1. Financial Reports Controller’s Meeting May 18, 2007

2. Financial Report Responsibilities  The proper use of these Financial Reports along with the General Ledger is vital to Account Custodians and Supervisors in meeting their fiscal stewardship responsibilities. Proper expenditures of funds Compliance with record keeping requirements of the University Keeping expenditures within the authorized budgetary limits Generation of expected revenues, if applicable.  The Account Custodian should review Financial Reports each month. The verification of each transaction in the General Ledger may be assigned to another person. An electronic record will be kept of each time a report is accessed on the internet and is subject to monitoring by Financial Services and Auditors.

3. Financial Report Review  It is much easier to find a problem when you are looking monthly rather than waiting until the end of the year. Also look at bottom line.  Begin in December doing a comprehensive review that continues through year end closing in January. We email custodians as we work through year end processes to review reports and when the closing will take place.  We have a number of calls in February and March asking about issues in the prior year. Even if there is a problem discovered it is too late to do anything about them in the prior year’s records.  NEW If custodians have not reviewed the accounts they are responsible for an email will be sent at the end of each quarter. It will list the accounts that haven’t been reviewed recently.  This is also a good way to make sure we are up to date on any account custodian changes. Check the accounts listed in the email to make sure you should be custodian of the account(s). If not reply and we will resolve the issue.  If after two consecutive quarters the reports haven’t been looked at, an email will also be sent to the custodian’s supervisor.

4. Review Email

5. Viewing of Source Documents on the Monthly Financial Reports  Records that will have an image beginning May 2007: Purchase Orders Non Purchase Order Invoices Hand Checks Check Requests Travel Reimbursements Financial Reports