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  4. Quarterly Financial Review Policy

Quarterly Financial Review Policy

This policy addresses expectations for departments and programs in conducting required quarterly financial reviews of the appropriate areas utilizing Oracle reporting.

Policy and Procedures

Departments and programs have financial oversight responsibility of their respective areas with ultimate responsibility held by the Office of the Dean. In order to promote best practices and provide consistent reporting across the College of Arts & Science the following procedure is required each quarter, one to two business days after the university’s financial close. Financial Unit Managers (FUMs) hold a key role in the review process and are responsible for working with appropriate staff in the area to complete this task effectively and efficiently. The college requires the following steps to insure timely and accurate reviews:

  1. After quarterly financial close the FUM (and Grant Manager if applicable) will run and compile the following reports from Oracle
    1. Budget vs. Actual POV
    2. PPM Project Budget vs. Actual
      1. Faculty Funds (including chair task 110)
      2. Grants and Contracts
      3. Endowments and Gifts
  2. The Budget vs. Actual POV report should be reviewed against the quarterly year-to-date budget and any expense variance of 5% and $500 should be identified and explained.
  3. The PPM reports for all projects should be reviewed and any deficits, awards within 90 days of closing, or awards in the 90-day closeout period should be explained and corrective action documented.
  4. Once the actions have been completed, an email explaining the variances and an attachment of each of the reports should be sent to the chair or director and the divisional Senior Administrative Officer (SAO).
    1. In those departments that have an Administrative Officer, the report should be sent first to the AO who will review and then send on to the chair or director and the divisional SAO.
  5. If any errors are discovered or corrections needed, these should be escalated immediately to the divisional SAO.

The Dean’s Office will be auditing/monitoring procedures performed to ensure timely completion and effectiveness.

It is essential that this be completed each quarter, should a FUM fail to complete this review and escalate errors or concerns appropriately; disciplinary action may be taken up to and including termination. The College of Arts and Science adheres to Vanderbilt’s established financial policies. In cases where college guidelines differ from university policy, it is expected that the more restrictive policy take precedence.

Effective date: June 1, 2019