropriate fiscal procedures are maintained to support internal fiscal compliance.
• Accountable for the financial health of the college/division. Regularly monitor, review and approve overall financial activity including actuals, budgets and forecasts.
• Responsible to act prudently to safeguard and use college/division assets and resources consistent with the best interests of the University, appropriately limiting liabilities and reducing and managing potential risks.

Role of Department Managers, Chairs and Principal Investigators:

• Establish department strategic priorities and plans consistent with college/division vision, mission and goals.
• Responsible for the fiscal integrity and the ethical conduct of the department and/or sponsored fiscal activities.
• Implement and follow appropriate fiscal procedures to maintain internal fiscal compliance.
• Accountable for the financial health of the department and/or sponsored activities. Regularly monitor, review and approve overall financial activity including actuals, budgets and forecasts.
• Ensure funds received and expended are appropriate and consistent with budgeted plans and in compliance with any externally imposed funding restrictions.
• Responsible to act prudently to safeguard and use department/sponsored activities assets and resources consistent with the best interests of the University, appropriately limiting liabilities and reducing and managing potential risks.

Role of campus Division of Finance:

• Assist with establishing appropriate college/division/departmental fiscal policies and procedures.
• Make information on interpreting and implementing policies and procedures easily accessible to deans/directors/department chairs and their staff.
• Recommend changes in campus and system fiscal policies and procedures.
• Review transactions on a systematic basis for compliance with University policies.
• Responsible for ensuring division fiscal officers are properly trained, supported and provided guidance.

Role of College/School/Division Fiscal Officers:

• Provide oversight on how funds are spent and managed including ensuring funds are budgeted and spent according to fiscal policies and procedures.
• Actively review financial performance and compliance with policy and communicate identified issues to the accountable individual.
• Ensure internal controls are sufficient to minimize internal and external risk.
• Ensure that assets are safeguarded.
• Ensure that transactions are properly documented and authorized.
• Ensure that college / division employees with fiscal responsibility receive the training, support, and guidance.
• Responsible for configuring and maintaining financial authorizations and approval structure for college/school/division.
• Actively engage with campus division of finance and office of sponsored programs. Disseminate information to employees with fiscal responsibilities in a timely and effective manner.

Role of other fiscal staff:

• Fiscal staff may include employees with fiscal responsibilities in addition to other roles.
• Ensure that accurate data is entered and transactions are processed timely and in accordance with policies and procedures.
• Ensure appropriate documentation is maintained to support the purpose of the transactions.
• Obtain required approvals.
• Seek advice for non-routine transactions.
• Review and understand University Policies and Procedures for related areas of fiscal responsibility.

Additional Details

Forms

Related Information

History

This policy was first placed into effect on December 31, 2016

Procedure