Financial Services Policy 12 – Accountability and Required Review of Monthly Fund Reports

The University of North Carolina at Greensboro operates in a decentralized manner in managing its financial resources to achieve a prudent, effective and efficient utilization. Financial resources are entrusted to leaders at a number of levels which include the Chancellor, Provost, Vice Chancellors, Vice Provost, Deans, Associate Provosts, Associate Vice Chancellors, Assistant Vice Chancellors, Directors, Department Heads, and Principal Investigators. The leadership of each division is responsible for the resource allocation within their division and the monitoring of the utilization thereof.

Individuals who are at the Department Head level or above (or who are Principal Investigators on Contracts or Grants) and who are entrusted with financial resources are responsible for the use of such resources in a prudent, effective and efficient manner to the benefit of UNCG and in compliance with federal, state and university rules and regulations. These individuals with authority over a fund or funds are the Fund Owners and are personally responsible for all transactions within those funds. The Fund Owner may grant Signature Authority to another individual(s) for administrative efficiency, but the Fund Owner is still held accountable for the funds.

Most of the financial and administrative processes are automated with transactions handled by a number of authorized individuals within an area depending on the organization, the nature of the systems and the transactions. In many cases, the explicit authorization of the Fund Owner is not a required step in the automated process for a specific transaction. When there is not an explicit authorization in place in advance of the processing of a transaction, subsequent oversight is required to verify the propriety of the transactions as an appropriate use of the specific fund.

Thus, it is required of each Fund Owner (Principal Investigator, Department Head or above) to review his or her monthly fund reports in detail on a timely basis. If errors or questionable items are discovered on these monthly reports, it is expected that the Fund Owner will take corrective actions within 10 days after receiving notification that the reports are available for viewing on e~Print.

The reports which are available for review are as follows:

FYRWFDST – A fund statement which provides summary information related to budget, accounting and open commitment activity.

FYRWFMTD – A report of month-to-date transactions which provides detail information related to budget, accounting and for the current month period.

FYRWFYTD – A report of year-to-date transactions which provides cumulative detail information related to budget, accounting and commitment activity for the fiscal year through the most recently completed monthly period.

FYRWFCOM – A report of open commitments which provides detail information related to open requisitions, purchase orders and encumbrances as of a specific date.

See Procedure 11 on how to access the correct e~Print repository to review the monthly fund reports.