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Business and Financial Policies and Procedures

Responsibilities

The Senior Associate Vice President (SAVP) for Business and Finance has authority to define the responsibility for the general accounting function and processes. The SAVP has delegated to the Senior Assistant Vice President for Business and Finance/Controller the responsibility to develop and issue policies and procedures for general accounting processes as they apply to University-wide activities, as well as to develop, install, and oversee the operation of suitable business systems to accomplish the requirements related to this function.

The Controller/Senior Assistant Vice President for Business and Finance has delegated to the Assistant Controllers of University Accounting and Financial Reporting (UAFR) the authority for day-to-day operations of the general accounting function.

Assistant Controllers of UAFR are responsible for the day-to-day operations of the general accounting function and for the processing of transactions through the general ledger system. These responsibilities include developing and maintaining University-wide accounting processes and computer systems, and providing general supervision of these operations.

University units with self-supporting activities are responsible to ensure that self-supporting activities follow the special procedures that meet government requirements and the University’s rules and regulations concerning its revenue-generating activities. Units must assign business administrators to oversee their self-supporting operations.

Business administrators of self-supporting funds are responsible for the prudent fiscal operations of the self-supporting fund, including compliance with all federal, state, and University policies and requirements for administering University funds in general and self-supporting funds in particular. Business administrators of these funds must pay particular attention to University policies that pertain to approvals for self-supporting activities, monitoring transactions and balances in their self-supporting FOAPALs, setting rates and maintaining related data, reporting financial activity for tax and financial statement purposes, and adhering to unique requirements established for specific kinds of self-supporting activities.

Last Updated: January 1, 2013 | Approved: Senior Associate Vice President for Business and Finance | Effective: January 2013

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