Financial Management
Financial Management’s primary responsibility is to be an exemplary fiduciary in support of the University’s academic, research and public service missions. Specifically, Financial Management includes the following systemwide
support functions:
- Corporate Accounting is responsible for UC financial accounting policy and the consolidated financial reporting under GAAP for campuses, medical centers, University of California Retirement System and foundations. This unit maintains the Corporate Financial Reporting (CFR) system and coordinates the systemwide annual fiscal close and external audit. In addition, Corporate Accounting is responsible for UC debt accounting, reporting and administration and provides technical financial guidance on unusual/nonrecurring transactions such as leases, joint ventures, pensions, other postemployment benefits and DOE Laboratory dispositions.
- Endowment and Investment Accounting is responsible for centralized accounting and financial reporting for endowment funds, campus foundations, other UC affiliated organizations and deferred gifts. This area is also responsible for participant accounting for the General Endowment Pool, High Income Pool and Short Term Investment Pool, including recording and reconciling investment transactions, as well as accounting and recording investment activity for the University of California Retirement Plan (UCRP) and University of California Retirement Savings Plan (UCRSP) funds, including pool processing for the UCRP and Department of Energy Laboratory segments.
- Financial Planning and Analysis provides financial planning and support for auxiliary business operations, including reviewing new campus construction, facilities or business development for project objectives and financial feasibility.
- Costing Policy and Analysis provides systemwide management of the financial and costing issues for federal and other extramurally funded projects, including regulatory analysis and policy development, federal indirect cost rate proposals, and coordination, negotiation and resolution with federal agencies and federal audit management.
- Payroll Coordination and Tax Services is responsible for developing systemwide policy and procedures regarding payroll, disbursements and tax matters, preparation of consolidated tax returns, evaluation of new tax developments, interpretation of tax laws and coordination of IRS exams.
- Pension and Benefits Financial Services is responsible for financial management and reporting functions in connection with the University of California Retirement System (UCRS), including UCRP and UCRSP, the Health and Welfare Program and the University of California Retiree Health Benefit Trust. These functions include financial transactions, financial reporting and analysis, financial audit coordination and internal control assessment and monitoring.
