ALL OF THE FOLLOWING INFORMATION HAS BEEN COMPILED (EDITED OR SHORTEN TO FIT FOR PRESENTATION AND TIME RESTRAINTS) FROM THE OU POLICY MANUAL LOCATED ON OU WEBPAGE.
Oakwood University Gail Caldwell and Trevor Johnson August 1 & 2, 2012
PURPOSE STATEMENT: To support quality Christian education by providing students, staff, faculty, vendors, board members or out-side sources with efficient service and accurate financial data in a timely manner for administrative decision making or reporting.
Policy or Procedures are guided by the following requiring entities: FASB –Financial Accounting Standards Board-GAAP – Generally Accepted Accounting Principles GASB –FAR – A-133 Requirement IRS NAD Auditing Standards OU Board of Trustees OU President’s Council OU Accounting Internal Control
Accounting Department Who’s doing what? Laketia Chapman, Jr. Accountant – A/P Gail Caldwell, Controller lchapman@oakwood.edu gcaldwell@oakwood.edu -Process all checks (including Federal and A/P) -Approves all incoming purchase requisitions -Log, Mail & File All Checks and campus leave forms -Void, reprocess, or back-out invoice -Approves budget transfers and all payroll adjustments, etc. -Input Invoices -Handle all questions related to budget management. Compton Brathwaite, StaffAccountant -Financial Surveys brathwaite@oakwood.edu -Add New Accounts -Title IV process & reconciliation -Salary, Fringe recovery of Federal grants Trevor Johnson, Chief Accountant -Federal Cash receipts (Fed, Marc, & Restr.) trjohnson@oakwood.edu -Fixed Assets Custodian -Accounts for all financial recording -Approve all journal and invoices Cheryl Sullivan, Payroll Manager -Financial Reporting csullivan@oakwood.edu -Update Budget Transfer -Payroll Custodian -Account/Budget Query -W-2
- Kerry Joseph, Federal Accountant Colesh Thompkins (Temporary), Jr. Accountant- A/P kjoseph@oakwood.edu @oakwood.edu -Verify all federal requisitions (including -Process all PO invoices (except Physical Plant campus leaves) and Library Dept), -Process Federal Travel Reports -Sales Tax -Federal, Grants & Contracts questions -AMEX, -Federal Quarterly reports -Add Vendors -Federal Reconciliations, Title III -1099 Deborah Taylor, General Accountant Doris Collie, Staff Accountant dtaylor@oakwood.edu dcollie@oakwood.edu -Interdepartmental Charges -Process utilities, contracts or lease -Journal entries, Account corrections -Process PO invoices for Physical Plant and -GC, OC Academy and White Estates invoices Library -G/L Permission and Approver Set-up -Payroll Assistance -Bank Wires, Stop-payment, Banking (General) -Process all employee’s time -Deferred Charges & Recurring charges
Cecil Spence, Staff Accountant cspence@oakwood.edu -Payroll Deduction Invoices and payments -Other Bank Reconciliations -Quarterly 941 Reporting Chris McNish, Clerk/Help Desk cmcnish@oakwood.edu -Process all requisitions to invoices -Distribute checks -Travel and Cash advance payment Custodian -Requisition Help desk and Trainer -Add new Vendors (from W-9 Form, only)
Budget Policy and Control Travel RPA General Accounting Procedures Money Collection Petty Cash Gift Cards
BUDGETING PROCESS
The Oakwood University fiscal year runs from July 1 to June 30, and an annual budget is developed which clearly identifies income and expenses. Each cost center follows a budgeting process which allows input from faculty and staff.
The following timetables are used in developing the University budget. 1. October: Budget assumptions are determined by the President and the Vice President for Financial Affairs and presented to the President’s Council for approval and subsequently presented to the Finance Committee and the Board of Trustees for approval at their October/November meeting. Budget assumptions categories are as follows: Number of full-time enrolled students Dormitory capacities and rates Tuition rates Board rates Cost-of-living increases for salaries (as voted by the NAD at year-end meetings) Travel allowances (as voted by the NAD at year-end meetings) 2. December 15: The Vice President for Financial Affairs initiates the budgeting process by sending salary information to each administrative officer separated by cost center (department ). The salary information consists of the present pay rate, proposed pay rates based on the cost-of-living increase voted by the Board of Trustees at its fall meeting, and the proposed annual salary amount based on the proposed pay rates . Department directors are asked to review this data and submit freezes and/or additional staff with supporting documentation.
3. January 15: Administrative officers return the salary data to the Vice President for Financial Affairs for review by the President. 4. January 31: A budget worksheet is distributed to the administrative officers for their respective departments. Limits to use for increases in general expenses. Any other information or instruction which would be required by department directors to develop budgets 5. February 28: Department directors are to obtain input from their staffs and use the data provided to prepare a budget proposal by line item to their administrative officer in time for submission to the Vice President for Financial Affairs by this date. The administrative officers determine their process for involvement in development of their respective departmental budget proposals. 6. March: The President and the Vice President for Financial Affairs meet with each administrative officer during the month of March to review, evaluate, and negotiate his/her proposed budgets. Department directors may be requested to meet along with their administrative officer to provide additional information as needed.
7. March 31: A final balanced budget is completed for presentation to the Finance Committee and the Board of Trustees. Preparations are made for faculty and staff contracts, subject to final approval by the Board of Trustees. 8. April: A final budget is presented to the Board of Trustees for approval. 9. The Vice President for Financial Affairs presents the current financial position, with comparisons of action pertaining to the budget. 10. Employment contracts for faculty and staff are prepared and ready for distribution by June 1.
BUDGET REPORTS AND CONTROL
Reports are available to department directors generally by the fifteenth of the 1. following month. Department directors develop and follow their own budget review process. (Available on EX Jenzebar or MyOakwood) 2. A report of negative budget variances is to be prepared by each department director and submitted to their respective administrative officer by the twentieth of the following month for review and approval. The report of negative budget variances requires determination of the reason for and corrective action of the negative variance. (See Example available on-line Accounting Website) 3. Administrative officers are to submit a report of negative budget variances for their division to the Vice President for Financial Affairs by the twenty-fifth of the following month. 4. The Vice President for Financial Affairs is to submit a summary report of negative budget variances for all divisions to the President by the thirtieth of the following month.
5. The Vice President for Financial Affairs gives a financial report to the President’s Council on its last meeting of each month (generally the fourth Wednesday). 6. The Vice President for Financial Affairs gives a financial report to the faculty during their business meeting once each quarter. 7. The Vice President for Financial Affairs presents the current financial position, with comparisons of actual amounts and budgeted amounts, at each executive committee, finance committee, and Board of Trustees’ meeting throughout the year.
MyOakwood Budget Demo Negative Variance Sample (Instructions on Accounting Web Page) Budget Transfers (Located on Other Transactions Form)
It is the policy of the Oakwood University to reimburse employees who travel at the request of the University for reasonable and necessary expenses incurred while traveling on authorized University business.
Travel Authorization A. Travel Authorization. A Travel Authorization form (Campus Leave) is required for all reimbursable travel including institution and grant travel. The Campus Leave form is completed before the Trip is taken and before travel arrangements are finalized. (See instructions for creating a Campus Leave/Expense Report in EX)
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