Business Office Philosophy
Our philosophy on fiscal responsibility is based on one main principle:
Proper stewardship of university funds based on the furtherance of education, research and public service missions of the university under guidance set forth by the Board of Trustees, Generally Accepted Accounting Principles (GAAP) and all the federal, state and local rules, and regulations while supporting the university's mission.
Benefit to the University
The primary responsibility for ensuring that expenditures are for the benefit of the University rests with the President, Vice Presidents, Controllers, Deans and Directors. The benefit to the university of expenditures must be either readily apparent from the supporting documents or explained in an accompanying benefit statement.
Steward of Funds
The university receives its funding from diverse sources which carry with them a fiduciary responsibility. The University has an obligation to demonstrate that it has been a wise steward of funds entrusted to it.
The process of accountability begins with the planning for receipt and expenditure of funds and carries through to retaining documentation of what transpired.The documentation should allow for verification of how funds were used as well as provide enough documentation to provide backup for the future. Thus, each transaction must stand on its own, with sufficient information to demonstrate the benefit to the university.
Primary Fiscal Responsibility
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 plans and programs. Ultimate responsibility for ensuring that fiscal transactions are in accordance with approved plans, programs and policies rests at the Vice President/Dean/Director level. Role of Vice Presidents, Deans, Directors:
- Develop departmental plans, programs and budgets.
- Ensure that transactions are appropriate and for the benefit of the university.
- Ensure that transactions are properly documented.
- Adhere to internal fiscal policies and procedures.
- Verify purchase requests / expenditures do not exceed their established budgets.
- Personally review and monitor fiscal activities on a regular basis.
- Assist Vice Presidents, Deans and Directors in establishing appropriate departmental fiscal policies and procedures.
- Make information on interpreting and implementing policies and procedures easily accessible.
- Recommend changes in campus fiscal policies and procedures.
- Review transactions to test whether they include proper approval, documentation and comply with university policies including follow-up when necessary.