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1. Responsibilities of the faculty/department finance person
Documenting the requirements of key roles at UBC helps ensure responsibilities are clear. It also sets out expectations of each role so that important review and control activities are regularly carried out.
Finance Person - Faculty/department person with financial responsibilities • Unit Head – Faculty Dean/Centre Director/Department Head • Researcher/PI/Grantee
• Senior Finance Personnel - Finance Director/Manager/Officer • Data Entry Personnel – Finance Clerk
UNIT HEAD
Definition: “Head of Unit” means a Dean of a faculty, Director of a centre, institute or school, Head of a department, Chair of a division or the equivalent.
1. Overall responsibilities of Unit Head Strategic Planning
The Dean’s Office is involved with a number of projects and planning activities intended to continuously improve the learning, research and professional practice experiences of those involved with the Faculty. Many of these activities are complementary to UBC's Trek2010 vision, and thus align its long-term goals with those of the university and business
communities. Leadership
The Dean, who is assisted by Associate Deans, other Directors or Heads of departments, provides leadership for the Faculty unit.
2. Some key financial responsibilities of Unit Head
The head of a unit assumes overall responsibility for the financial activities of the unit. Some of the key responsibilities include:
• Develop financial budget to fund the strategic planning of projects and activities for the unit
• Oversee staff recruitment; implement position management by documenting roles and responsibilities of each finance position with detailed job descriptions
• Account for the custody and control of equipment and furnishings within the respective units for accurate University financial records
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• Ensure that all personnel, with financial responsibilities, have readily available all reference materials required to meet their responsibilities including: materials issued by the central units and those developed in the faculty/department
• Provide regular communication to all personnel regarding new or changed financial policies, procedures or financial events
• Provide support and access to training for finance personnel
• Ensure all financial transactions are comply to policies/procedures of the university and external granting agency
• Establish an atmosphere that financial controls are important (tone at the top)
• Work with senior finance personnel to design/implement financial controls, and to monitor and ensure the controls are working effectively
• Assess regularly controls in place to ensure that they address current and changing operations of the unit
• Review summary financial reports on a monthly basis. Follow up on items that would be considered exceptions or unusual
• Review budget variance to decide if financial plans need to be adjusted
• Liaison with central services units and other faculties/departments on financial issues 3. Research related financial responsibilities of Unit Head
UBC Policy #87 - Research
Research Application – external funding
All contract budgets must be discussed and approved by the appropriate Department Head, or his or her delegate, before they are submitted for signature.
Every application for funds (new or renewal) from an external source must be signed, in the following order, by the applicant, the Department Head or Director, the Dean and the Director of Research Services
The Use of Animals for Teaching and Research
The Head or Director of each Department, Institute or School using experimental animals should provide the Director of Animal Care with the name of one designated individual who will be responsible for the day-to-day supervision of the maintenance and use of animal facilities and laboratory animals within that Department. This Departmental representative will provide a liaison between individual users, Faculty and Departmental committees on animal care and the Director of Animal Care. In this way the autonomy of user groups within a department will be preserved while a link with those responsible for the establishment and implementation of University policies on animal care will be provided.
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UBC Policy #90 - Over-Expenditure on Research and Specific Purpose Trust Project/Grants
Responsibility of Department Head and Dean for Over-Expenditure
2.1. A Head of Unit:
2.1.1. is responsible on an overall basis for investigating and monitoring Over-expenditures within his or her unit;
2.1.2. May refuse a request from a Researcher in his or her unit for approval for the establishment of new PGs if a Researcher has an unresolved Over-expenditure; 2.1.3. Shall review his or her monthly unit roll-up reports and investigate temporary
Over-expenditures and transfers of Committed Payroll Expenses;
2.1.4. Shall review with Researchers in his or her unit any PGs included on the Over-expenditure Listing to encourage a timely resolution of the Over-Over-expenditure; and
2.1.5. Is responsible for controlling and reconciling all aspects of his or her GPOF PG. 2.2. A Head of Unit may grant approval for temporary Over-expenditures in Non-Contract
Research PGs within his or her unit where future budget will be allocated to that PG (e.g. new, multi-year, or renewal grants).
2.3. Any decision on whether to approve a temporary Over-expenditure pursuant to Section 2.2 is entirely at the discretion of the Head of Unit. If a Head of Unit approves a temporary Over-expenditure, the Head of Unit becomes responsible for resolving the temporary Over-expenditure with the Researcher, failing which the temporary Over-expenditure will be resolved by RTA pursuant to Section 3.2.
3.2. Where a temporary Over-expenditure that has been approved pursuant to Section 2.2 has not been resolved within 90 days of the date the Over-expenditure was approved, RTA shall transfer the Over-expenditure to the GPOF PG of the Head of Unit who approved the Over-expenditure.
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RESEARCHER
Overall Responsibility of Researcher
The research/PI/grantee is responsible for the proper management of all research funds held in trust in his/her name. It is the grantee’s responsibility to ensure that all expenditures authorized against University accounts conform to the approved budget, with all terms and conditions of the grant or contract, with all regulations of the sponsoring agency, and with the regulations of the University Finance (Financial Reporting, Budgeting, Research & Trust Accounting, Payroll, Accounts Payable, Revenue Accounting), Human Resources, Faculty Relations, Supply Management, Office of Research Services, and University Industry Liaison Office.
Researcher Responsibilities (once the PG is opened):
• Follow agency policies and guidelines on the use of funds in the PG. • Authorize and review expenditures posted to the PG.
• Provide technical progress reports to agencies as required on a timely basis.
• Review and notify the Office of Research Services (ORS) (www.ors.ubc.ca) or the University-Industry Liaison Office (UILO) www.uilo.ubc.ca of any budget discrepancies in their PG.
• Review and notify Research & Trust Accounting (RTA) (www.finance.ubc.ca/rta) of any revenue or expense discrepancies in their PG.
• Adhere to UBC Policy with respect to research,
www.universitycounsel.ubc.ca/policies/index.html, (i.e. ensure grant is not overspent, ethics
certificate in place, etc)
• Notify the granting agency and ORS of any change in academic status.
• Notify RTA when research is complete and to authorize the close out of the PG. (Unless unused funds are being returned to the granting agency, the balance of the PG should be zero).
Responsibility of Researcher stated in UBC Policy #87 – Research Key points of Policy #87:
• Outlines responsibility, authority and procedures for research activity at UBC • Research funds are trust funds of UBC not property of any individual
• Financial Services (OFS) signs of on all research F/S on behalf of UBC • Grantee Responsibilities:
• ensuring on a timely basis that expenses are valid and conform with budget
• complying with UBC policies and policies of the granting agency or with the terms of the contract
• Grantee may be responsible to cover for any ineligible expenditures found upon audit by the agency
Page 5 of 18 Specific sections:
Grant and Contract Budgets and Salaries
Applicants must discuss with Human Resources the classification and salary levels for all potential grant and contract employees before finalizing budget proposals. Care must be taken to account for future salary increases and to allow for the employer’s share of benefits and overhead charges. All contract budgets must be discussed and approved by the appropriate Department Head, or his or her delegate, before they are submitted for signature.
Unsolicited Donations
Funds for research are often obtained in the form of unsolicited donations or as a result of informal conversations with potential donors, and thus formal applications may not exist. In such cases copies of letters or other related documents, a summary of the project, and the proposed budget, on an Office of Research Services Grant Information Form, should be sent to the Office of Research Services. Copies of this form are available from the Office of Research Services. Such requests must be endorsed by the Head and Dean in the usual way.
Administration of Trust Funds
Grant and contract funds are held in trust by the University and are not the property of any Individual. Please refer to the procedure following on the Administration of Trust Funds and Policy #90 - Over-Expenditure on Research and Specific Purpose Trust Project/Grants.
Study-Leave Research Grants
Faculty on Study-Leave may apply to have a portion of their personal income declared a research grant for income tax purposes during the period of study-leave. Application forms and information may be obtained from the Office of Research Services web site.
Contract Research
Contract research is carried out under the terms of a written agreement which, generally: • defines in specific terms the work to be carried out for the contracting agency; • includes a budget which restricts, by category, the payment for actual expenditures, • some portion of the allocated funds may be withheld until the contracted work
is complete and a final report submitted;
• requires a detailed financial audit of all expenditures charged to the contract.
Staff members should be aware that contracts are inherently more restrictive than grants and that great care must be taken in the management of contract funds.
Page 6 of 18 Overhead Charges
Every grant or contract for research projects accepted by the University must include an allowance for University overhead at a rate of 25% of direct costs.
Special overhead rates may apply to certain agencies. Overhead from research sponsored by the Canadian Institutes of Health Research, the Natural Sciences and Engineering Research Council of Canada and the Social Sciences and Humanities Research Council is recovered through the federal Indirect Cost Program and therefore grant applications for these funds must not include overhead. All deviations from the standard overhead rate must be approved by the Vice President, Research. Budget Amendments
Contracts often permit little budget flexibility. If budget alterations (within the stated dollar limit of the contract) are desirable during the term of the contract, a request must be made in writing to the Office of Research Services or University-Industry Liaison. If it is necessary to obtain a formal contract amendment to accommodate the change, the Director will request such an amendment from the contracting agency.
Audit
Expenditures that do not conform with contract budgets may not be accepted when the account is audited following termination of the contract. Grantees may then be held responsible.
Administration of Trust Funds (Grants and Contracts)
No payment may be made from any grant or contract until the opening of an account (or the amendment of an existing account) has been authorized in writing by the Office of Research Services. It is the responsibility of the Director, Research Services, to ensure that the terms and conditions of every grant and contract administered by the University conform with University policies. Requests for new accounts or amendments, such as budget increases to existing accounts must be made in writing and be accompanied by all required material.
Eligibility for University Accounts
Holders of UBC research and trust accounts must be members of the permanent academic staff, normally those appointments at the rank of Assistant Professor or higher. Accounts may be opened for Lecturers or Research Associates, if eligible by the funder and at the specific request of the Dean, who confirms that the term of the member’s appointment
covers the full term of the grant or contract. Accounts will not be opened for Post Doctoral or other Fellows, students or visitors.
Page 7 of 18 Payment of Grant and Contract Funds
All cheques for research and other projects must be made payable to “The University of British Columbia”. To avoid personal income tax, faculty members should not accept personal cheques for research support. Cheques received directly by grantees or departments should be forwarded to Research Services for deposit to the appropriate account.
Responsibility of Grantee
The grantee is responsible for the proper management of all funds held in trust in his/her name. It is the grantee’s responsibility to ensure that all expenditures authorized against
University accounts conform to the approved budget, with all terms and conditions of
the grant or contract, with all regulations of the sponsoring agency, and with the regulations of the University Financial Services, Payroll, Purchasing and Human Resources.
Responsibility of Financial Services for Financial Statements
Financial statements or claims, if required by the sponsoring agency, will be prepared by Financial Services according to their records. Grantees may request amendments to such statements if it can be established, with supporting evidence, that the statements are in error. Salary Payments
No honoraria, professional fees, salaries or payment for services are to be paid to individuals from research or departmental accounts, except through the University payroll. If special jobs or research projects are done for the University by University technical or office staff outside regular working hours, payment must be made through the Payroll Office and is regarded as overtime. All such projects must have the approval of all Department Heads concerned.
Research grants, agreements or contracts between the University and agencies involving honoraria paid to members of faculty or staff shall be approved by the Office of Research Services only on the recommendation of the Dean of the Faculty, with the approval of the Head of Department or Director. If so recommended, the Director of Research Services is authorized to sign such grants, agreements or contracts on behalf of the University, provided that the total of all honoraria paid to the faculty or staff member from all sources (contracts, grants etc.) does not exceed one-sixth of the member’s salary during the appointment year (July 1 to June 30). Proposals for honoraria exceeding this amount shall be forwarded by the Dean of the Faculty to the Vice-President, Academic and Provost for consideration.
Consultants
Consulting fees may be paid from grants and contracts to established consulting firms (see Policy #97 - Conflict of Interest and Conflict of Commitment) or to individuals who are not on the UBC payroll and whose contribution to the research project will not require more than one such payment. Individuals whose contribution will require more than one payment are appointed and paid through the University payroll.
Page 8 of 18 Benefits
When salaries are to be paid from research accounts, allowance must be made in the budget for compulsory fringe benefits (Canada Pension Plan and Unemployment
Insurance). Allowance should also be made for other applicable benefits (Superannuation, Group Life Insurance, Group Total Disability Insurance and Group Medical Services). Benefits cannot be awarded to such employees unless the research funds can provide the employer’s contribution. Contact Human Resources for details of the calculation of applicable benefits.
Separate Accounts
For accounting and statistical reasons, awards from different sources may not be placed in the same University account.
Common Services Accounts
If he or she considers it to be in the best interest of the research program in his or her department, a Department Head may, following consultation with his or her Dean and with the agreement of the grantees concerned in the Department, authorize the Accountant to transfer a portion of the amount of each grant to a “Common Services Account” which would be used to support technicians, secretarial, printing and other services prerequisite to the efficient operation of the program, providing always that such transfer is compatible with the policies of the granting agency. Grantees are to be given an accounting for such expenditures.
Travel Expenses
Travel expenses will be paid in accordance with the regulations of the granting agency. If the agency has no specific regulations, reimbursement will be in accordance with University policy at current rates; reimbursement for automobile travel will not exceed the costs that would be incurred using economy air travel.
Purchase of Equipment and Supplies
Purchases of equipment and supplies must be made through the University Purchasing Office. No faculty or staff member or student may obligate the University for the
purchase of goods or services. All equipment so purchased is the property of the University. Purchase of Animals
Animals may only be purchased from those sources which are known to and approved by the Director of Animal Care.
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Detail Responsibility of Researcher stated in UBC Policy #90 - Over-Expenditure
on Research and Specific Purpose Trust Project/Grants
Researcher Responsibilities
1.1. Researchers are accountable for all PG’s for which they have been granted signing
authority. Researchers are not permitted to overspend such PGs unless they have
obtained prior approval pursuant to Section 2.2.
1.2. Researchers must designate an alternative PG for Committed Payroll Expenses.
Notwithstanding Section 1.1, where a Committed Payroll Expense would cause an
Over-expenditure in a PG and the Researcher has not designated an alternative
PG with sufficient funds to meet the Committed Payroll Expense, RTA will transfer
to the PG an amount equal to the Committed Payroll Expense from the GPOF PG
of the relevant Head of Unit so that the Committed Payroll Expense can be met
from the PG.
1.3. Where funds have been transferred from the GPOF PG of a Researcher’s Head of
Unit, the Researcher must reimburse the GPOF PG of his or her Head of Unit on a
timely basis and in any event no later than 90 days from the date of transfer,
unless the Head of Unit has approved a longer period for reimbursement.
1.4. Researchers shall:
1.4.1. ensure that all expenditures charged to the PG are eligible costs in
accordance with the requirements set forth in a grant or contract signed
by the sponsor;
1.4.2. review their monthly PG reports on a timely basis;
1.4.3. advise Financial Services of any errors, omissions or duplications in
expenses or budget on a timely basis; and
1.4.4. request inactivation of the PG upon completion of the research project.
1.5. Where a Researcher anticipates a renewal or other source of funding beyond the
designated “end date” of the PG, the Researcher shall notify the Office of
Research Services, the University-Industry Liaison Office and RTA prior to such
end date.
Unrealized cash – Researcher obligations not met: An under-realization of cash may
also result when funding is withheld due to Researchers failing to meet their
obligations. Specific situations include non-submission (or late submission) of
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progress or final reports, and unsatisfactory deliverables. A further example in this
category would be costs incurred by a Researcher that are subsequently rejected
by the sponsor as being ineligible costs under that award. Budgets may be
reduced in line with the actual amount received and the Researcher is responsible
for resolving any Over-expenditure that may be caused by such budget
reductions.
SENIOR FINANCE PERSONNEL
Responsibilities of Senior Finance Personnel Overall:
• Have knowledge of accounting principles, UBC Financial Management System, UBC policies/procedures and external sponsor agency policies/procedures
• Support unit goals by providing financial advice, by designing process and procedure to unit head
• Prepare unit budget to ensure the efficient use of financial resources and human resources • Recruit staff
• Design and conduct training session to all unit personnel (faculty, staff, researcher, lab people, store people, and student) to ensure all UBC and agency guidelines and
policies/procedures are followed before, during and after all financial transactions; such as compensation, purchasing, and travel transactions
• Communicate all new, updates, and changes of policies/procedures, events to all unit personnel
• Develop tracking system in place for balance sheet assets: Accounts Receivable, inventory, and capital
• Develop and implement internal control to ensure all financial transactions are in
compliance with policies/procedures of the university and external granting agency, such as flowchart, workflow, signing authority, account reconciliation, and check list
• Monitor, review and access controls for effectiveness and adaptability to operational change
• Streamline and improve procedure/process
• Review monthly financial reports for accuracy and to spot items that would be considered exceptions or unusual, and to take corrective action in a timely manner
• Review and explain budget variance to unit head • Meet financial deadlines for timely reporting
• Assist central Finance in quarterly and yearly financial activities, such as provide yearend AP and AR Audit Reports, and other
• Assist in financial audits conducted by internal and external auditors
Page 11 of 18 Responsibilities of a Finance Manager
From a real job posting: Financial Management:
- Provides recommendations to researchers and faculty members in the management of research grant and contract accounts.
- Develops methods as required to identify, analyze and address problems for financial analysis and for proposal and report preparation, using complex FMS tools such as PS nQuery and nVision.
- Provides advice for overall financial planning and assesses impact of surpluses/deficits and reviews variances; ensures cost effectiveness of expenditures.
- Manages the research grants on behalf of the department, including tracking commitments and incoming funds, monitoring balances.
- Manages internal transfers and reconciliation of tithe accounts against expenses for departmental shared services.
- Responsible for closing of year end books.
- Interprets and monitors financial policies and procedures established by UBC and the
granting agencies that affect the use of grant funds, and determines if payments to contractors are in compliance with Revenue Canada and the University's regulations.
- Manages FMS on-line processing (corrects internal control issues, processes financial transactions); implements new financial processes and internal controls to improve efficiency of financial workflow within the finance unit; final authorization on FMS transactions to enable cheque production.
- Prepares and reviews interim financial statements for expenditures and ensures account holders are expending funds in compliance with funding guidelines; works closely with researchers to ensure that NSERC (and other agency funding) are properly accounted for and that budget anomalies are brought to their attention with guidance for resolution; monitors financial progress of research and contract accounts to ensure funds are expended during the contractual agreements.
- Coordinates year end reconciliation of all contract and research accounts. - Provides financial information to internal and external auditors.
- Ensures financial transfers from UBC and other universities' administrative units are received and processed and that all revenues payable through ancillary operations are received. - Oversees contractual agreements between granting agencies and researchers; produces variance reports and advises Administrative Director of impending problems/inconsistencies. - Authorizes expenditures on accounts; consults with Administrative Director on unusual expenditures;
- Prepare and review annual financial reports for grant and contracts.
- Prepares and checks invoices for external users of departmental supplies and services. - Oversees Petty Cash ($X); responsible for administering cash revenues ($xK); processes data input and reports for cash receipts and bank deposits.
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- Department P-Card Coordinator: provides training and manages the P-Card program for 40 VISA/AmEx card holders; reconciles all department cardholder statements; verifies
expenditures. X spends $1.7 million annually on P-Card purchases.
- Works with Administrative Director in designing, developing, identifying and implementing streamlining financial processes.
- Oversees departmental financial policies and procedures manual.
- Provides advice on the Freedom of Information and Privacy Act as related to financial matters.
- Performs other related duties and responsibilities as required. - Financial backup to Administrative Director during vacation.
Page 13 of 18 Responsibilities of a FMS Reviewer
From Finance Training website:
http://www.finance.ubc.ca/financecertification/fincertform2.cfm
As a FMS Reviewer you will be responsible for financial activities including the following:
1. Source Documents
• The expenses or journals being processed must comply with University policy. A complete list of UBC's policies can be found at
http://www.universitycounsel.ubc.ca/policies/policies.html and http://www.finance.ubc.ca/policies.cfm. Key policies include:
o Policy 83: Travel and Related Expenses o Policy 84: Entertainment
o Policy 117: Records Retention and Disposition o Policy 119: Cash Handling
• One over one documented approval is required on all documents including journal vouchers, requisition for payments, travel expense claims and travel advances.
• All transactions must be adequately supported. Accounts payable transactions must have an authorized invoice, attached receipts and receiving documents. Journal vouchers must be authorized and have source documents attached which support the reallocation being processed.
• Accounts payable transactions that use UBC as the business unit must be sent to Finance for filing. All other documents must be kept in the department and must be accessible for seven years.
2. Data Entry
• All data entry personnel must have received Finance Certification. If an employee is new and has not received Finance Certification it is the Reviewer's responsibility to review, in detail, all transactions processed by the employee.
• Data entry personnel should not be petty cash custodians or have deposit responsibilities. • The reviewer must ensure that the person ordering the goods is not the same person who
enters invoices for payment.
• A reviewer should not have access to enter Accounts Payable transactions data into the system.
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• The reviewer must notify Finance immediately if any data entry personnel leave the department.
• The reviewer should have written policies and procedures in regards to transaction
processing and approvals. This document should detail all procedures to follow from source document preparation to data entry into the system to final review of reports.
3. Review of Transactions and Reports
• Query reports must be reviewed on a monthly basis. The reports should list all of the data entry transactions processed by each operator. The reviewer should be checking for:
o accuracy of data entry and coding o unusual payments or transfers
o adequate descriptions are included on all JVs, etc. Evidence of the review must be documented on the reports.
• The month end reports must be reviewed each month. The review should: o check for compliance with UBC policies
o verify that all transactions posted are accurate and complete
o reconcile actual transaction postings to expected. Follow up on differences. Evidence of the review must be documented on the reports.
Page 15 of 18 Responsibilities of Data Entry Personnel/Finance Clerk Overall:
• Have position clearly defined as to list of work performed, requirement/expectation on work performed
• Obtain training on work performed • Process cash receipts
• Process faculty, staff, and student appointment forms within the unit (online or manual) • Process purchase order requisition form, requisition for payment form, travel requisition
form, and journal voucher for faculty, staff, and student within the unit
• Knowledge of using the right form and how to complete the form for various transactions • Verify completeness of information on any form, full description/reason for the
transaction, correct signing authorization signature, sufficient backup documentation • Keep backup records for at least 7 years
• Meet deadlines
• Review monthly report to match posted transaction with backups From a real job posting:
Work Performed
1. Accountable for processing financial documents by:
• Processing requisitions for payment, travel requisitions, cash receipts, smart forms, journal vouchers and purchase orders, and ensuring transactions conform to departmental guidelines and UBC policies.
• Ensuring expenses are paid in a timely, accurate and auditable manner. • Reviewing invoices for HST accuracy and corrects as required.
• Verifying authorizing signatures.
• Analyzing financial information in the general ledger reconciling invoices and vouchers processed in GPO, Fee for Service and Research accounts.
• Researching the purchase of equipment and services for approval. 2. Provides general human resources information and assistance to department
personnel on University policies and procedures by: • Completing appointment forms.
• Directing them to tools, training and services provided by the University. • Verifying authorizing signatures.
• Processing other related payroll documents (new hire, rehire and
termination), verifying accuracy, completeness, and ensuring timeliness are met.
3. Provides administrative support services to the departments/schools within department by:
• Providing input/information on improving and streamlining procedures for administrative functions.
Page 16 of 18 problems occurring in department. • Undertaking special projects.
• Preparing paperwork for the Faculty Administrator, Directors and Dean's approval.
Responsibilities of a Data Entry Person From Finance Training website:
http://www.finance.ubc.ca/financecertification/fincertform3.cfm
As a FMS data entry person, you will be responsible for financial activities including the following:
1. Source Documents
• The expenses or journals being processed must comply with University policy. A complete list of UBC's policies can be found at
http://www.universitycounsel.ubc.ca/policies/policies.html and http://www.finance.ubc.ca/policies.cfm. Key policies include:
o Policy 83: Travel and Related Expenses o Policy 84: Entertainment
o Policy 117: Records Retention and Disposition o Policy 119: Cash Handling
• One over one documented approval is required on all documents including journal vouchers, requisition for payments, travel expense claims and travel advances.
• All transactions must be adequately supported. Accounts payable transactions must have an authorized invoice, attached receipts and receiving documents. Journal vouchers must be authorized and have source documents attached which support the reallocation being processed.
• Accounts payable transactions that use UBC as the business unit must be sent to Finance for filing. All other documents must be kept in the department and must be accessible for seven years.
2. Data Entry
• All data entry personnel must have received Finance Certification, and follow Accounts Payable and General Ledger policies and procedures.
• Data entry personnel need to ensure that:
o transactions are approved before entering into the system o transactions are accurately entered
Page 17 of 18 o expenses are properly coded
o goods are received before processing invoices
o remit vendor/address are verified when processing invoices o transactions are entered into the correct accounting period o accruals is processed for material transactions
o project grant (P/G) is checked during data entry
o tax is correctly entered, this includes GST, PST, GST/PST self assessment, and withholding tax, etc.
o adequate descriptions are included on all JVs
• Data entry personnel should not be petty cash custodians or have deposit responsibilities.
3. UBC Finance Certification
• All Data Entry Personnel need to participate in the Finance Certification Test and to achieve a
desirable score in order to receive Finance Certification.
Page 18 of 18
DISCUSSION
Below are some relevant financial functions of faculty/department.
Which finance person should be responsible; head, researcher, senior finance personnel, or data entry personnel?
• Define roles and responsibilities:
Document the requirements of key roles to ensure responsibilities are clear; set out expectations of each role so that important review and control activities are regularly carried out.
• Communicate financial policies and procedures to department personnel:
Ensure timely and appropriate distribution of all correspondence and all communications concerning new policies and procedures and changes to existing policies and procedures. • Develop/monitor budget
• Develop financial planning:
Use available funding effectively to carry out operational activities. • Prepare financial reports:
Record all transactions completely and accurately in the accounting system as the basis for effective reporting of financial results.
• Review financial reports:
Review financial reports on a monthly basis. Follow up on items that would be considered exceptions or unusual.
• Develop/monitor internal controls • Administer staff recruitment and training • Administer cash/banking
• Develop/manage Accounts Receivable system • Maintain/track inventories/supplies:
Stocks of supplies are fairly easily converted to cash and often subject to theft, losses and pilferage. Thus, they represent assets that need to be protected. Since they also represent funds tied up, quantities should not be any larger than absolutely necessary and inventories should not remain on hand for so long that they become obsolete.
• Maintain/track capital assets:
FMS does not provide a detailed fixed asset ledger, and detailed asset listings are not maintained in the accounting system. Where asset control is required for tracking, maintenance or costing purposes, unit should develop its own internal system. (www.finance.ubc.ca/financialreporting/FinancialReportingCapital.cfm) • Monitor research and other restricted funding
• Administer staff recruitment/compensation/benefit • Process vendor/supplier/expense reimbursement payment • Process travel advance, travel claim
• Liaise with university central units – Finance, HR, Faculty Relations, Supply Management and other university faculty units
