Financial Reporting and Accounting Operations (FR&AO)
The Financial Reporting and Accounting Operations team is responsible for preparing the University’s quarterly and annual financial statements, including the operation and maintenance of the University’s general ledger, as well as other compliance reporting. Included in these responsibilities are:
- Consolidated Financial Statements
- Timely, accurate, and defensible reporting that will withstand audits and provide reliable and meaningful information for decision makers
- Ensuring the accuracy and integrity the University’s general ledger UR Financials.
- Timely and efficient monthly, quarterly and annual financial period closings
- Maintenance and modification of the University’s Chart of Accounts.
- Accounting Policies and Procedures necessary to ensure proper and efficient use of university resources
- High quality, efficient, effective, and accurate financial services and customer support throughout the University community
- Accounting and reporting functions related to University investments, capital assets and debt transactions
Our team is organized into the following groups:
Financial Reporting coordinates the preparation of the quarterly financial statements, various financial analyses, regulatory filings and surveys and the annual financial statement external audit.
Plant Accounting oversees accounting and financial reporting for the University’s fixed assets, equipment, and long-term debt. This involves the issuance of equipment tags, processing debt transactions, and various regulatory filings. The team also manages the University’s moveable equipment survey, grants access to the equipment module of the University’s space management database (URSpace), and trains administrators to use the URSpace module.
Endowment Accounting oversees accounting and financial reporting for all endowments, pledges, and split-interest agreements (gift annuities, charitable remainder unitrusts, charitable remainder annuity trusts, and life income agreements). This includes monthly wire processing and various regulatory reporting and filings. The team is also responsible for Fundriver transaction processing, system maintenance, training, and gift reporting.
General Accounting is responsible for maintaining the chart of accounts including setting up new ledgers, processing FAO add or change request, setting up new revenue or spend categories, reviewing the security access for UR Financial system. The team is also responsible for journal entry processing, managing month end general ledger closes, performing and monitoring various account reconciliations.
Cash Accounting is responsible for the accounting for daily banking activities and the reconciliations of these transactions in UR Financial system. This includes correspondence with treasury and various cashiering locations, implementing first notice rules and bank reconciliation rules. The team also oversees the petty cash request process, petty cash posting in UR Financial system.