Internal Controls: Budgeting, Accounting, and Reporting

Below is a listing of internal control (IC) best practices and the related University policy, if applicable:

IC 1: The department creates annual budgets for all fund sources approved by leadership.

See University Policy 7.1.2 Budget Control. It is the duty of all budget officers and their area administrators to see that overdrafts do not occur in any of the budget accounts for which they are responsible, regardless of the source of funds.

IC 2: Financial results (budget to actual) are monitored and compared on a regular basis for all fund sources.

Per University Policy 7.8.4 – Fiscal Officers Responsibility; It is the responsibility of all budget officers and their area administrators to see that overdrafts do not occur in any of the positions or line items for which they are responsible, regardless of the source of funds. Per University Policy 7.1.38 – Budget Officers; it is the Budget Officer's responsibility to review the monthly Colleague accounting reports concerning his or her accounts.

IC 3: Account reconciliations are reviewed monthly by the Budget Officer/ budget officer.

Per University Policy 7.1.38 – Budget Officers; it is the Budget Officer's responsibility to review the monthly Colleague accounting reports concerning his or her accounts.

The Budget Officer/ budget officer must review the reconciliation, and supporting documentation/reports from Colleague, to confirm all expenditures, revenues, and transfers were authorized and appropriate prior to the documentation of their approval (by date and signature).