Finance

Delegations

Major responsibilities that can be delegated:

  • Establishing and maintaining sound financial plans for all departmental fund sources, which requires maintaining positive fund balances and assuring transactions are posted to correct funds.
  • Implementing monitoring and reporting procedures that measure progress in reaching programmatic goals and avoid overdrafts for all funds.
  • Operating the department in compliance with ethical practices, applicable laws and regulations, University policies and procedures, and the terms and conditions of gifts, grants, and contracts.
  • Establishing and maintaining a system of internal controls to ensure efficient and effective operations; reliable financial reporting; safeguarding resources against waste, loss and misuse; and compliance with policies, regulations and laws. This includes methods and procedures for separation of duties, proper approvals, security of assets and records, and review and validation of ledger entries.
  • Establishing department policies and procedures to ensure that:
    • Costs charged to each fund will provide benefit to the project for which the fund was established.
    •  Transfers of funds or expenses involving restricted dollars are proper.
  • Establishing and monitoring controls that prevent one individual from exercising control over all key processing functions for financial transactions. Such functions include:Requiring that the work for policy compliance, accuracy and timeliness be performed by a second person if the lack of staffing within the unit requires that one person perform all of these functions.
    • Recording transactions into the Kuali Financial System (KFS) directly or through an interfacing system.
    • Approving transactions.
    • Receiving or disbursing funds.
    • Performing the monthly review of the ledgers certifying the validity of charges and credits.
    • Recording corrections or adjustments.
  • Ensuring that financial transactions include adequate explanations and sufficient documentation to support post authorization review and audit.
  • Identifying unauthorized transactions and informing management of any material irregularity or loss of university assets.
  • Ensuring that fiscal support personnel receive the core systems training needed to effectively complete assignments.

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