|Approved by:||Board of Trustees|
|History:||Issued -- March 14, 2002|
|Revised -- October 2, 2007|
|Last Revised --|
|Related Policies:||Financial Transaction Authority; Contract Policy; Procurement Policy|
|Responsible Official:||Treasury Services Director tel. 202-319-6445|
To ensure accurate and efficient financial operations, this policy defines the authority and responsibility of the Vice President for Finance and Treasurer ("the Treasurer") and those of the departments which report to the Treasurer.
This policy applies to all faculty and staff in defining the scope of authority of the Treasurer and the Finance Office staff.
The Treasurer has the responsibility for managing the financial affairs of the University and for keeping the President and Board of Trustees apprised of the institution's financial condition. The Treasurer has the responsibility to ensure that sound fiscal policies are created, published and followed under the authority granted by the Board of Trustees, Audit Committee of the Board of Trustees, Finance Committee of the Board of Trustees and the President of the University. The Treasurer is responsible for the management of financial operations including but not limited to: preparation and monitoring of budgets, proper recording of University transactions, appropriate controls and audits, investment of University funds, billing and collection, protection of University assets, human resource management, facilities planning and operations and compliance with all fiscal regulations affecting the University. The Treasurer may delegate appropriate individuals with authority to act on his/her behalf in limited capacities.
Departments reporting to the Treasurer include: Budget, Business Services, Controller's Office, Treasury Services, Human Resources, Facilities Operations and Internal Audit. Note: Internal Audit reports to the Treasurer administratively, but also has a direct reporting line to the Chair of the Audit Committee and the President.