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Basic Financial Managment

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TABLE OF CONTENTS - CHAPTER 3

I. CHAPTER 3 – RESPONSIBILITIES OF FINANCIAL MANAGEMENT 2
II. PERTINENT POLICIES 2
III. INTERNAL CONTROL 2 A. Overview of Internal Control 3 B. On-the-Job Application of Internal Controls 4 1. Records Management 4 2. Source Documents: Organization and Filing 5 3. Develop Departmental Procedures for Each Financial Process 7 4. Detailed Procedures for Cash Handling 10 5. Perform a Series of Daily, Weekly, Monthly, and Quarterly Tasks 10 6. Provide Regular Reporting to Management 14 7. Know Pertinent Campus Policies, Procedures, Regulations and Resources 14

CHAPTER 3 – RESPONSIBILITIES OF FINANCIAL MANAGEMENT

The purpose of this chapter of The Guide is to provide information about administering departmental finances. This section notes significant policies and procedures, provides an overview of internal control, gives suggestions for getting organized and ready to work, and provides a checklist of periodic tasks to complete.

PERTINENT POLICIES

As noted in Chapter 2 of The Guide, departmental financial management must be done in accordance with University of Colorado and Boulder campus policies. The following three policies are of critical importance: ▪ Fiscal Roles and Responsibilities ▪ Program Management and Fiscal Control Responsibility ▪ Fiscal Code of Ethics

The Fiscal Roles and Responsibilities Policy establishes the duties associated with key levels of management personnel, so that the fiscal impact of University operations is planned, controlled, and accurately accounted for in the University’s financial records. The Program Management and Fiscal Control Responsibility Policy places authority for both programmatic activity and fiscal control on program managers. The Fiscal Code of Ethics discusses…...

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