Business Procedures Manual
 
E. Office of the Treasurer
Duties and Responsibilities of the Office of the Controller and Treasurer (OCT) 		E-1-1

Duties and Responsibilities of the Office of the Controller and Treasurer (OCT)

  1. The Office of Controller and Treasurer (OCT) is responsible for establishing and maintaining the official accounting systems and records, and related systems of internal control, of the University of Kentucky and its affiliated corporations, in accordance with generally accepted accounting principles and with the requirements of the Commonwealth of Kentucky; for providing stewardship and accountability for institutional assets and all financial resources received and used; and for providing services and support in the acquisition of goods and services (Purchasing). The OCT will provide leadership, education and assistance for the effective financial management of all academic and administrative units and will manage and dispense financial resources in accordance with applicable policies, restrictions, regulations and laws.

  2. Duties of the Office of Controller include the following:

    1. Official accounting systems and records and related systems of internal control
    2. Treasury and investments
    3. Cash deposits
    4. Accounts payable and disbursements
    5. Payroll preparation and services
    6. Banking services and contracts
    7. Inventory systems and property records (space, land, equipment and long-term leases)
    8. Surplus property
    9. Calculate and negotiate indirect cost rates
    10. Purchasing
    11. Long-term debt, including bonds
    12. Risk management
    13. Preparation of internal and external financial reports, including financial statements
    14. Coordination of external financial audits

  3. These services are provided for the University of Kentucky and the following affiliated corporations:


    1. University of Kentucky Research Foundation
    2. The Fund for Advancement of Education and Research in the University of Kentucky Medical Center
    3. University of Kentucky Athletic Association
    4. University of Kentucky Business Partnership Foundation, Inc.
    5. University of Kentucky Mining Engineering Foundation, Inc.
    6. University of Kentucky Equine Research Foundation, Inc.
    7. University of Kentucky Humanities Foundation, Inc.
    8. University of Kentucky Center on Aging, Inc.

  4. In order to carry out assigned duties and responsibilities, the Office of Controller and Treasurer is divided into organizational units, as follows:

    1. Office of Controller and Treasurer
    2. General Accounting Department
    3. Sponsored Projects Accounting Department
    4. Treasury Services
    5. Payroll Department
    6. Plant Assets Inventory Department
    7. Surplus Property Department
    8. Accounts Payable Department
    9. Travel Management Services
    10. Financial Systems Department
    11. Risk Management Department
    12. Benefits Financial Accounting Department
    13. Purchasing Department
    14. Endowment Services Department
Revision Date: Jul 01, 2003 Next Review Date: Jul 01, 2007
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