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UC Financial Management

UC Financial Management. Jim Corkill Controller, Accounting Services & Controls University of California, Santa Barbara November, 2011. Topics. Purpose Role Responsibilities Support. Purpose. Economic Impact of UC. 541,671 students (including UNEX) 134,644 faculty and staff

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UC Financial Management

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  1. UC Financial Management Jim Corkill Controller, Accounting Services & Controls University of California, Santa Barbara November, 2011

  2. Topics • Purpose • Role • Responsibilities • Support

  3. Purpose Economic Impact of UC • 541,671 students (including UNEX) • 134,644 faculty and staff • 57 Nobel laureates • $22 billion in 2010 spending • 1.93 million degrees conferred • 3.6 million out patient visits annually • 39 million library volumes

  4. Fund Activity Repts Audit Findings UC Financial Repts Management Repts Strategic Planning Policy Decisions Credibility Role The Influence of a Transaction Transaction General Ledger

  5. Responsibilities Planning and Budgeting • Identify resources needed to achieve goals • Measure current financial performance against a benchmark • Discover significant transactional errors • Detect significant changes in circumstances or business conditions • Modify futures plans and take corrective action

  6. Responsibilities A Success-Oriented Work Environment • Competent, knowledgeable staff • Resources to succeed • Clear performance expectations • Training and support • Objective feedback and performance evaluations • Open communications • Improvement-orientation

  7. Responsibilities Securing an Effective AccountabilityStructure • Must be documented, approved and regularly reviewed • Cannot delegate more than you have • Designee must be qualified and capable • Clear audit trail must exist • Responsible for ensuring those tasks are properly performed

  8. Responsibilities Transaction Processing Preparer Responsibility • Must understand: • Process • Basic policy and regulatory requirements • How to properly code transactions • How to respond to edit messages

  9. Responsibilities Transaction Processing Reviewer Responsibilities • Independence • Check for accuracy and appropriateness • Check for policy and regulatory compliance • Investigate and resolve all issues • Designate an appropriate backup

  10. Responsibilities Proper Accounting • Account codes • Fund codes • Allowable usage (sources and uses) • Subaccount • Object codes (BSA audit)

  11. Accurate Financial Reporting Executive Information Reporting Regents, State, Funding Agencies, Major Donors Creditors, General Public Management / Operations Reporting Fund Managers Departmental Financial Officers, Central Offices • Shadow Systems • Chart of Accounts Coding • Allocations • Financial Transactions • Individual Grants • Adjustments, Accruals Fund Management & Reporting P.I.s Departmental Financial Staff, Funding Agencies

  12. Responsibilities Maintaining Internal Controls • Separation of duties • Asset control • Booking of entries • Comparison / transaction review • Periodic risk assessment • Reorganization • Regulatory changes • Cost-benefit • Trust is not a control

  13. Responsibilities Monitoring and Evaluating Financial Data • Ensure locally generated data is accurate • Compare budget to actual • Review revenues and expenses • Investigate significant deviations • Correct errors before next ledger cycle (late transfers) • Document corrective actions

  14. Responsibilities Managing Information Systems • Physical security • Access to data controls • Logon id’s and Password • Firewalls • Encryption or truncation of personal data • Applications / Data Security • Separation of duties • Programming change controls • Programmer background checks • Back-ups and disaster recovery

  15. Responsibilities Safeguarding University Assets • Physical security of records and assets • Cash receipts, petty cash and change funds • Inventories • Records

  16. Responsibilities Reacting and Responding to Audits • Regulatory • IRS • State Franchise Tax Board • Compliance • External sponsors • A-133 • NCAA • DS-2 • Internal audits • Compliance with policies • Adequate controls • Efficiencies

  17. Responsibilities Cash Management • Segregation of duties • Accountability • Physical security • Prompt deposit • Monitoring and reconciliation • Compliance with Payment Card Industry Regulations

  18. Responsibilities Receivables Management • Prompt billing • Monitoring • Follow-up • (Dis)incentives – activity holds • Collection efforts and write-offs

  19. Responsibilities Conflict of Interest • Business must only benefit University • UC employee or close relative may not personally gain from any transaction • Report situations where potential for personal gain exists for evaluation • Perceived conflicts should also be evaluated

  20. Responsibilities Support Group Activities • Similar stewardship responsibilities as Business Officers • Requires ongoing recognition of the chancellor • Use of the name restricted

  21. Support Where to Get Help? • Controller’s Office • Accounting Office • Planning and Budget Office • Internal Audit and Advisory Services Office • Sponsored Projects Office • Campus Ethics and Compliance Officer • Conflict of Interest Coordinator • Cash Handling Coordinator

  22. Support

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