Wichita State Finance Department

The Wichita State University (WSU) Finance Department is a crucial administrative unit responsible for managing the university's financial resources, ensuring fiscal responsibility, and providing essential financial services to the entire campus community. Its overarching goal is to support the university's mission of education, research, and public service by maintaining a sound financial foundation.

The department oversees a wide array of functions, encompassing budgeting, accounting, financial reporting, procurement, and treasury management. The budgeting section develops and monitors the university's annual operating budget, aligning resources with strategic priorities and academic goals. This involves collaborating with various departments and colleges to understand their financial needs and allocate funds accordingly.

Accounting services are a core function, responsible for maintaining accurate financial records, processing payments, managing accounts payable and receivable, and ensuring compliance with generally accepted accounting principles (GAAP) and relevant regulations. The team prepares financial statements and reports that provide transparency and accountability to stakeholders, including the Kansas Board of Regents, donors, and the general public.

Procurement Services handles the acquisition of goods and services necessary for the university's operations. They manage the purchasing process, negotiate contracts with vendors, and ensure compliance with procurement policies and legal requirements. The department aims to obtain the best value for the university while adhering to ethical and sustainable procurement practices.

Treasury Management focuses on managing the university's cash flow, investments, and debt. They oversee banking relationships, monitor investment performance, and ensure the efficient use of university funds. This function is vital for maintaining the financial health of the institution and maximizing returns on its assets.

Beyond these core functions, the WSU Finance Department provides support and training to faculty and staff on financial policies and procedures. They offer resources and guidance on topics such as grant management, travel expense reimbursement, and purchasing guidelines. The department also plays a vital role in ensuring compliance with federal and state regulations, as well as university policies.

The department's commitment to efficiency and innovation is reflected in its ongoing efforts to streamline processes and adopt new technologies. They continuously strive to improve the user experience for faculty, staff, and students interacting with financial services. The Finance Department also works closely with internal and external auditors to ensure the integrity of financial reporting and the effectiveness of internal controls.

In summary, the Wichita State University Finance Department is a vital component of the university's infrastructure, contributing to its success by ensuring sound financial management, providing essential services, and supporting the academic mission. Its commitment to accuracy, transparency, and efficiency is crucial for maintaining the university's financial stability and enabling it to achieve its strategic goals.