Responsible University Official: AVP and University Controller
Responsible Office: Office of the Controller
Last Reviewed: December 2, 2019
Non-compliance with this policy can be reported through this website.
All university faculty and staff are accountable for processing and recording financial transactions in a timely and proper manner.
This policy pertains to all business activities of the university and is applicable to all members of the faculty and staff. Supervisors are responsible for familiarizing their staff members with this policy. While certain tasks may be delegated to staff directly involved in processing transactions, accountability cannot be delegated. The person delegating tasks remains responsible for proper performance of those tasks.
A. All revenues generated by university activities and all expenditures for goods and services must be recorded and accounted for within the university’s Enterprise Accounting System (EAS). Revenues are recorded when earned, generally when the university has delivered the goods or services. Similarly, expenses are recorded when goods or services are received by the university. Holding an invoice or contract does not prevent the expense from being incurred and reportable. Accordingly, invoices should be submitted to Accounts Payable on a timely basis.
B. All transactions, whether recorded directly into the general ledger or entered through a subsystem, must include accurate descriptions and comprehensive supporting documentation to allow for the preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Office of the University Controller is responsible for the accuracy, integrity, and overall management of the university's financial system and should be consulted on any matters relating to accounting policies and procedures.
C. All financial transactions must be recorded timely and accurately, with the true business nature of the transaction clearly identified. Specific guidance pertaining to the timely posting of transactions is published on the Enterprise Accounting System website, including a monthly closing calendar (EAS Monthly Closing Calendar and Schedules) prepared by the University Accounting Services Department.
D. No transaction, whether recorded directly into the general ledger or indirectly from a subsystem, nor any supporting documentation, shall be deliberately left incomplete or distorted. No payments made on behalf of the university are to be approved with the understanding that any part of such payment is for any purpose other than that described on its supporting documents.
E. The Finance Director of each School and Division is responsible for oversight of financial transactions affecting individual cost centers (consisting of an organization and a funding source code) or research project/task in the university's financial records system. It is the Finance Directors’ responsibility to coordinate with the department chair, principal investigator, or other designees to:
Conflict of Interest Policy for Non-Faculty Employees
Cost Transfer on Sponsored Projects
Deposit of Checks, Cash and Credit Card Receipts
EAS Monthly Closing Calendar and Schedules
Establishment of Departmental Funds
Financial Transactions Adjustment Policy
General Ledger Chart of Accounts Maintenance Policy
Identification and Treatment of Unallowable Costs Policy
Policy on Conflicts of Interest and Commitment for Faculty and Investigators
Reporting Financial Irregularities Policy
Travel, Entertainment and Business Expense Reimbursement Policy
Contact | Phone Number | Email Address |
---|---|---|
Financial Reporting | 202-994-1000 | [email protected] |
Responsible University Official: AVP and University Controller
Responsible Office: Office of the Controller
Last Reviewed: December 2, 2019
Non-compliance with this policy can be reported through this website.
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