I.  Introduction

To ensure accurate and efficient financial operations, this policy defines the authority and responsibility of the Vice President for Finance and Treasurer and those of the departments which report to the Vice President for Finance and Treasurer.

 

This policy applies to all faculty and staff in defining the scope of authority of the Vice President for Finance and Treasurer and the Finance Office staff.

II.  Definitions
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III.  Responsibilities

The Vice President for Finance and Treasurer has the responsibility for managing the financial affairs of the university and for keeping the President and Board of Trustees apprised of the institution’s financial condition.  The Vice President has the responsibility to ensure that sound fiscal policies are created, published and followed under the authority granted by the Board of Trustees, Finance Committee of the Board of Trustees and the President of The University.  The Vice President is responsible for the management of financial operations including but not limited to: preparation and monitoring of budgets, proper recording of university transactions, appropriate controls and audits, investment of university funds, billing and collection, protection of university assets, and compliance with all fiscal regulations affecting the university.  The Vice President may delegate appropriate individuals with authority to act on his/her behalf in limited capacities.

 

IV.  Sub-Departments

Departments reporting to the Vice President for Finance and Treasurer include: Budget, Business Services, Controller, and Internal Audit.  Note:  Internal Audit reports to the Vice President for Finance and Treasurer administratively, but also has a direct line to the Chair of the Finance Committee which functions as the University’s Audit Committee.