An essential component of financial management is a regular financial review of activity to identify errors, anomalies, potential compliance issues, and significant budget variances. The overall objective is to contain risk to the University by determining if transactions are accurate and appropriate. Regular reviews provide an important check that funds are used appropriately to achieve unit objectives, that funds governed by external restrictions or university designations are appropriately utilized, and that amounts posted are reasonable to expectations.
As a financial manager, you should perform regular (at least monthly) financial review of your organization. Then research, validate, and when necessary, correct any issues that may arise. Sometimes issues may require further analysis, at which point you should contact the relevant departments and University offices, including the Office of the Provost and the Office of Finance and Treasury.
Financial Review Overview
Financial Information Warehouse (IW) reports are an integral tool in successful financial review and monitoring. For general and departmentally managed funds, use the reports located in the “Financial Management” folder. Best practice is to focus on the summary reports first (such as Spendable Balance) and then after identifying chartstring(s) for further detailed analysis, move on to the detail reports (such as Ledger Detail). All of the Financial Information Warehouse reports needed for sponsored research financial review are located in the “Sponsored Research” folder. Please see the Prime Reporting and Analytics section to learn more about IW reports.
Review findings should be shared and discussed with those in departmental oversight and management roles. When necessary, perform corrections and document reasons for significant variances. At any time, departments can contact the Office of Finance and Treasury for review guidance and/or to obtain additional information that may not be available on standard IW reports. Additionally, individuals may contact Princeton’s Institutional Compliance Program to address any larger-scale compliance concerns.