similarities & differences in financial management between a small private and a large public...
DESCRIPTION
Presentation at the Inaugural Conference of the Association of Library Financial Management Officers Susan Sharpless Smith, Z. Smith Reynolds Library, Wake Forest University Mary C. Horton, University Libraries, University of South Carolina Arcadia University, Glenside, PA March 10, 2013TRANSCRIPT
Similarities & Differencesin Financial Management
Between a Small Private andA Large Public University
Susan Sharpless Smith, Z. Smith Reynolds Library, Wake Forest UniversityMary C. Horton, University Libraries, University of South Carolina
ALFMO Conference, March 10, 2013
Overview
• Introducing – University of South Carolina– Wake Forest and ZSR Library
• Financial Services Organizational Structure– @ University level– @ Library level
• Division of Labor
Source of Funds
• “State Funds”• Revenue Funds• Endowments/Gifts• Grants• Other
Transparency
• FOIA/State Records• Salaries• Purchase Card Transactions
Budget Development
• Annual Budget Calendar• Capital Budget• Operating Budget• Other Budget Activities
Budget Management
• Monthly updates• Managing the Materials Budget• Online Tools
Internal Accounting Controls
• Monthly/Mid Year/ Annual Closing Procedures• Approval Procedures• Budget Reviews and Hearings• Procurement
Negotiation of Vendor Contracts
• Materials/Acquisitions & Collection Development
• Office of Legal Counsel• Purchasing Office
Financial Record Management
• Purchase Card Procedures• PO, Contracts, Facilities and Printing Bills
Filing• Internal/External Audit
Similarities/Differences?
• Sources of Revenue• Transparency• End-of-Year Carryover• Contract Process