Davis Finance Department: Stewards of University Resources

The Finance Department at the University of California, Davis plays a crucial role in ensuring the financial health and stability of the institution. As stewards of university resources, they are responsible for a wide array of functions, from managing the budget to processing payments and ensuring compliance with regulations.

Key Responsibilities

The department’s responsibilities are far-reaching, encompassing:

• Budget Planning and Management: Developing and monitoring the university’s annual budget, allocating resources strategically to various departments and programs, and providing financial forecasting to guide decision-making.
• Accounting and Financial Reporting: Maintaining accurate financial records, preparing financial statements in accordance with generally accepted accounting principles (GAAP), and providing timely and reliable financial information to stakeholders.
• Treasury Management: Managing the university’s cash flow, investments, and debt, ensuring liquidity and maximizing returns while adhering to risk management policies.
• Procurement and Payment Services: Overseeing the procurement process, ensuring compliance with procurement policies and procedures, and processing payments to vendors and employees.
• Payroll Services: Administering payroll for all university employees, ensuring accurate and timely payment of wages and salaries, and complying with all relevant tax laws and regulations.
• Tax Compliance: Ensuring compliance with all applicable federal, state, and local tax laws and regulations, including reporting and filing requirements.
• Internal Controls: Developing and implementing internal controls to safeguard university assets, prevent fraud, and ensure the accuracy and reliability of financial information.

Structure and Organization

The Finance Department is typically structured into various units, each specializing in a particular area of finance. These units may include:

• Controller’s Office: Oversees accounting, financial reporting, and internal controls.
• Budget Office: Responsible for budget planning and management.
• Treasury Services: Manages cash flow, investments, and debt.
• Supply Chain Management: Handles procurement and payment services.
• Payroll Services: Administers payroll.
• Tax Services: Ensures tax compliance.

Impact and Significance

The Finance Department’s work is essential for the University’s overall success. By effectively managing financial resources, they enable the university to:

• Support academic programs and research initiatives.
• Maintain and improve campus infrastructure.
• Provide financial aid to students.
• Attract and retain talented faculty and staff.
• Operate efficiently and effectively.

The department’s commitment to accuracy, transparency, and compliance is crucial for maintaining public trust and ensuring the long-term financial sustainability of the University of California, Davis. They work tirelessly to support the university’s mission of teaching, research, and public service.