Financial Services
Policies and Procedures - Financial Services
Policy 12 - Accountability and Required Review of Monthly Fund Reports
The University of North Carolina at Greensboro operates in a decentralized
manner in managing its financial resources to achieve a prudent, effective
and efficient utilization. Financial resources are entrusted to leaders at
a number of levels which include the Chancellor, Provost, Vice Chancellors,
Vice Provost, Deans, Associate Provosts, Associate Vice Chancellors, Assistant
Vice Chancellors, Directors, Department Heads, and Principal Investigators.
The leadership of each division is responsible for the resource allocation
within their division and the monitoring of the utilization thereof.
Individuals who are at the Department Head level or above (or who are Principal
Investigators on Contracts or Grants) and who are entrusted with financial
resources are responsible for the use of such resources in a prudent, effective
and efficient manner to the benefit of UNCG and in compliance with federal,
state and university rules and regulations. These individuals with authority
over a fund or funds are the Fund Owners and are personally responsible for
all transactions within those funds. The Fund Owner may grant Signature Authority
to another individual(s) for administrative efficiency, but the Fund Owner
is still held accountable for the funds.
Most of the financial and administrative processes are automated with transactions
handled by a number of authorized individuals within an area depending on the
organization, the nature of the systems and the transactions. In many cases,
the explicit authorization of the Fund Owner is not a required step in the
automated process for a specific transaction. When there is not an explicit
authorization in place in advance of the processing of a transaction, subsequent
oversight is required to verify the propriety of the transactions as an appropriate
use of the specific fund.
Thus, it is required of
each Fund Owner (Principal Investigator, Department Head or above) to review
his or her monthly fund reports in detail on a timely basis. If errors or questionable
items are
discovered
on
these
monthly reports, it is expected that the Fund Owner will take corrective
actions within 10 days after receiving notification that the reports are available
for viewing on e~Print.
The reports which are available for review are as follows:
FYRWFDST - A fund statement which provides summary information related to budget, accounting and open commitment activity.
FYRWFMTD - A report of month-to-date transactions which provides detail information related to budget, accounting and for the current month period.
FYRWFYTD - A report of year-to-date transactions which provides cumulative detail information related to budget, accounting and commitment activity for the fiscal year through the most recently completed monthly period.
FYRWFCOM - A report of open commitments which provides detail information related to open requisitions, purchase orders and encumbrances as of a specific date.
See Procedure 11 on how to access the correct e~Print repository to review the monthly fund reports.