POL-U5320.01 Managing and Reporting University Financial Data

Under the purview of the Vice President for Business and Financial Affairs, the Controller/Director of Financial Services ensures the following, but not limited to:

1. The Generally Accepted Accounting Principles (GAAP) and standards set forth by the Governmental Accounting Standards Board (GASB) and the State Administrative Accounting Manual (SAAM) are followed,
2. A Chart of Accounts is maintained and changes are documented to ensure proper authority and controls,
3. The accrual accounting method is used,
4. The University’s financial data is recorded in the University’s central financial repository, and
5. Processes are established to support the integrity and completeness of financial data.

For effective fiscal management and reporting purposes, Accounting Services, in partnership with the Office of Strategy, Management and Budget, oversees and provides training to the campus on the University's accounting code structure and approval process. Required approvals for changes to the code structure are listed in the routing procedures for each code request form.

Accounting Services will:

1. Reviewing the chart of accounts regularly and delete obsolete or unused codes,
2. Maintain documentation of chart of accounts creation, changes, and approvals in accordance with state retention schedules.

Financial Managers are accountable for ensuring that they, and those to whom they delegate budget authority responsibilities, utilize University Accounting Services resources that provide guidance on property recording financial data for financial transactions. See also the Authorizing and Defining Financial Responsibilities Policy, POL-U5320.03

Departments are to record and report financial information to the University's financial repository within required timeframes outlined in related University policies, standards and procedures.

Corrections to financial data must be made in a timely manner, and, in all instances, within the fiscal year.

All employees whose duties involve creating, receiving, reviewing, and approving financial data are expected to use available related University resources, including training opportunities, to strengthen their understanding of the proper use of financial data. See Accounting Services Training Resources.

Employees are expected to take the appropriate steps to:

1. Verify the accuracy of the data,
2. Make necessary corrections, and
3. Report to Financial Manager if the integrity of any data appears questionable.

To support the integrity of financial data, Accounting Services personnel must ensure:

1. Journal vouchers are accompanied with sufficient documentation,
2. All financial data code (FOAPAL) requests (e.g. fund, org, account, program codes) have received required written approvals prior to implementing in the financial repository, and
3. The chart of accounts is reviewed regularly to identify changes needed to maintain integrity of financial data.

Authorized personnel whose official University role includes, but is not limited to, complying with state and federal reporting, data sharing agreements, audit requirements, public record requests, and court orders may release or authorize the release of financial information in accordance with their official job duties.

Other employees, including student employees, are prohibited from releasing non-published WWU financial data to external entities.

Any subsystems utilized by the University to obtain, process, and maintain financial data must be approved prior to implementation, and/or use, by the Associate Vice President of Finance and Business Services following a review by the Controller / Director of Financial Services.