New Administrators Orientation Budget and Business Processes. Lori McMahon Associate Provost for Academic Budget and Personnel August 7, 2014. Color of Money. Determined when money comes INTO the University. Cannot be changed by anyone within the University.
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New Administrators OrientationBudget and Business Processes
Associate Provost for Academic Budget and Personnel
August 7, 2014
Manages designated funds
Adheres to policies
applicable to job
Grace Murray HopperRear Admiral, US Naval Reserve and Research Fellow in Engineering and Applied Physics at Harvard’s Computation Laboratory. B.A Mathematics/Physics from Vassar, 1928;M.A and Ph.D. Mathematics from Yale University 1930/1934.
“It’s easier to beg forgiveness than to get permission.”
Dept. Heads who delegate responsibilities to a Fund Manager must:
Prior to delegation --
During delegation --
Departments are responsible for managing their funds as follows:
Department level financial management and analysis must be completed at least monthly for the following reasons:
If reporting exceptions continue to occur, control procedures must be implemented to correct the situation.
Examples of corrective actions include:
Document any corrective actions taken.
All purchases and payments must be:
A thorough review of all charges should occur in accordance with UNIVERSITY POLICY 601.8, APPROPRIATE USE OF UNIVERSITY FUNDS to ensure that costs are allowable and charged appropriately. (i.e. Food and Beverage Expense Form/attachments)
Other documents that should be referenced for applicable requirements include:
When dealing with University financial information, proper safeguards must be in place to ensure the security of confidential and sensitive data, as defined in Policy 311, Data and Information Access and Security.
Department heads should assess and address risks to in all areas of their operation. Simple steps include:
See SANS Security Awareness training information at:
The University has been granted additional financial and administrative authority as a “special responsibility constituent institution” (SRCI) under G.S. 116-30.1. If we were found to be negligent or non-compliant with how we spend funds, we would lose this critical designation.
Shared responsibilities to keep this designation: