General Financial

  1. Is there an organizational chart clearly defining lines of authority and responsibility?

    • Ideal Answer: Yes. If no organizational chart is available, such lines should be clearly established and communicated to department personnel.


  2. Is there a current policies and procedures manual in the department covering all functions? Is there a systematic procedure to keep them updated?

    • Ideal Answer: Yes. Documenting procedures helps ensure consistency by providing a clear means to communicate standards and expectations to staff.


  3. Are all funds and accounts reviewed monthly and variances or deficits noted, analyzed and reported to management?

    • Ideal Answer: Yes. Departments should ensure financial reports are adequately reviewed and unusual activity or trends reported to management.


  4. Are all financial funds or accounts assigned to a responsible person who is accountable for properly managing the fiscal resources?

    • Ideal Answer: Yes. Frequent communication can help reduce misunderstandings and identify potential problems earlier.


  5. Does department maintain the detail for all journal entries (CV's) prepared and posted to the general ledger?

    • Ideal Answer: Yes. Often the general ledger journal entry is just a summary of many transactions over the course of a day, week, month, etc. In these circumstances, the department should maintain the original documentation or individual transaction detail that supports these journal entries.


  6. Are the results of operation monitored through use of measurable performance indicators? Are written reports required by management to evaluate performance?

    • Ideal Answer: Yes. Departments should have a methodology to identify key business processes and routinely measure how well they carry out those processes.


  7. Do supervisors meet regularly and informally with management? Do reports highlight significant or unusual variations?

    • Ideal Answer: Yes. Frequent communication can help reduce misunderstandings and identify potential problems earlier.


  8. Does the department have procedures for monitoring compliance?

    • Ideal Answer: Yes. Departments should identify and document all key compliance issues and ensure responsibility for maintaining compliance is clearly assigned to appropriate personnel.


  9. Are records maintained in accordance with the Records Management Policies?

    • Ideal Answer: Yes. Departments should be aware of approved records retention policies to ensure that both proper records are maintained and unnecessary records are disposed.


  10. Does department record and track issuance of keys?

    • Ideal Answer: Yes. Departments should be aware of employees who have keys to buildings, labs, safes, etc., and ensure all keys are promptly returned from any employee either no longer requiring access or leaving the employment of the University.


  11. Are all department employees who work with student records familiar with FERPA policies?

    • Ideal Answer: Yes. University provides free training to any University employee.