1 / 28

Stewardship, Accountability and Regulatory Compliance

Stewardship. StewardshipThe careful and responsible management of something entrusted to one's care.Fund AccountingSources and uses of funds.. Why is Stewardship So Important?. Mission FundingImageStakeholders. What Is Our Mission?. TeachingResearchPublic Service We should be able to ident

lucita
Download Presentation

Stewardship, Accountability and Regulatory Compliance

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


    1. (rev 3/07) Stewardship, Accountability and Regulatory Compliance Jim Corkill Sandra Featherson Office of the Controller

    2. Stewardship Stewardship The careful and responsible management of something entrusted to one’s care. Fund Accounting Sources and uses of funds.

    3. Why is Stewardship So Important? Mission Funding Image Stakeholders

    4. What Is Our Mission? Teaching Research Public Service We should be able to identify a cost to one of our missions.

    5. Where Does UCSB Get Funding? Taxpayers Donations Variety of Agencies/Foundations Fee for Service Housing Parking Indirect Cost Recovery

    6. Why Is Our Image Important? Ability to attract students Ability to attract faculty Ability to attract staff Quality of research Community perception World renowned public institution

    7. Who Are Our Stakeholders? Students Parents Employees Donors/Agencies Taxpayers in California

    8. Discussion Item #1

    9. Additional Considerations Does the individual coding the entertainment request know what funding source to use? Has he been properly trained? Does she understand the policy?

    10. Financial Controls Do you have the right ones in place? Separation of Duties Reconciliation and Review Proper Training Risk assessment

    11. Risk Assessment What are your objectives? What are the risks to achieving those objectives? What are the consequences? What are the controls in place to manage the risks? Do you have an acceptable level of exposure?

    12. Scenario #1 Your department is hosting an international conference. Expected revenue is $100,000 for 250 participants. You are planning to accept cash/checks for conference registration. The hosting professor decides he wants to accept credit cards. Perform a risk assessment and evaluate whether or not to accept credit cards.

    13. Accountability Accountability An obligation or willingness to accept responsibility or to account for one’s actions.

    14. What Are Your Responsibilities as a Business Officer? Establish and maintain effective internal controls Manage the accountability structure of your department Ensure a reasonable distribution of workload Make sure your department is adequately trained When needed, delegate to qualified individuals who have the necessary knowledge and authority

    15. What Are Your Responsibilities as a Business Officer? Review/approve back-up plans, including the assignment of back-up personnel, and review official record of approval delegations on a regular basis Assign or obtain the services of a Dept. Security Administrator (DSA) Ensure a clear audit trail exists for delegations, preparation and review of transactions

    16. Preparing / Reviewing What does the preparer need to know? Policy Funding Source System Navigation What does the reviewer need to know? Policy Funding Source Appropriateness

    17. Scenario #2 Your department wants to get a new Flexcard for low value purchasing. What is an appropriate segregation of duties?

    18. Regulatory Compliance: It’s Everywhere Payroll Visa issues, start dates, Oath/Patent, 72 hour rule Travel IRS issues, reimbursement of actual costs Purchasing LVPA, consultants Record Retention

    19. Regulatory Compliance: Why Is This So Important? Stewardship and ethics “Doing the right thing” Decision making and conclusions Financial reports Audit Review Institution at risk

    20. Policies/Rules: Where Do You Go? Agency Regulations University Policies (IRS rules) Campus Policy and Guidelines Control Point Policies

    21. Scenario #3 An academic department has hired a tenured professor from England. The Chair promised to pay all removal expenses, travel to Santa Barbara, and lodging and meals for one week for her family once in Santa Barbara. What are the regulatory issues?

    22. Conflict of Interest Business to benefit the University, not for personal gain Perceived conflicts must be evaluated Reporting responsibilities

    23. Conflict of Interest Vendor decisions Close friend or relative Invested in the company Personal discounts based on University business Policy UCSB Policy 5005, Conflict of Interest

    24. Discussion Item #2 The copy machine in your office needs to be repaired. Your brother-in-law owns a repair shop located near the campus. He has the best rates, and gets a lot of University business. Is it ok to ask him to repair your machine?

    25. Discussion Item #3 The director of your department has invested in a local software company and they have offered to develop a shadow system for your department free of charge. What do you do?

    26. Support Groups Purpose Fundraising Public Outreach Examples Friends of the Library The Art, Music and UCSB Affiliates

    27. Support Groups Must receive official recognition from the Chancellor. Establishes privileges and responsibilities, including use of University’s name, facilities and resources. Funds raised by such entities must be adequately controlled and expended in the same manner as if the funds were raised by the University.

    28. Questions?

More Related