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