Faculty Finance Team

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The Faculty Finance Team plays a crucial role in the financial health and operational effectiveness of our academic departments. This dedicated group is responsible for managing and overseeing a wide range of financial activities, ensuring compliance with university policies, grant regulations, and federal guidelines.

Core Responsibilities:

• Budget Management: The team assists faculty and department heads in developing and monitoring annual budgets. This includes forecasting expenditures, tracking revenue streams, and providing regular budget reports to ensure departments stay within their allocated resources. They offer guidance on budget adjustments and reallocations when necessary.
• Grant Administration: A significant portion of the team's work involves managing sponsored research projects. This encompasses pre-award activities such as proposal development and budget preparation, as well as post-award management, including tracking expenditures, preparing financial reports for funding agencies, and ensuring compliance with grant terms and conditions. They are often the primary point of contact for researchers regarding financial aspects of their grants.
• Expense Management: The team processes and reconciles expense reports, ensuring that all expenditures are properly documented and comply with university policies. They provide training and support to faculty and staff on travel and procurement policies, as well as the efficient utilization of university financial systems.
• Financial Reporting and Compliance: The Faculty Finance Team prepares accurate and timely financial reports for internal and external stakeholders. This includes departmental financial statements, grant reports, and other ad-hoc reports as needed. They also play a key role in ensuring compliance with all relevant financial regulations, including those related to federal grants, tax reporting, and auditing.
• Payroll Management: The team often handles payroll-related activities for faculty and staff within their designated departments. This includes processing timesheets, managing payroll allocations, and ensuring accurate and timely payment of salaries.
• Procurement Support: They assist faculty and staff with procurement activities, providing guidance on purchasing policies and procedures, and ensuring that all purchases are made in accordance with university regulations.

Team Structure and Expertise:

The Faculty Finance Team typically comprises financial analysts, accountants, grant administrators, and other financial professionals with specialized expertise in areas such as grant accounting, budgeting, and compliance. The team's structure may vary depending on the size and complexity of the faculty it supports. They work closely with the central finance office to ensure consistency and adherence to university-wide financial policies and procedures.

Collaboration and Support:

Ultimately, the Faculty Finance Team serves as a vital resource for faculty and staff, providing expert guidance and support to help them effectively manage their financial resources and achieve their academic and research goals. They foster a collaborative environment, working closely with departments to ensure sound financial management and accountability.

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