DBMG - Financial Management
- Overview
| Financial Management is the process of managing all financial-related transactions for your department, including resource allocations, record-keeping, and reconciliations of fiscal activities. The Controller’s Office maintains a centralized accounting system for the university. This system contains a series of funds and accounts that record the university’s financial activities. Departments may access the system directly or view summarized on-line reports. |
- University Policy
| The University requires that managers perform monthly reviews of financial transactions, as part of their responsibility to monitor and review revenues and expenditures recorded in the funds assigned to them. |
- Departmental Responsibilites
- Planning for the effective use of departmental financial resources (including people, space, and time)
- Authorizing financial transactions and ensuring that sufficient funds are available in the fund or funds
- Ensuring an effective Departmental financial record keeping system is developed and maintained
- Ensuring appropriate staff is trained to process transactions accurately, timely, and in accordance with applicable federal and state regulations and university policies
- Ensuring sufficient funds are available in the fund or funds for financial transactions
- Overseeing the departmental funds to prevent over expenditure of a fund. If an overdraft occurs, you must take immediate steps to fund the deficit
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- Internal Controls
- Ensuring that charges to funds are accurate and have been authorized
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