Treasurer's Scope of Responsibilities (Finance Policy Number 4)

Finance Policy Number 4 Revised: Date Issued:                         March 14, 2002   Subject:                                Scope of Responsibility and Authority   Applies to:                            All University Faculty and Staff   Issued By:                             Office of the Vice President for Finance and Treasurer _____________________________________________________________________________________________   Policy 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.   Scope 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.   Procedures and Regulations A.  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.   B.  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.   Contacts Vice President for Finance and Treasurer:  202 319-5606 Associate Treasurer and Budget Director:  202 319-5042 Controller and Assistant Treasurer:  202 319-5031 Associate Vice President for Business Services:  202 319-5044 Internal Auditor:  202 319-6731            Related Policies and Practice Guides Financial Transaction Authority:  Finance Policy Number 5 Contracts:  Finance Policy Number 7 Procurement Policy:  Finance Policy Number 26   Campus Users      Contract Review Process:  Practice Guide Number TBD      Bank Accounts:  Practice Guide Number TBD      Responsibilities of Organization Managers:  Practice Guide Number TBD      Steps When an Employee Leaves the University:  Practice Guide Number TBD   Finance Users      Master Compliance Calendar:  Practice Guide Number TBD      Contract Review Process:  Practice Guide Number TBD