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W&L Finance Office

The Washington and Lee University Finance Office is responsible for managing the university’s financial resources and ensuring fiscal responsibility across all its operations. It plays a critical role in supporting W&L’s academic mission and strategic goals.

Key Functions

• Financial Reporting and Accounting: The office prepares and presents accurate and timely financial statements in accordance with generally accepted accounting principles (GAAP). This includes managing the general ledger, accounts payable and receivable, and ensuring compliance with relevant regulations.
• Budgeting and Planning: The Finance Office collaborates with departments and senior leadership to develop and monitor the university’s annual budget. This involves forecasting revenues and expenses, allocating resources effectively, and tracking budget performance throughout the year.
• Treasury Management: The office manages the university’s cash flow, investments, and debt. This includes maintaining banking relationships, investing surplus funds in accordance with university policies, and ensuring access to sufficient funds for operational needs.
• Student Financial Services: While not directly part of the core Finance Office, Student Accounts, which handles billing, payments, and refunds related to student tuition, fees, and room and board, often works closely with the Finance Office.
• Payroll Services: The Finance Office processes payroll for all university employees, ensuring accurate and timely payment of salaries and wages, along with the proper withholding and remittance of taxes.
• Compliance and Internal Controls: The office maintains a system of internal controls to safeguard university assets and prevent fraud. This includes monitoring financial transactions, conducting audits, and ensuring compliance with relevant laws and regulations.
• Procurement: The Finance Office often oversees procurement processes, ensuring that goods and services are acquired in a cost-effective and compliant manner. This may involve negotiating contracts with vendors and managing the university’s purchasing card program.

Importance to the W&L Community

The Finance Office is essential to the smooth functioning of Washington and Lee University. By managing the university’s financial resources effectively, the office enables W&L to:

• Provide a high-quality educational experience for its students.
• Attract and retain talented faculty and staff.
• Maintain its beautiful campus and facilities.
• Support important research and scholarship.
• Fulfill its mission of educating future leaders.

The Finance Office is committed to transparency, accountability, and excellent customer service. They strive to provide accurate and timely information to the W&L community and to ensure that the university’s financial resources are used responsibly and effectively.

For specific inquiries, it is recommended to visit the official Washington and Lee University website and navigate to the Finance Office section for contact information and detailed resources.