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Financial Services has two components. The
main Financial Services office is on the second floor of the
Administration-Humanities Building and has a staff complement of
approximately 24 full time equivalent staff. The Supply
Management Services office is also part of Financial Services, has 6
full time staff and is located in the College West Building beside
the entrance to the Bookstore.
The functions performed by Financial Services include:
- All the of University's basic day to day accounting
functions - accounts payable, accounts receivable, student
tuition payments, budget monitoring, approval of student loans,
banking, faculty and staff expense claims, etc.
- Preparation of financial statements and reports for public
distribution for the University and pension plans. In addition
to annual financial statements, reports are required for the
CRA (Canada Revenue Agency), the IRS (US Internal
Revenue Service), Statistics Canada, CAUBO (Canadian Association
of University Business Officers), etc.
- Analysis of financial information and preparation of reports
for the Senior Executive, including the monthly financial
reports for the Board of Governors.
- All insurance and risk management functions.
- Maintaining the University's fixed asset database and
performing regular asset counts to ensure the University's
assets are safeguarded.
- Cash flow projections and the management of the University's
working capital, including short term investments.
- The administration of over 1,300 research and special purpose
accounts.
- The administration of over 600 trust and endowment accounts
and the related investments valued at approximately $24 million.
- Payment of all University scholarships.
- Provision of reporting systems to faculty and staff for
obtaining their required information out of the financial
systems.
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