Effective: April 15, 2007
Clemson University’s business organization extends beyond the institutional financial area to encompass a network of personnel from colleges and administrative divisions who share responsibility of managing University financial resources. These areas work in partnership to achieve effective business practices. It is the collective and shared responsibility of these areas to work cooperatively in ensuring the financial integrity of the University.
Institutional level fiscal responsibilities include developing basic control procedures and accountability through establishing, documenting, and communicating institutional policies, procedures and guidelines, monitoring programs for compliance, and developing and facilitating ongoing training programs. Responsibilities also include supporting the University through establishing best practices, effective processes and useful management information.
College or Division Responsibilities
The college or division level plays a critical role in ensuring the financial integrity of the University. The Business Officer function supports each division or college by identifying administrative needs and implementing specific processes within each area. Through delegated authority from central administration, the Business Officers exercise discretion and judgment within the framework established by central administration. In cooperation with central administration, the Business Officers supporting their Dean or Division Head and the department heads share in the responsibility of control functions such as: the communication of University policies, procedures and guidelines; the authorization for delegation of signature approval or accountability to the departmental level; allocation of resources; development of college or division level policies and procedures; establishment of monitoring control mechanisms; identification of training needs; and communication of identified related issues to the institutional level.
The foundation for the financial integrity of the University is controlled at the departmental level. Within the framework of comprehensive and clearly documented policies and procedures, and effective training and monitoring, department heads are ultimately responsible for the University’s financial integrity and accountability at the transaction level.
Annual Confirmation Process
As part of the planning and review process for the fiscal year end, each Business Officer will be provided a Fiscal Year End Closing Review document as a communication and planning tool for review of basic fiscal control features within their college or division. This review document assists the Business Officer in identifying areas that may be problematic and issues that may need to be discussed with the Controller.
Each College or Division is to confirm receipt and review of the Fiscal Year End Closing Review document. The Business Officer or the dean/division head’s confirmation indicates that to the best of their knowledge significant areas that may be problematic and would result in material financial audit or fiscal integrity issues have been discussed or disclosed to the Controller or the Controller’s staff.