Management of our financial resources is not only important to our fiscal health as a college — strong and consistent implementation of policy and procedure builds confidence and trust for all stakeholders. A key aspect of that management is how each of us manages revenue and expenses in support of our teaching, research and outreach mission. This message is a reminder that any revenue collected for activities conducted in your role as a University employee must be deposited in an Ohio State account, and any spending must occur through Ohio State financial processes with proper approvals.
Example: conferences coordinated and/or led by college faculty and staff, or sales of goods or services, must process revenue and expenditures through the Ohio State accounting system, rather than through an account (checking, PayPal, etc.) set up by an individual. Certain exceptions, such as local OSU Extension county checking accounts, are allowable with proper approvals. See, below, for references or reminders from University Audit.
Should you have questions about the internal control requirements related to income and expenditures, or be in a situation where you are managing funds outside of Ohio State financial processes, please contact Eric Bode, CFAES Finance Director at bode.42@osu.edu or 614-247-7125. Eric and his team are very willing to work with faculty and staff to ensure compliance with all university policy and procedures that will ultimately help build trust and confidence with our stakeholders, including our funding partners.
Reminders on Bank Accounts from the Department of Internal Audit:
The University’s Board of Trustees has delegated the responsibility to open bank accounts on behalf of the University to the University’s Treasurer, within the Office of Financial Services. Under rare circumstances, a bank account may be established outside of the University’s internal control structure; however, in these situations, the Office of Financial Services would establish written contracts/agreements and would require proper management oversight.
Reminders on Internal Control Structure and Management Oversight from the Department of Internal Audit:
The University’s Internal Controls Policy #1.11 states that internal control requirements must be in place in order to create an environment of accountability with effective monitoring and oversight. The dean or vice president of each college or support unit is responsible for the internal controls and monitoring activities of his/her area. The policy also notes that segregation of duties must be maintained and that every transaction must be approved for business purpose by individuals who have the business knowledge and authority to determine the appropriateness of the transaction.
Additional information:
Ohio State Business Practices Policies
The Ohio State University Office of Compliance and Integrity and
Anonymous Reporting
Or contact your department/unit’s financial officer
