an October 1999 meeting of the College business representatives, recommendations
from earlier Campus audits were shared on ways to improve the way the
College conducted financial transactions. Specifically, the following
topics were discussed:
unit should have in place written procedures to be followed for all
transactions (either position or person specific), including backup
procedures when the primary person is to be absent for any period
of monthly UFAS statements -- units were reminded that duties are
to be segregated in such a manner that the person responsible for
initiating financial transactions is not also responsible for their
approval and the reconciliation of the UFAS statements.
and other electronic means of purchasing -- units were urged to have
all receipts from goods/services purchased through these means to
be signed by an authorized approver. Even though the approval is after
the fact, it does indicate that an approver has reviewed the purchase.
This signed receipt should be attached to the monthly reconciliation
of the UFAS statements.
receipts -- a reminder that Campus policy calls for deposits to be
made weekly or once $200 has been received (whichever comes first).
cash -- reminder to do spot checks for fund balances.
-- review current procedures to improve on the timely return of receiving
reports and getting inventory onto PAS.
reminder that reimbursements to unit heads or expenditures made on
their behalf (e.g., conference registration fees, etc.) should be
signed by a person above them on the College organization chart.
that time it was also decided that there should be a compilation of College
policies and procedures on various transactions that occur in College
and unit business offices. Sandra Frank, Associate Dean for Administration,
developed a list of items to be included in
the College Policies and Procedures Manual. Eight categories of information
College Policies and Procedures Manual is now available to everyone in
the College via a link on the College
of Business homepage. Personnel in College units should know that
this resource is available for their reference. New employees, in particular,
will benefit from reviewing the information. Departments are encouraged
to adapt any of this material to be used by departmental personnel.
contact: Jane Kappes