Roles & Responsibilities
The mission of the Accounts Payable department is to pay properly authorized invoices timely, to take advantage of available discounts, comply with applicable laws, regulations and University policies and procedures, and establish a quality customer service program to maintain good relationships with vendors and departments.
Office of Sponsored Accounting.
The Sponsored Accounting Office ("SAO") is responsible for monitoring and executing the post-award administration of sponsored activity for the University.
To accomplish this task, SAO must maintain (1) an effective grants management system to monitor compliance with fiscal and reporting requirements as established by Federal and State law, agency regulations, University policy and procedures, and generally accepted accounting standards; (2) an effective cash management system to ensure the payment of obligations and the collection of funds, (3) accurate general ledger information to ensure proper financial presentation of sponsored activity within University financial records; and (4) a support structure for University personnel engaged in research activity.
To ensure proper post-award compliance, SAO regularly monitors activity and coordinates with pre-award departments, financial offices, departmental administrators, and principal investigators. In addition, SAO assists in the training of those involved in sponsored activities with courses offered through the office of Training & Organizational Development.
Compliance and Cost Analysis.
The Compliance and Cost Analysis ("CCA") unit of Sponsored Accounting Office ("SAO") is responsible for (1) providing accurate financial information required by Federal agencies, other governmental organizations and private sponsors (i.e., cost proposals and surveys); and (2) monitor financial compliance with federal, other governments and private agreements (i.e., allowability and allocability of costs, service center review).
To accomplish these functions CCA develops and maintains the financial models and systems required for preparing and submitting an indirect cost proposal and fringe benefit proposal to the Department of Health and Human Services (i.e., CCA develops the documents and studies for the University's negotiation with the Federal government on organized research indirect cost and fringe benefit rates; and CCA prepares special cost studies including space functionalization, energy utilization, inventory, and building componentization studies). CCA conducts risk based audits of sponsored transactions to review for financial compliance. CCA works on the direction and development of the federally required Cost Accounting Disclosure Statement and maintains and updates the document as needed or required. CCA analyzes University financial and budgetary data and develops the financial models for trend analysis, survey requirements, and for internal and/or external studies.
The Payroll Department's main function is to generate timely and accurate salary payments to employees. Issuance of business related reimbursement expenses to employees and payments to vendors is another responsibility. The Department also addresses payroll related questions, inquiries as well as provide formal and informal training sessions to the University staff. All of these functions are completed while assuring that the University remains in compliance with payroll tax requirements set by the Social Security Administration, Federal, State, and local Governments. Our objective is to provide service in a courteous and positive manner.
Purchasing & Contracts.
Purchasing & Contracts' ultimate goal is making best use of University resources, while providing and directing departments to sources fully capable of providing the necessary goods and services to fulfill their responsibilities in support of Georgetown's core missions of teaching and research. Key to this goal is the responsibility of reviewing contracts, in an effort to establish fair and favorable terms that minimizes risk while promoting sound business decisions.
Financial & Accounting Services
General Accounting is responsible for the integrity of the University's financial records and systems and for assuring that the transactions entered into the University's General Ledger are recorded in accordance with Generally Accepted Accounting Principles and the Accounting Policies of the University.
Financial Management & Reporting Services
Financial Planning & Analysis
Budget Office leads resource planning, budgeting and analysis in support of the university's mission by:
Providing accurate and timely reports and information to the University community regarding budgetary and other selected financial matters.
Preparing, implementing and maintaining the University's annual operating budget and long-range plan.
Developing budget forecasts, revisions, reports and analyses to support resource allocation and decision-making as requested by budgetary unit administrators and senior administration.
Implementing budgets and funding for major capital and construction projects.
Utilizing technologies and tools to improve timeliness and accuracy of financial analyses, budget planning and development, and management reporting.
The mission of the Tax Department is to initiate, research, and guide the university in areas of focus related to tax issues.
Treasury Operations manages the University's treasury and cash management needs including banking relations an daily funding requirements.
Financial Systems is responsible for the technology supporting the division of Financial Affairs’ activities. This includes:
Workstations (hardware and software), laptops, printers, and PDAs
Local servers for authentication, printing, and file storage
PeopleSoft Financials for support of GL, AP, Purchasing, and Grants Management
The FA website
The Investment Office was established in the summer of 2005 with the appointment of Georgetown University's first Chief Investment Officer, Larry Kochard. The office manages the University's invested assets, the largest pool of which is the endowment. No funds are managed internally; the office adds value through asset allocation, disciplined rebalancing, and the selection of investment managers. The Investment Office ensures compliance with governance and investment processes that include the frequent review of investment performance and risk measurement of its investment portfolios. Fiduciary oversight for the endowment and other portfolios resides with a subcommittee of the Board of Directors.