Washburn University Finance Office

The Washburn University Finance Office plays a crucial role in the financial health and operational efficiency of the university. Located in Morgan Hall, the office oversees a wide range of financial functions, ensuring responsible stewardship of university resources and compliance with relevant regulations and policies.

At its core, the Finance Office manages the university’s budget, encompassing everything from revenue forecasting and allocation to expenditure tracking and reporting. This includes careful monitoring of tuition revenue, state appropriations, grants, and private donations. The team works collaboratively with various departments across the university to develop and implement annual budgets that align with the institution’s strategic goals and priorities.

Beyond budgeting, the office is responsible for managing the university’s accounts payable and receivable. This entails processing invoices for goods and services received, managing student tuition payments, and ensuring timely collection of outstanding debts. Efficient and accurate accounts payable and receivable processes are vital for maintaining positive relationships with vendors and students alike, as well as for maintaining a healthy cash flow for the university.

Payroll services are another key function of the Finance Office. They ensure that all university employees are paid accurately and on time, while also complying with federal and state tax laws and regulations. This involves managing employee payroll deductions, generating paychecks, and filing payroll tax returns. The office also provides support and resources to employees regarding payroll-related inquiries.

Furthermore, the Finance Office plays a vital role in managing the university’s endowment and investments. They work with investment advisors to develop and implement investment strategies that aim to maximize returns while managing risk. Prudent management of the endowment is essential for ensuring the long-term financial stability of the university and supporting key initiatives such as scholarships, research, and academic programs.

Internal controls and compliance are paramount for the Finance Office. They develop and implement policies and procedures to safeguard university assets, prevent fraud, and ensure compliance with applicable laws and regulations. This includes conducting internal audits, monitoring financial transactions, and providing training to employees on financial policies and procedures.

In addition to these core functions, the Finance Office also provides financial reporting and analysis to university leadership, stakeholders, and external agencies. This includes preparing financial statements, analyzing financial performance, and providing insights to support decision-making. Transparency and accuracy in financial reporting are crucial for maintaining public trust and accountability.

The staff in the Finance Office are dedicated professionals with expertise in accounting, finance, and related fields. They are committed to providing excellent service to the university community and ensuring the responsible and effective management of university resources. By maintaining sound financial practices and promoting fiscal responsibility, the Washburn University Finance Office plays a vital role in supporting the university’s mission of providing high-quality education and serving the community.