Financial Management Guidelines - Financial Services

Financial Management Guidelines Gui deli nes for busi ness offi cers and ot her facul ty/st aff invol ved wi t h managi ng depart ment al fi nances Publi shed by: Fi nanci al Servi c es Effec ti ve: Januar y 2012 Revi sed: Oc tober 5, 2012 Table of Contents PURPOSE/SCOPE ....................................................................................................................................... 4 I. ROLES AND RESPONSIBILITIES ............................................................................................................ 4 Department Head ...................................................................................................................................... 4 Fund Manager ........................................................................................................................................... 4 Other Departments .................................................................................................................................... 4 Controller’s Office .................................................................................................................................. 4 Budget Office......................................................................................................................................... 4 Internal Audit ......................................................................................................................................... 4 II. DELEGATION CRITERIA ......................................................................................................................... 4 III. FINANCIAL OBJECTIVES ....................................................................................................................... 5 IV. GUIDING PRINCIPLES FOR BUDGETARY AND FINANCIAL ACTIVITY ............................................. 6 Establishing and Using Budgets ............................................................................................................... 6 Financial Activity ....................................................................................................................................... 7 V. FUND ESTABLISHMENT/SETUP ............................................................................................................ 7

VI. FUND MANAGEMENT ............................................................................................................................ 8 1. Accurate Financial Reporting and Analysis ...................................................................................... 8 Reasons for analysis ............................................................................................................................. 8 Monthly financial monitoring steps ........................................................................................................ 8 2. Spending Compliance ....................................................................................................................... 9 3. Safeguarding University Assets ...................................................................................................... 10 Cash Handling ..................................................................................................................................... 10 Physical Assets ................................................................................................................................... 10 Financial Records ............................................................................................................................... 10 4. Safeguarding Sensitive Information ................................................................................................ 10 5. Managing University Finances and Recording of Transactions ...................................................... 11 6. Avoiding Financial Penalties and Fraud .......................................................................................... 11 VII. FUND CHANGES, CLOSEOUTS, AND INACTIVATIONS .................................................................. 11 VIII. BUDGET MANAGEMENT ................................................................................................................... 12 Monthly Review ....................................................................................................................................... 12 Budget Pools ....................................................................................................................................... 12 Banner Forms...................................................................................................................................... 12 Budget Revisions .................................................................................................................................... 12 Budget Revision Form (BD606) .......................................................................................................... 13 Budget Flexibility Form (BD607) ......................................................................................................... 13 IX. REVIEWING FOR ENCUMBRANCES .................................................................................................. 13 X. BANNER FORMS AND REPORTS ........................................................................................................ 15 UNC Charlotte: Financial Management Guidelines Page | 2 FGIBAVL – Budget Availability Status .................................................................................................... 15 FGIBDST – Organization Budget Status ................................................................................................ 16 FGITRND – Detail Transaction Activity ................................................................................................... 18 Other Forms and Reports ....................................................................................................................... 19 Banner ................................................................................................................................................. 19 ePrint ................................................................................................................................................... 20 Banner Finance Training ......................................................................................................................... 20 Document Type Matrix ............................................................................................................................ 22 XI. CONTACTS, WEBSITES, AND FURTHER RESOURCES .................................................................. 22 Financial Services sites ........................................................................................................................... 22 Other University sites .............................................................................................................................. 23 APPENDIX 1: CONTACTS FOR FUND USE GUIDANCE ........................................................................ 25 APPENDIX 2: BUDGET POOL ACCOUNTS ............................................................................................. 28 APPENDIX 3: COMPONENTS OF INTERNAL CONTROL ...................................................................... 29 UNC Charlotte: Financial Management Guidelines Page | 3 PURPOSE/SCOPE To provide department heads, business managers, and supporting business staff guidance related to financial management and the steps necessary to analyze departmental transactions, fund and account balances, and budgets on a monthly and ongoing basis. I. ROLES AND RESPONSIBILITIES Department Head Responsible for ensuring that its department’s financial resources are managed in an efficient and cost- effective manner consistent with the intended purpose of the funds established in his or her department. The Department Head maintains fiduciary responsibility for the entire fund(s), but may delegate authority for financial analysis and reconciliation for specific transaction components or overall fund management in accordance with the delegation guidelines contained herein. Fund Manager Also referred to as ‘Financial Managers’ within Banner Finance. Responsible for management of all funds within department and the stewardship of assets within these funds, including: • Preventing overspending of departmental budgets • Completing analysis and reconciliation of all funds’ accounts each month • Ensuring that accounts are reviewed monthly and that accurate accounting records are maintained • Maintaining working knowledge of policies, regulations, and...

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