Each College, School, unit and or program is responsible to manage its financial resources. The UW expects each organizational unit to develop the necessary financial controls and financial monitoring and oversight which should include the development of budgeting, financial reporting vs. budget and reserves available. Following is a list of financial reporting and oversight best practices.
- Development of an annual budget for the overall organization incorporating all funding sources and all expenses.
- Develop reporting for financial divisions, programs and operating units as deemed appropriate
- Require reporting for highly sensitive or high risk areas
- Periodic Financial Reporting vs. Budget
- At least quarterly
- Recommended monthly if possible
- Should include a summary of all funding sources / reserves available for future use (excluding those budgeted for use during current year)
- Should include all outstanding commitments to School wide programs, individual faculty and or capital projects
- Provides management with information necessary to make strategic decisions at any time during the yea
- Develop oversight process for self-sustaining units consistent with UW policies