Each core element of UVM's financial management framework has associated key roles and responsibilities.
Audit Committee of the Board of Trustees
In addition to its responsibilities outlined in the Audit Committee Charge and Charter:
- Freely engages management to better understand the University’s financial reports, particularly with respect to the process of internal control that guided their compilation.
- Represents the Board of Trustees in providing oversight of the University's enterprise risk management practices.
- Approves the Chief Internal Auditor’s multi-year audit plan. The Audit Committee Chairperson ensures the performance of internal and external audit functions in support of the Audit Committee responsibilities.
- Reviews the effectiveness of the University's practices related to monitoring its compliance with applicable laws and regulations.
Chief Internal Auditor
- Assures the effectiveness of the University’s enterprise risk management program, the appropriate management of major business risks, and the effective operation of the management and internal control framework through audits of high-risk areas and reporting of risks.
- Conducts a University-wide risk assessment to inform the development of a multi-year audit plan that is approved by the Audit Committee.
- Develops and maintains procedures to ensure communication from the University’s senior executive team to internal and external auditors and the Audit Committee of known significant changes to or deficiencies in the University’s internal control environment and structure.
- Tests the efficacy of and adherence to internal controls for financial operations.
- Expresses an opinion on whether the University’s financial statements fairly present the financial position of the University at fiscal year end.
- Performs contractual work assigned by the Audit Committee.
- Expresses an opinion on whether the University is in compliance with Federal Regulations as pronounced by the Office of Management and Budget and the National Collegiate Athletic Association's Agreed-Upon Procedures.
- Sets the tone of the institution with respect to the internal control environment and organizational culture in which the financial business of the University is conducted;
- Ensures that chosen strategic objectives support and align with the University’s mission;
- Maintains the University’s Conflict of Interest and Conflict of Commitment Policy (PDF).
- Implements and maintains the University's Code of Conduct and Ethical Standards (PDF).
Budget, Finance and Investment Committee of the Board of Trustees
- As outlined in the Budget, Finance and Investment Committee Charge.
Provost and Senior Vice President
Vice President for Finance and Treasurer
In addition to responsibilities outlined in the University Bylaws (PDF):
- Ensures the financial stability and integrity of the institution.
- Oversees the Division of Finance and advises the President, Provost, and Board of Trustees on all aspects of strategic financial matters.
- As University Treasurer, is responsible for the preservation of the University’s assets, the receipt and investment of funds, and the management of cash and securities.
- Oversees the University's internal control structure.
- Oversees the University’s financial accounting and reporting and communicates financial reporting issues to the President’s senior leadership team and the Audit Committee on at least a quarterly basis.
- Coordinates the certification by Deans and Vice Presidents of their budget-to-actual reports with explanations of variances from expected budget conditions.
- Guides strategic planning of financial service delivery.
University Budget Director
- Supports long- and short-term planning needs of the University’s chief budget officer (Provost) and chief financial officer (Vice President for Finance.)
- Coordinates the University’s annual budget building process, including reporting procedures that include thresholds for disclosure.
- See also Financial Analysis & Budgeting Office
- Implements and maintains the overall internal control structure in which the financial work of the institution is performed, including setting the standards and expectations for internal controls within the University’s business processes.
- Coordinates the University’s annual financial accounting and reporting.
- Oversees the University’s daily performance of financial transactions.
- Identifies, maintains, and documents financial policies and procedures.
- Designs internal controls for financial operations that promote the efficiency and effectiveness of University business operations.
- Educates the University’s senior executive team, Vice Presidents and Deans, senior business officers, unit business officers, faculty, and staff regarding their respective roles and responsibilities relevant to the University’s internal control environment and structure.
- Implements new Governmental Accounting Board Standards and/or Federal Office of Management and Budget pronouncements.
- See also University Financial Services & Controller's Office
Director of Operational Excellence
- Collaborates with Division of Finance leadership, Enterprise Technology Services, and users across campus to align the University’s delivery of financial services and information technologies with the internal control environment and the business needs of the campus community.
- Support the Division of Finance leadership in communicating and training the campus community about financial policies and procedures
- Provide business process improvement, systems analysis, and project and change management services to financial process owners
- Promote a Division of Finance culture of continuous improvement and responsiveness to the campus community through internal communication and professional development
Vice Presidents and Deans
In addition to responsibilities outlined in the University Manual (PDF):
- Direct the manner in which their division, college, or school conducts, manages, and accounts for, and reports on its financial activities.
- Identify strategic objectives for their division, college, school, or unit.
- Assess the risks to achieving their objectives.
- Construct annual budgets that incorporate their means of achieving strategic objectives and mitigating unacceptable risks.
- Quarterly, certify their units’ budget-to-actual expenditures and explain variances from expected budget conditions in a report to the Vice President for Finance.
University Business Managers
- Oversee the financial activity of their unit in accordance with University policies, procedures, and guidelines.
- Supervise or coordinate the work of department-level business and financial staff who conduct the daily financial transactions necessary to support the activity of their unit.
- Adhere to the University’s Code of Conduct and Ethical Standards.
All University employees
- Adhere to the University’s Code of Conduct and Ethical Standards, which requires all University faculty and staff to assume responsibility for safeguarding and preserving institutional resources so as to advance the institutional mission.