The Finance Office consists of financial forms, payroll, financial reports and statistics, budgeting, grant management, accounting and similar policies and procedures. The primary function of the Finance Office is to design, plan, budget, assess for, and protect the university’s financial resources. It ensures that all University sponsored activities are carried out efficiently and in a timely manner. Financial concerns can include tuition, academic and other educational costs, facility maintenance and improvements, student association fees and contributions, and other aspects such as special grants and scholarships. The Finance Office provides budgetary advice to the campus as well as to the outside community on matters concerning the University’s funds.
The primary function of the finance office includes preparation of an annual budget which informs the campus about the activities and programs of the academic community and provides a basis for the allocation of funds for these activities. Students, faculty, staff, administrators, and others have a responsibility for preparing the budget. In addition to the budget, the finance office includes financial reporting, accounting, auditing, financial planning and counseling, and other related responsibilities for the care of the funds.
Transferring Insurance Papers The responsibility for transferring insurance papers is performed by the property, insurance, and accounting departments. The finance office monitors these functions and ensures that they are properly completed and delivered. If there is a need to transfer funds between accounts payable and accounts receivable, the finance office will assist in making the transfer.
Grants, Scholarships, And Loans Another vehicle for which the finance office handles grants, scholarships, and loans are the procurement and preparation of applications for these programs. For example, when an individual seeks a grant or scholarship, the grantor must prepare and submit an application in order to qualify for the award. In addition to preparing the application, the finance department assists with the submission and approval of the application.
Accounting And Auditing A third vehicle for which the finance department plays a role is the detection and resolution of accounting irregularities or problems. If an individual receives a large payment, such as a commission, or a check for an excessive amount of money, he may have received improper payment. When this happens, the finance department may be called upon to investigate the payment. They may perform an audit of records, collect documents, or request the individual to repay the excess amount received.
Financing And Lending Loans are another vehicle for which the finance department is called upon. These loans are often used to finance a wide variety of items, including research studies, plant and equipment purchase, expansion of existing business, school construction, purchasing equipment, and business travel. As you can see, there are a wide variety of uses for this department.
Insurance Fraud is a serious issue that finance and legal professionals work very hard to prevent. Individuals who falsify information on auto and home loans, personal loans, student loans, or tax returns can face serious financial consequences. While many individuals assume that they will not fall victim to insurance fraud, it is true that innocent people do fall victims to insurance fraud every year.
TransUnion Insurance Transfer The final vehicle in the line of vehicles that finance and legal professionals utilize to assist their customers is the TransUnion Insurance Transfer. This service is utilized when an individual has applied for a car loan but has been denied because his credit report did not meet the lending institution’s requirements. When an individual applies for a vehicle loan and is denied, the lender will often request that the applicant provide proof that he meets the lending institution’s loan criteria. In most instances, the borrower will provide proof of identity by presenting a SSN or EIN number.
