Top Reserve and Contingency Account Management Unit Responsibilities Occasional, ad hoc reporting is available, upon request.Report frequency will be determined by unit leaders in consultation with the Financial Management & Reporting team based on a number of factors – e.g., total budget, unit fund source(s) and type, etc.Maintain a list of commitments, contracts, and agreements.Work with the department/unit and the University Budget Office on funding issues and needs.Suggest alternatives and potential options to meet funding needs.Determine available and potential funding sources and quantify unmet, or potentially unmet, funding needs.Prepare standard reports that include year-to-date actual activity versus budget as well as a forecast of year-end total expenses and results – summarized based on unit need/request (i.e., account, sub-fund, etc.).Assist department with quantification of costs of strategic goals and objectives.Prepare accurate and complete reports that meet unit needs for operations, decision-making, and strategic planning.Determine appropriate frequency of forecasts.Contact the SSC Financial Management & Reporting team with any questions, concerns, or additional requests on quarterly forecast reports.Changes to agreed-upon transfers - in or out of unit accounts.
Additional reserve account commitments.Involve and inform the SSC Financial Management & Reporting team of the following outside of the budget development process:.Top Financial Forecasting Unit Responsibilities Meet regularly with unit leaders about expenditures, variances, and/or issues.Review and/or reconcile asset and liability activity including advances receivables, inventory and accruals and contractor expenses, as agreed in the service-level agreement and in accordance with university guidelines.Ensure revenue and expense object codes comply with sub-funds (i.e., no unallowable on sponsored).Ensure completion of transfers-in based on annual budget or additional unit agreements.Identify and research large variances or unexplained discrepancies, requesting corrections if necessary.Monitor budget to actuals and request corrections for any transaction coding changes that may be needed.Note: To ensure compliance with university policy and award requirements, sponsored account activity may be monitored at a more granular level than fund balance. Review and track fund balances to determine reasonableness of spend as well as on a month-to-month comparison basis investigate variances.SSC Financial Management & Reporting Responsibilities Contact the SSC Financial Management & Reporting team with any questions, concerns, or requests for additional information on fund balances, corrections and variances.Reserve and Contingency Account ManagementĪccount-Level Monitoring Unit Responsibilities.Account-level Monitoring (includes reconciliations, where appropriate).Financial oversight includes these components:
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