Purpose: To provide information about administering departmental finances. This section notes significant policies and procedures, provides an overview of internal control, gives suggestions for getting organized and ready to work, and provides a checklist of periodic tasks to complete.
Departmental and organizational unit fiscal management is achieved in accordance with University of Colorado system and Boulder campus policies. The following guidance is foundational to understanding the expectations for sound fiscal management:
In practice, an organization’s fiscal principal often delegates responsibility for transaction processing, record keeping and financial monitoring to another employee within the unit. This individual is frequently an administrative assistant, program assistant or office manager. Since the minimum qualifications for these job classes may not include accounting or budgeting, staff that are asked to assume responsibility for a unit’s finances often have little or no formal education and/or professional experience in these areas. Therefore, this chapter of the Guide addresses the expectations, activities and responsibilities associated with any position having financial duties. The remaining chapters of the Guide provide practical procedures that all employees shall follow to ensure proper stewardship of the university’s funds and reputation.
Internal controls is defined as a process or group of processes designed to provide reasonable assurance regarding the achievement of objectives in the following categories (from 2CFR200.61):