Financial Compliance: Authority and Accountability
FIN-ACC-650
About This Policy
- Effective Date:
- 02-09-2023
- Date of Last Review/Update:
- 02-09-2023
- Responsible University Office:
- Office of the University Controller
- Responsible University Administrator:
- Vice President and Chief Financial Officer
- Policy Contact:
University Controller, Office of the University Controller
- Policy Feedback:
- If you have comments or questions about this policy, let us know with the policy feedback form.
Scope
This policy applies to all Indiana University units, financial leadership, and employees.
Policy Statement
The Vice President and Chief Financial Officer (VPCFO) formally delegates to the Office of the University Controller (UCO) oversight authority for the university’s external financial audits, fiscal internal controls and related compliance. This delegation encompasses financial policy, standards, transactions, systems and reporting, as it relates to external financial compliance for the university as a whole. UCO oversees the Fiscal Governance, Compliance and Accountability Standards within the IU Accounting Standards, which further delegates institutional responsibilities by the VPCFO for university financial compliance. The IU Accounting Standards serves as the authoritative and comprehensive guide on accounting, financial reporting, fiscal compliance and controls at Indiana University.
Reason for Policy
To establish the authority and delegation of financial compliance and accountability at Indiana University.
The Indiana University Board of Trustees (Board) is authorized with the governance of Indiana University by the State of Indiana IC 21-27-2. The Trustees approved a resolution in 1987, conferring upon the university President the duty, responsibility and authority to manage and administer Indiana University in accordance with Board policies and all applicable law. The VPCFO, by delegation of the President, is responsible for the general oversight of fiscal and administrative activities, including authority over fiscal policy and associated financial compliance.
History
This policy was posted for review on October 7, 2022 and made effective February 9, 2023. Non-substantive revisions to the policy were made on May 3, 2023.