Financial Management

Roles and Responsibilites

Financial Manager of Funds (excluding professional funds such as APEF)

Financial managers of funds (including research) are acting on behalf of the university in the administration of the project/activity.  Responsibilities include ensuring that university policies and procedures are followed, that funds are spent in accordance with university, sponsor and/or donor guidelines and that all financial activity is recorded consistently and accurately in the university financial system in accordance with the guidelines established by the Financial Services Division.  Specific financial management responsibilities include the following:

• Request the establishment of funds in the university finance system (UniFi) to record financial activity relating to specific projects/initiatives
• Prepare annual operating budget or project budget, as appropriate, for projects/initiatives coordinated in each UniFi fund
• Obtain written confirmation of all sources of funding for each project/initiative in advance
• Ensure that the funds are maintained in a positive financial balance
• Ensure that all financial activity is recorded against the appropriate project/initiative in UniFi
• Perform the following transaction functions OR provide written delegation to another individual to act on their behalf
  • Prepare, submit and approve source documents for all transactions
  • Ensure proper month end cut-off for financial transactions is performed
  • Ensure that all financial transactions are recorded against the correct account code in UniFi
  • Ensure that any required corrections are processed in a timely manner
• Perform the following monitoring and review functions OR  delegate to another individual to act on their behalf
  • Perform monthly review of all financial transactions posted to UniFi for each project/initiative to ensure appropriateness, accuracy and completeness of financial information
  • Perform monthly review of comparison of budget to actual activity for each project/initiative
  • Ensure that all reported transactions are in compliance with sponsors/funders and university policies and guidelines
  • Ensure that all required financial reporting to sponsors/funders is performed in accordance with established timelines
• Prepare financial reports for department heads, deans, or senior administrators as required
• Request the closure of funds in the university finance system (UniFi) upon completion of the project/initiative
• Ensure that university policies and procedures are followed