Financial Services

Financial Services aims to provide high quality financial, investment and risk management services to all University clients.

The strategic goals of Financial Services are linked to the University’s Strategic Plan.

For more information about Financial Services’ policies and procedures, please refer to the Finance and Accounting Manual.

Financial Services comprises the following areas that report to the Chief Financial Officer, Mr Mark Easson:

• Deputy Chief Financial Officer and Director, Corporate Finance
• Office of the Chief Accountant
• Financial Operations and Systems
• Audit and Risk Management
• Investment and Capital Management

The Corporate Finance function was established by the Chief Operating Officer and Deputy-Vice-Chancellor in December 2006 to provide senior leadership and direction in financial management to the Professional Support Units of Research, International, Learning & Teaching, Library and Community. The function has a dual reporting relationship to the Chief Operating Officer and DVC and also to the Provost and DVC to provide professional financial support in his oversight role of these corporate academic portfolios.

Corporate Finance provides direct support to the Deputy Vice-Chancellor/Pro-Vice Chancellor/University Librarian as well as to their portfolio managers so as to enable them to meet their financial management, financial reporting and stewardship obligations, including to external funding bodies and stakeholders.

The Corporate Finance team comprises Senior Corporate Finance Accountants and Managers who are the direct point of contact for each of the DVCs/PVC/University Librarian. These senior finance professionals are supported by a team of accounting professionals who will work across all portfolios to ensure that the best practice level of service is provided in a most efficient use of resources, including cross-portfolio assistance within Corporate Finance during peak periods.

• Community
• Library and Learning & Teaching
• International
• Research
• Corporate Finance Contacts

Office of the Chief Accountant is comprised of the following areas that report to the Chief Accountant, Mr Ian Ford.

Financial Accounting is responsible for co-ordinating all aspects of the University's Annual Financial Reports. This involves liaison with University management and external clients, including the Audit Office of New South Wales. The area also manages banking arrangements and the provision of advice on taxation and accounting standards.

Management Accounting maintains the general ledger, chart of accounts, development of financial management reports and finance committee reports. The team also manages analysis of financial performance and general accounting duties for the central administration and associated bodies not under the control of an academic College.

Asset Management manages the integrity of the asset accounting data and acts as an internal control of the University's leased and owned assets.

Financial Operations and Systems is comprised of the following areas that report to the Director, Financial Operations and Systems, Mr Mark Preston.

Billing to Cash – End to end process ownership of all transactional activities from raising customer invoices through to collection and customer account management.

Procure to Pay – End to end process ownership of payables transactional activities from raising of orders to vendor payment processing.

Financial Systems Development – Works closely with University businesses and support units to identify and implement financial system and process solutions.

Reporting – Works closely with University businesses and support units to meet their business information needs.

Training, Communications and Functional Support – Provides training, functional and systems support for key systems such as PeopleSoft, Hyperion, Spendvision and OneStop. Also manages systems access.

Project Management Office – Monitors all Continuous Improvement Projects and Initiatives undertaken by Financial Operations and Systems in partnership with University businesses and support units.

Financial Support Services Staff – Financial Operations and Systems staff located in Faculty businesses to deliver consistent transactional finance process and assist in implementation of continuous improvement initiatives.

• Financial Operations and Systems Contacts
• Transactional Shared Services Contacts
• Procure to Pay Contacts
• Financial Support Services Contacts
• Draft Service Level Agreement - Financial Operations & Systems with the Faculties of Arts, Faculties of Architecture & Engineering, Faculties of Health and Faculties of Science

The key role of Audit and Risk Management is to co-ordinate an integrated risk management program and provide advice and guidance, including the development of standard templates and tools, to assist University staff in managing their risks. In order to achieve this, Audit and Risk Management will:-

• maintain up-to-date knowledge and information about risk management, including relevant legislation, codes of practice, industry standards, research and development.
• disseminate consistent, high quality information for the University community on effective risk management strategies.
• develop and conduct training programs on the principles of risk management, risk assessment and on how to implement risk management effectively.
• where necessary assist University Managers to conduct risk assessments on new ventures and activities.
• manage the insurance and risk financing requirements of the University.
• develop a comprehensive claims reporting system and maintain information on losses or adverse events when risks eventuate.
• monitor the adherence to the University’s Risk Management policy and the effectiveness of the risk management program.

In OHS and Injury Management (OHSIM) we facilitate the management of OHS risks within the University and arising from University activities. We promote the highest possible standard of occupational health, safety and welfare within the University in line with social and legal obligations. We aim to minimise the social and financial effects of workplace injury and illness through the provision of timely, safe and durable return to work programs.

Investment and Capital Management is responsible for the management of the University's endowment and investment portfolio, private equity investments, public private partnership ventures, investment properties (leasing, sale and purchase of property) and commercial farming operations.

• Student Housing is responsible for the development and management of student housing.