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Accounting and Financial Reporting |
Welcome to UI Accounting and Financial Reporting
Mission
The mission of Accounting and Financial Reporting is to (a) serve as the custodian of the general ledger, related accounting transaction and reporting applications and data warehouse tables (b) provide timely, comprehensive, and accurate financial reports and analysis, and (c) maintain a system of internal accounting and system controls to safeguard University assets and ensure financial data integrity. Accounting and Financial Reporting is committed to fullfilling our mission in an ethical, courteous, cost effective, and efficient manner.
Responsibilities
Financial Systems & Accounting Close
- Serve as custodian of the University’s general ledger system, maintain general ledger system business process controls, security access, account structure, report writer, allocation, and average-daily-cash-balance functionality.
- Coordinate, monitor, and verify journal entry data sent from other systems to the general ledger. Provide guidance, education, training, and trouble-shooting support to owners of these systems to implement and maintain an accurate and efficient process.
- Serve as custodian of the department’s related accounting transactional online applications and their underlying tables, GL and Cumulative Compensation online reports and their corresponding data warehouse tables. Maintain business process controls and security access, identify issues and provide error resolution.
- Coordinate and process month and year-end general ledger closings and distribute related electronic financial reports.
Cash & Investments Accounting & Reporting
- Reconcile numerous accounts and research and resolve variances, including the University bank account reconciliation.
- Maintain the functionality used for distributing investment income to participants of pooled investments.
- Perform cash, investment, and endowment accounting.
- Provide education and materials for cash handling practices and audit procedures submitted by departments for compliance with policy.
- Coordinate and support the request evaluation, distribution, and monitoring of program cash advances.
Internal & External Financial Reporting
- Prepare the University’s annual Financial Report in accordance with Generally Accepted Accounting Principles (GAAP) and coordinate and prepare responses to auditors.
- Prepare the University of Iowa’s component of the State of Iowa’s Comprehensive Annual Financial Report (CAFR).
- Manage accounting for long-term debt from bonds, capital leases, and notes payable and financial reporting on interim and annual basis.
- Prepare data and analysis for establishing the fringe benefit rates for the next fiscal year and projecting future years.
- Prepare multiple financial reports, survey responses, and financial analysis on recurring and request basis for governmental agencies, educational institutions, University management, and the campus community.
- Prepare and file quarterly sales and annual unrelated business income tax returns.
Accounting and Financial Reporting strives for continuous process improvement by maximizing the use of our technology resources, continuing education, and collaborating with our customers.
Contact and Communications
Accounting & Financial Reporting is a department within the Finance and Operations organization
