Fiscal Responsibility & Procurement Training

Transcript:Fiscal Responsibility & Procurement Training:
Fiscal Responsibility & Procurement Training Financial Services – Finance Compliance Unit Student Affairs Training 9.21.18 Fiscal Responsibilities Protect University resources Official University business Compliant with Laws & Regulations Policies & Procedures Sponsorship/Grant award terms Uphold public appearance (newspaper test) Fiscal Code of Ethics Fiscal Certification Student Affairs Training 9.21.18 Fiscal Roles President Chancellor, Vice Chancellors, Associate Vice Chancellors, & Deans Chairs, Directors & Principal Investigators Department Administration Managerial and Non-Managerial, Fiscal and Non-Fiscal Officers Fiscal Principals Fiscal Managers Fiscal Staff Student Affairs Training 9.21.18 Reviewer/Approver Reconcilier Officers & Fiscal Principals Guide subordinates Ethical & transparent (tone & culture) Aligned with University objectives Review reports Budget Monitor internal controls Monitor delegated authority Train staff Student Affairs Training 9.21.18 Fiscal Managers Guide subordinates Ethical & transparent (tone & culture) Knowledgeable of fiscal policies & procedures Train staff Review reports – key compensating control Ensure appropriate expenditures & allocation Investigate irregularities Correct errors Review Marketplace & Procurement Card purchases Monitor internal controls Gatekeeper! Expected to have sufficient knowledge to ensure compliance with University policies and procedures and identify the indicators of fraud Student Affairs Training 9.21.18 Approvers Has authority to deny and question. Does it comply with University or Grant policy & procedures? How will this appear to the public? Does this make sense? Is it adequately supported? Be skeptical and ask questions to validate If it doesn’t feel right, question it! Ask Provost Office or Compliance Unit for assistance. Is it within available resources? Student Affairs Training 9.21.18 Goals of Financial Reconciliation Ensure all transactions are documented and appropriate for the SpeedType and Account Code, taking into consideration available resources. Provide management with reasonable assurance that resources are safeguarded and transactions are authorized, valid, complete, and accurate. Identify and correct errors in a timely manner. Don’t wait until June! (Ideally, review reports monthly. However, review each speedtype at least quarterly, on a rotation.) Demonstrate good stewardship and accountability. Student Affairs Training 9.21.18 Financial Report Reconciliation Start with Trial Balance or Operating Summary/Balance Sheet. Review monthly totals to validate they agree with your understanding of the budget/activities for the month. Run Financial Detail, including balance sheet accounts Verify correct speedtypes were charged Verify correct account codes used Ensure you clear account codes 013109 – Company Card Personal Charges and 553201 – Company Card Unallowable Expenses Agree/Match transactions to supporting documentation Document/process correcting transactions Review Outstanding Encumbrance report for accuracy to ensure future expenses