Ensuring Proper Stewardship of University Resources in Accounting Practices
Accounting practices in the Department of Family Medicine emphasize the importance of checks and balances, general accounting procedures, people involved in financial transactions, and the necessity of pre-approval for all expenses. By following these guidelines, staff and faculty can effectively steward University resources to prevent fraud and ensure financial responsibility.
Download Presentation
Please find below an Image/Link to download the presentation.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author. Download presentation by click this link. If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.
E N D
Presentation Transcript
Department of Family Medicine Accounting Overview Accounting Overview What staff and faculty need to know to ensure that we are all proper stewards of University resources
Checks and Balances Checks and Balances Good accounting practices incorporate a system of checks and balances to ensure that no one person has control over all parts of a financial transaction. This means the person requesting the financial transaction must be different from the person who approves it and that person is different from the one who processes it. Why is this important? Why is this important? UCLA is a state agency, funded in large part by tax dollars. In addition, many of our research projects are federally funded. Both of these factors mean there is an extra layer of scrutiny over how we spend money and it s important that we have systems in place to prevent fraud and abuse.
General Accounting Procedures General Accounting Procedures All transactions must be pre-approved before an expense can be incurred. This is achieved by completing a request form and obtaining approvals before a purchase order, recharge or other official document is created that commits the University to spend funds. *Note: All funds belong to the University, whether grant funds or unrestricted donations, the Regents of the University of California are the ones who receive the money and they are entrusted with proper oversight and spending by its faculty and staff.
People involved in financial transactions People involved in financial transactions Requestor is the person who works with the vendor to determine what needs to be purchased. This is the person who completes the request form. The requestor is not authorized to sign any contracts or commit to any purchases. Authorizer is the principal investigator or his/her designee. This person verifies that the request is applicable to the project(s) being charged, that this is a legitimate business expense. Reviewer/Approver is the fund manager. S/he is responsible for ensuring that the transaction is allowable on the account being charged and that it meets UCLA and funder policies. Purchaser is the person who creates the order in the system. Workflow: Requestor -> Authorizer -> Reviewer/Approver -> Purchaser
Forms/Processes Forms/Processes Every transaction that requires payment, must be pre-approved and signed off by someone with authorization to spend. That applies to ordering supplies, hiring a consultant, purchasing flights, utilizing parking services on campus, securing a venue for an event, paying a guest lecturer, utilizing a campus lab, etc. Unfortunately, UCLA has multiple forms and processes that are used for different kinds of transactions. Knowing which one to use can be confusing. The next slide provides some general guidance.
What Do You Need? Supplies Contractors/Consultants UCLA Campus Services Flights Use this form/process PO Request Form PO Request Form & Contractor and Consultant Checklist Varies* 1. Contact UCLA travel for itinerary, 2. Obtain FAU from authorizer, 3. Email justification and FAU to Approver and Purchaser to obtain a PTA PO Request Form Travel & Entertainment Reimbursement Form Travel & Entertainment Reimbursement Form Obtain quote from DGIT, then PO Request Form Off-campus Event Space Travel Reimbursement Entertainment Computers/software Notes: *Each campus service unit is different. Ask the unit which form they require. If a vendor gives you a formal quote, contract, or other document, you must include a copy of it with your PO Request form
Timeline and Additional Review/Approval Timeline and Additional Review/Approval The University gives each Department approval authority within certain limits. For any purchases made within those limits, a purchase order can be generated within 2-5 days after the Authorizer has signed off. All other items require approval by campus and processing times vary significantly. Examples of items that require campus approval before the supply or service can be purchased include: Consultants over ~$10,000 (sometimes threshold may be lowered) Service contracts with vendors that will have access to PHI Any order exceeding $5,000 on a federal grant and/or unrestricted account should go through purchasing.
Questions Questions 1. Who is allowed to commit funds on behalf of the University? 2. Who can sign contracts for services? 3. Do I need to obtain approval before requesting a campus service?
