similarities & differences in financial management between a small private and a large public...
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Similarities & Differencesin Financial Management
Between a Small Private andA Large Public University
Susan Sharpless Smith, Z. Smith Reynolds Library, Wake Forest UniversityMary C. Horton, University Libraries, University of South Carolina
ALFMO Conference, March 10, 2013
Overview
• Introducing – University of South Carolina– Wake Forest and ZSR Library
• Financial Services Organizational Structure– @ University level– @ Library level
• Division of Labor
Source of Funds
• “State Funds”• Revenue Funds• Endowments/Gifts• Grants• Other
Transparency
• FOIA/State Records• Salaries• Purchase Card Transactions
Budget Development
• Annual Budget Calendar• Capital Budget• Operating Budget• Other Budget Activities
Budget Management
• Monthly updates• Managing the Materials Budget• Online Tools
Internal Accounting Controls
• Monthly/Mid Year/ Annual Closing Procedures• Approval Procedures• Budget Reviews and Hearings• Procurement
Negotiation of Vendor Contracts
• Materials/Acquisitions & Collection Development
• Office of Legal Counsel• Purchasing Office
Financial Record Management
• Purchase Card Procedures• PO, Contracts, Facilities and Printing Bills
Filing• Internal/External Audit
Similarities/Differences?
• Sources of Revenue• Transparency• End-of-Year Carryover• Contract Process
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