Job Family: Finance

This job family conducts the financial and accounting operations of the institution. Areas of responsibility include preparing, collecting and interpreting financial information; preparing budgets, reports, forecasts and statutory returns; conducting financial analyses of proposals, investments and fund sources; managing the institution’s taxation affairs; managing cost accounting systems and cash flow; controlling treasury and ensuring compliance with regulatory standards. This job family also includes positions responsible for accounting administration activities such as accounts payable, accounts receivable, credit, collections, billing and invoicing.

Finance Sub-Families

Accounting

Positions in this sub-family are responsible for managing or performing work in general financial accounting activities of the institution, including: Financial transaction recording standards; Control/reconciliation of accounts and records; Cost accounting/budgeting; Accounting reports/schedules for internal audiences (management reporting) and for external audiences (compliance reporting); May include administrative/transactional accounting support work, such as ledger maintenance and data entry.

Accounts Payable/Receivable

Positions in this sub-family are responsible for the institution’s creditor and debtor accounts. Manages or performs work in some/all of the following areas: Accounts Payable invoice verification, payment authorization and processing; Reconciliation of accounts payable ledgers to identify improper charges, validate transactions, and ensure accurate and timely payment of amounts due; Accounts Receivable invoice generation and verification of customer credit approval; Accounts Receivable payment processing and application to customer balances; Receivable age analysis and reporting.

Budget Planning & Management

Positions in this sub-family are responsible for providing for the preparation of budgetary reports, special projects and analyses as needed. Key responsibilities include reviewing expenditures to ensure conformance with budgetary provisions, compile data and prepare reports. Includes jobs responsible for developing, interpreting and implementing financial concepts for financial planning, resource planning (dollars), and control of organizational budget. Typical activities include monitoring annual budget performance, generating quarterly performance reports, and analyzing long-term funding strategies and financial plans.

Bursar

Positions in this sub-family manage and oversee services, financial transactions, and processes related to student accounts and student loans in compliance with federal, state, institutional regulations and policies. The management of student accounts includes invoicing, applying payments and financial aid disbursements, maintaining tuition remissions, issuing refunds, collecting on past due accounts and providing support for students, parents, external organizations as well as institutional departments.

Financial Management

Positions in this sub-family are responsible for the leadership of multiple areas of the finance function, including financial planning & analysis, financial control, accounting, tax, treasury, accounts payable/receivable, and credit & collections. Leads analysis, planning, and control of the institution’s financial transactions, systems and procedures to comply with regulations, accounting principles, and other internal/external financial standards.

Internal Audit

Positions in this sub-family are responsible for examining, evaluating, and reporting on financial, operational and managerial processes, systems and outcomes to ensure integrity and compliance. Activities include some/all of the following: Process/operations monitoring and review; Financial transaction monitoring and review; Systems auditing (e.g., IT systems audit; information security evaluation); Audit reporting for external auditors, regulatory authorities, joint venture partners, etc.

Payroll

Positions in this sub-family are responsible for ensuring staff are paid accurately and timely with correct withholding and deductions. Activities include: Calculating overtime, shift payments, etc.; Accounting, distributing, and preparing taxes and deductions; Maintaining payroll records; Preparing reports for management or to meet legislative obligations; Ensuring payments comply with collective bargaining agreements, legislation, or other regulatory instruments; Preparing and distributing pay information to staff; Answering questions from staff and supervisors regarding payroll matters.

Procurement

Positions in this sub-family are responsible for work associated with obtaining goods and services for all types of business processes applicable to the institution including: Indirect Operations (e.g., Office Supplies, Computers, Travel, Maintenance, Machine Parts, etc.); Direct Operations (e.g., Raw Materials and Services for Manufacturing, Production or Construction; Finished Goods for Retail, etc.) Activities include product/service sourcing, supplier selection, pricing/terms negotiation, order processing, contract administration, and supplier performance management.

Tax

Positions in this sub-family are responsible for the institution’s taxation affairs and for optimizing the institution’s taxation situation. Manages or performs work in some/all of the following areas: Calculation of tax liabilities, tax form preparation, and external filing/reporting; Research, analysis, and interpretation for purposes of tax compliance, planning, and optimization; Tax-specific transaction recording and record maintenance; Consultation with external consultants and agencies on tax matters.