Fiscal Roles and Responsibilities

2:001 Fiscal Roles and Responsibilities

Adopted:  08/2000
Revised:  03/15/2022; 02/12/2026

Responsible Office
MU Division of Finance and Business Services

POLICY STATEMENT

It is every employee’s responsibility to be a good steward of the resources entrusted to the University and to make decisions and take actions in good faith that serve the University’s best interests. Certain individuals/positions have additional responsibilities as further described below.

Primary fiscal responsibility rests at the level where expenditures are made, with those who initiate programs and decide how to implement them. Planning is an interactive process that ultimately results in approval at the upper levels of the University (Board of Curators, president, chancellor, vice chancellor, and provost).

The actual details are decided at the operating level (deans, directors, department chairs, and unit leaders) within the constraints of University policies. Ultimate responsibility for ensuring that fiscal transactions are in accordance with approved plans, programs, and policies rests with the level at which the specific decision to take action was made.

Benefits to The University

Steward of Funds

The University receives funding from diverse sources, including taxpayers, students, and benefactors. Regardless of the source, the University has an obligation to demonstrate that it has been a wise steward of funds entrusted to it.

Accountability

The process of accountability begins with the planning for receipt and expenditure of funds and carries through to retaining documentation of what transpired. Additionally, transaction documentation should ensure that how funds were used can be determined well after the fact, even if the principals are no longer available. Thus, each transaction must stand on its own, with sufficient information to demonstrate the benefit to the University.

PROCEDURES

Role of Chancellor, Provost, and Vice Chancellors:

  • Establish campus plans and approve college/division plans, ensuring priorities align with the vision, mission, and goals of the University.
  • Responsible for compliance of all University of Missouri fiscal matters with applicable policies, laws, and regulations.
  • Maintain strategic oversight for all campus programs and be responsible for the fiscal integrity and ethical behavior of financial matters.
  • Act prudently to safeguard and use campus assets and resources consistent with the best interests of the University, appropriately limiting liabilities and reducing and managing potential risks. Manage conflicts of interest.
  • Certify, for the areas in which they hold leadership authority, financial statements and reports for accuracy, completeness, and compliance.

Role of Deans and Directors:

  • Establish college/division strategic priorities consistent with campus vision, mission, and goals, and approve department plans.
  • Responsible for setting the expectation and culture for fiscal integrity and ethical behavior of the college/division activities.
  • Ensure appropriate policies and procedures are maintained to support internal fiscal compliance.
  • Responsible for the financial health of the college/division. Regularly monitor, review, and approve overall financial activity, including actuals, budgets, and forecasts.
  • Act prudently to safeguard and use college/division assets and resources consistent with the best interests of the University, appropriately limiting liabilities and reducing and managing potential risks. Manage conflicts of interest.
  • Pursue new revenue sources with attention to alignment with mission and policy.

Role of Department Managers, Chairs, and Principal Investigators:

  • Establish department strategic priorities and plans consistent with college/division vision, mission, and goals.
  • Responsible for the fiscal integrity and ethical behavior of the department, unit, and/or sponsored activities.
  • Implement and follow appropriate policies and procedures to maintain internal fiscal compliance.
  • Responsible for the financial health of the department, unit, and/or sponsored activities. Regularly monitor, review, and maintain accountability for the overall financial status, including actuals, budgets, and forecasts.
  • Ensure funds received are appropriate and aligned with mission and policy.  Ensure funds are expended consistently with budgeted plans and all regulations, policies, and laws that are applicable to the source.
  • Act prudently to safeguard and use department/sponsored activities, assets, and resources consistent with the best interests of the University, appropriately limiting liabilities and reducing and managing potential risks.  Manage conflicts of interest.

Role of Division Business & Finance Officers:

  • Serve as a strategic partner to academic and administrative leadership, providing financial insight, analysis, and recommendations to support mission-aligned decision-making.
  • Provide oversight on how funds are spent and managed, including ensuring funds are budgeted and spent according to fiscal policies and procedures.
  • Establish and maintain robust internal controls to safeguard assets, ensure segregation of duties, and mitigate internal and external risks. Ensure that assets are safeguarded.
  • Ensure transactions are properly documented, authorized, and recorded in compliance with applicable policies and regulations.
  • Assess financial viability and accounting of auxiliary enterprises, academic program proposals, and other revenue-generating initiatives.
  • Ensure appropriate classification and tracking of all sources of funds, recognizing that not all funds can be treated the same (e.g., restricted, unrestricted, designated).
  • Manage accounts receivable, including bad debt allowance and write-offs, in accordance with university policy.
  • Certify financial statements and reports for accuracy, completeness, and compliance.
  • Responsible for training, supporting, and providing guidance to individuals with financial and business responsibilities in the college/division.
  • Actively engage with the campus division of finance and the office of sponsored programs. Disseminate information to and receive feedback from individuals with fiscal responsibilities in a timely and effective manner.
  • Foster a culture of fiscal accountability and transparency through regular communication and collaboration.

Role of Others with Fiscal Responsibility:

  • Responsible for ensuring transactions are processed timely, accurately, and in accordance with policies and procedures.
  • Ensure appropriate documentation is maintained to support the purpose of the transactions.
  • Obtain required approvals in accordance with university policies.
  • Seek advice for non-routine transactions.
  • Ensure appropriate classification and tracking of all sources of funds, recognizing that not all funds can be treated the same (e.g., restricted, unrestricted, designated).

Role of Campus Division of Finance and Business Services:

  • Assist in establishing fiscal policies and procedures for colleges, schools, and divisions.
  • Recommend changes to fiscal policies and procedures based on evolving needs and compliance requirements.
  • Ensure alignment with UM System policies, state and federal regulations, and best practices.
  • Train and support Division Business & Finance Officers (BFOs) to ensure they are equipped to fulfill their responsibilities.
  • Provide guidance and resources to fiscal staff across campus.
  • Maintain accessible documentation and interpretation tools for policies and procedures.
  • Systematically review transactions to ensure proper documentation and policy compliance.
  • Monitor for internal control effectiveness, including segregation of duties, access to financial systems, and risk mitigation.
  • Collaborate with all MU & System core offices to ensure financial integrity regarding compliance reporting.
  • Provide data, analysis, and insight to support campus-wide financial planning and decision-making.
  • Lead or support multi-year forecasting, budget modeling, and financial reporting.
  • Act as a central resource for financial systems, reporting tools, and compliance frameworks.
  • Oversee leases, real estate transactions, and space utilization, ensuring alignment with institutional priorities and cost-effectiveness.

RESOURCES

CROSS REFERENCES