1. Financial Reporting: UAS prepares and issues the university's financial statements, including the annual financial report, in accordance with generally accepted accounting principles (GAAP) and applicable regulations.
2. Budgeting and Forecasting: UAS assists in the development and implementation of the university's annual operating and capital budgets. They provide financial projections and forecasts to help decision-makers plan and allocate resources effectively.
3. Accounts Payable and Receivable: UAS manages the university's accounts payable and accounts receivable processes. They ensure timely payments to suppliers and collect outstanding receivables efficiently.
4. Payroll and Benefits Administration: UAS processes payroll for faculty, staff, and student employees. They also administer benefits programs, such as health insurance, retirement plans, and paid time off.
5. Cash Management and Investments: UAS oversees the university's cash management activities, including investing idle funds to generate income and managing cash flow to meet operational needs.
6. General Accounting: UAS handles various accounting functions such as recording and classifying financial transactions, reconciling accounts, and preparing journal entries.
7. Financial Compliance: UAS ensures compliance with federal and state regulations and policies related to accounting and financial reporting. They also assist with external audits and provide support during financial statement audits.
8. Financial Training and Consulting: UAS offers training and consultation services to university departments on various accounting and financial management topics.
9. Internal Controls and Risk Management: UAS implements and monitors internal controls to safeguard university assets and mitigate financial risks.
10. Capital Project Accounting: UAS provides accounting support for capital projects, including managing project budgets, tracking project costs, and ensuring proper capitalization and depreciation of assets.
Overall, the University Accounting Services (UAS) plays a crucial role in managing the financial resources of the university, ensuring accountability, and providing accurate and timely financial information to decision-makers.