Financial Resources

Overview

Financial Resources is charged with assuring the sound stewardship of the research funding resources entrusted to the University and its researchers by providing financial and financial risk management expertise, core accounting, reporting, financial and cash-flow management services, and financial policy development, implementation and enforcement. In meeting these objectives, Financial Resources operates within a broader multi-stakeholder framework and must rely on information provided to it by administrative services involved in pre-award and post-award administration of grants and contracts and on the sound financial administration of research projects by researchers and their faculties.

Financial Resources’ Roles and Responsibilities for Research Administration

Financial administration, including:

  • Implementing appropriate and effective policies, administrative and accounting systems and controls to ensure that the research is conducted in compliance with all applicable financial management and accountability standards
  • Working closely with other university services to assure the effective development and delivery of research management and financial management information tools and web-based services
  • Providing regular, timely, comprehensive and reliable internal financial statements to investigators and administrators
  • Advising and assisting researchers and administrators to manage their research funds, including:
    • Providing expertise in the use and management of the university’s financial system
  • Accounting for research funds received by the University, including:
    • Preparing and approving all financial reports to funding agencies in accordance with pertinent rules and regulations
    • Generating invoices during life of the award in accordance with the sponsor terms and conditions, including institutional awards
    • Reviewing expense eligibility and assuring appropriate documentation of expenditures when preparing financial reports
    • In coordination with other university services, preparing and approving financial reports for all indirect costs programs
  • Granting final approval of financial statements and reports and acting as final university authority in the submission of such reports
    • Ensuring appropriate consultation with and approvals from Researchers and relevant university services prior to submission of reports
    • Ensuring appropriate consultation with and approvals from Researchers and relevant university services prior to reimbursement of amounts to funding agencies
    • Auditing and approving financial forecasts where required
    • Approving reimbursements to funding agencies
  • Managing accounts receivable, including:
    • Processing research accounts receivable payments
    • Performing an initial collection role on research accounts receivable
    • Providing accounts receivable management reports for relevant university research administration teams
    • Assisting research administration teams in recovery of amounts due
  • Monitoring expenditures and over-expenditures on behalf of the University and providing regular reports to Researchers, faculty administrators, executives and Faculties and Research Management Services / ISS / SDI / International Research
  • Conducting regular visits with Faculties and administrative units to ensure awareness and respect of financial procedures, including periodic monitoring processes and visits
  • Coordinating research-related audits conducted by research sponsors and their agents
  • Training of all persons involved in the administration of research on aspects of the financial management of research funds relevant to their responsibilities

Payroll, including:

  • Establishing all business processes and systems to put persons on the payroll, ensuring they are paid, and terminating their pay when their employment relationship with the university ends
  • Deposit their pay or issue cheques, as appropriate
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