{"id":11176,"date":"2019-01-09T16:11:31","date_gmt":"2019-01-09T16:11:31","guid":{"rendered":"https:\/\/www.rochester.edu\/adminfinance\/finance\/?page_id=11176"},"modified":"2025-10-23T19:48:17","modified_gmt":"2025-10-23T19:48:17","slug":"financial-reporting-and-accounting-operations","status":"publish","type":"page","link":"https:\/\/www.rochester.edu\/adminfinance\/finance\/financial-reporting-and-accounting-operations\/","title":{"rendered":"Financial Reporting and Accounting Operations (FR&#038;AO)"},"content":{"rendered":"<p>The\u00a0<strong>Financial Reporting and Accounting Operations<\/strong>\u00a0team is responsible for preparing the University\u2019s\u00a0quarterly and annual financial statements, including the operation and maintenance of the University\u2019s general ledger, as well as other compliance reporting. Included in these responsibilities are:<\/p>\n<ul>\n<li>Consolidated Financial Statements<\/li>\n<li>Timely, accurate, and defensible reporting that will withstand audits and provide reliable and meaningful information for decision makers<\/li>\n<li>Ensuring the accuracy and integrity the University\u2019s general ledger\u00a0<em>UR Financials<\/em>.<\/li>\n<li>Timely and efficient monthly, quarterly and annual financial period closings<\/li>\n<li>Maintenance and modification of the University\u2019s Chart of Accounts.<\/li>\n<li>Accounting Policies and Procedures necessary to ensure proper and efficient use of university resources<\/li>\n<li>High quality, efficient, effective, and accurate financial services and customer support throughout the University community<\/li>\n<li>Accounting and reporting functions related to University investments, capital assets and debt transactions<\/li>\n<\/ul>\n<p>Our team is organized into the following groups:<\/p>\n<p><strong>Financial Reporting<\/strong>\u00a0coordinates the preparation of the quarterly financial statements, various financial analyses, regulatory filings and surveys and the annual financial statement external audit.<\/p>\n<p><strong>Plant Accounting\u00a0<\/strong>oversees accounting and financial reporting for the University\u2019s fixed assets, equipment, and long-term debt.\u00a0 This involves the issuance of equipment tags, processing debt transactions, and various regulatory filings.\u00a0 The team also manages the University\u2019s moveable equipment survey, grants access to the equipment module of the University\u2019s space management database (URSpace), and trains administrators to use the URSpace module.<\/p>\n<p><strong>Endowment Accounting\u00a0<\/strong>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).\u00a0\u00a0 This includes monthly wire processing and various regulatory reporting and filings.\u00a0 The team is also responsible for Fundriver transaction processing, system maintenance, training, and gift reporting.<\/p>\n<p><strong>General Accounting\u00a0<\/strong>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.<\/p>\n<p><strong>Cash Accounting\u00a0<\/strong>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.\u00a0 The team also oversees the petty cash request process, petty cash posting in UR Financial system.<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/www.rochester.edu\/adminfinance\/finance\/wp-content\/uploads\/2025\/10\/FRAO-102325.pdf\">Organization Chart<\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The\u00a0Financial Reporting and Accounting Operations\u00a0team is responsible for preparing the University\u2019s\u00a0quarterly and annual financial statements, including the operation and maintenance of the University\u2019s general ledger, as well as other compliance reporting. Included in these responsibilities are: Consolidated Financial Statements Timely, &hellip; <a href=\"https:\/\/www.rochester.edu\/adminfinance\/finance\/financial-reporting-and-accounting-operations\/\">Continued<\/a><\/p>\n","protected":false},"author":16,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-11176","page","type-page","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.rochester.edu\/adminfinance\/finance\/wp-json\/wp\/v2\/pages\/11176","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rochester.edu\/adminfinance\/finance\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.rochester.edu\/adminfinance\/finance\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.rochester.edu\/adminfinance\/finance\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rochester.edu\/adminfinance\/finance\/wp-json\/wp\/v2\/comments?post=11176"}],"version-history":[{"count":22,"href":"https:\/\/www.rochester.edu\/adminfinance\/finance\/wp-json\/wp\/v2\/pages\/11176\/revisions"}],"predecessor-version":[{"id":15146,"href":"https:\/\/www.rochester.edu\/adminfinance\/finance\/wp-json\/wp\/v2\/pages\/11176\/revisions\/15146"}],"wp:attachment":[{"href":"https:\/\/www.rochester.edu\/adminfinance\/finance\/wp-json\/wp\/v2\/media?parent=11176"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}