Financial oversight includes these components:
See Also
World Bank Payment Systems- Account-level Monitoring(includes reconciliations, where appropriate)
- Financial Forecasting
- Reserve and Contingency Account Management
Account-Level Monitoring
Unit Responsibilities
- Contact the SSC with any questions, concerns, or requests for additional information on fund balances, corrections and variances.
SSC Financial Management & Reporting Responsibilities
- Review and track fund balances to determine reasonableness of spend as well as on a month-to-month comparison basis; investigate variances.
Note:To ensure compliance with university policy and award requirements, sponsored account activity may be monitored at a more granular level than fund balance.
- Monitor budget to actuals and request corrections for any transaction coding changes that may be needed.
- Identify and research large variances or unexplained discrepancies, requesting corrections if necessary.
- Ensure completion of transfers-in based on annual budget or additional unit agreements.
- Ensure revenue and expense object codes comply with sub-funds (i.e., no unallowable on sponsored).
- Review and/or reconcile asset and liability activity including advances; receivables, inventory and accruals; and contractor expenses, as agreed in the service-level agreement and in accordance withuniversity guidelines.
- Monitor open pre-encumbrances.
- Meet regularly with unit leaders about expenditures, variances, and/or issues.
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Financial Forecasting
Unit Responsibilities
- Involve and inform the SSC Financial Management & Reporting team of the following outside of the budget development process:
- Additional reserve account commitments.
- Changes to agreed-upon transfers - in or out of unit accounts.
- Contact the SSC Financial Management & Reporting team with any questions, concerns, or additional requests on quarterly forecast reports.
- Determine appropriate frequency of forecasts.
SSC Financial Management & Reporting Responsibilities
- Prepare accurate and complete reports that meet unit needs for operations, decision-making, and strategic planning.
- Assist department with quantification of costs of strategic goals and objectives.
- Prepare standard reports that include year-to-date actual activity versus budget as well as a forecast of year-end total expenses and results – summarized based on unit need/request (i.e., account, sub-fund, etc.).
- Determine available and potential funding sources and quantify unmet, or potentially unmet, funding needs.
- Suggest alternatives and potential options to meet funding needs.
- Work with the department/unit and the University Budget Office on funding issues and needs.
- Maintain a list of commitments, contracts, and agreements.
- Report frequency will be determined by unit leaders in consultation with the Financial Management & Reporting team based on a number of factors – e.g., total budget, unit fund source(s) and type, etc.
- Occasional, ad hoc reporting is available, upon request.
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Reserve and Contingency Account Management
Unit Responsibilities
- See Financial Forecasting
SSC Financial Management & Reporting Responsibilities
- Process transfers of funds based on annual budget and/or additional unit agreements.
- Understand and provide accurate forecasting of expenditures and uncommitted available balances in all unit reserve accounts.
- Process pre-encumbrance transactions for reserve commitments.
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