Ub Finance Department

The University at Buffalo's Finance Department plays a critical role in managing the university's financial resources, ensuring its operational efficiency, and supporting its academic mission. It's a large and multifaceted operation responsible for a wide range of activities, from processing payments to preparing financial reports and ensuring regulatory compliance.

At the heart of the department is a commitment to sound financial management practices. This includes developing and implementing robust financial policies and procedures that adhere to both university guidelines and applicable state and federal regulations. The department diligently monitors the university's financial performance, providing timely and accurate information to university leadership to inform strategic decision-making. They actively manage the university's budget, overseeing revenue collection, expenditure control, and resource allocation across various departments and units.

One of the key functions of the Finance Department is accounts payable. This unit handles the processing of invoices, reimbursements, and vendor payments, ensuring that the university's obligations are met in a timely and efficient manner. They also manage travel and expense reports, ensuring compliance with university travel policies and optimizing cost-effectiveness. The bursar's office, often a crucial part of the finance department, is responsible for student billing, tuition collection, and the disbursement of financial aid. They work closely with students to address their financial concerns and provide support in navigating the payment process.

Another essential area is financial reporting and analysis. The department prepares comprehensive financial statements and reports that provide a clear and concise picture of the university's financial position. They also conduct financial analysis to identify trends, assess risks, and make recommendations for improvement. This information is used to inform budget planning, resource allocation, and strategic initiatives. The Finance Department also works closely with external auditors to ensure the accuracy and integrity of the university's financial records.

Beyond these core functions, the UB Finance Department also oversees areas like procurement and contract management. They are responsible for ensuring that the university's purchasing activities are conducted in a transparent, ethical, and cost-effective manner. This includes negotiating contracts with vendors, managing the procurement process, and ensuring compliance with university policies and regulations. They also actively seek out opportunities to leverage the university's purchasing power to achieve cost savings.

The department is staffed by a team of highly skilled and dedicated professionals with expertise in accounting, finance, budgeting, and related fields. They are committed to providing excellent service to the university community, supporting faculty, staff, and students with their financial needs. The Finance Department plays a vital role in ensuring the long-term financial health and sustainability of the University at Buffalo, enabling it to pursue its academic and research goals effectively.