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Budget and Finance

LSA Finance offers the following services:

General Services

  • Develop ad hoc reports as required
  • Create and lead one-on-one and group training on budget and finance topics
  • Create and distribute quarterly LSA Finance newsletters
  • Provide M-­Reports assistance

Financial Process Services

Accounts Payable

  • Student/Guest reimbursements
  • Vendor set­up/maintenance
  • Invoice processing
  • Payment requests

Accounts Receivable

  • Customer set­up
  • Submit billing requests

Accounting/Internal Control Services

  • Journal entries/fund transfers
  • Unit defined commitments
  • Chartfield maintenance
  • Lump sum advances
  • Cash/­Check deposits
  • Credit Card processing
  • SOA reconciliation (Student Financials, Cash/Check Deposits, Gifts, Credit Card)
  • Form completion (Wire Transfer, Foreign Transaction, OFA Student Payment Form, Lump Sum Requests, Record Payment of Awards, Prizes or Gifts)

People Pay Processing

Procurement

  • Purchase orders (ePro reqs) -for units not part of LSA Procurement

Faculty Support

  • Faculty balance reporting
  • Faculty project grant management
  • Balance inquiries and budget preparation assistance
  • Concur report budget check and routing

Research Services (Pre/Post)

  • Review solicitation and complete sponsor forms
  • Assist with preparation of Budget
  • Confirm cost sharing commitments
  • Prepare Proposal Application Form (PAF) in eResearch
  • Coordinate proposal preparation with other institutions if necessary
  • Review proposal documents for compliance with sponsor guidelines
  • Edit Biosketches and Current & Pending 
  • Finalize and route the PAF for approvals
  • Initiate and track appointments
  • Track effort allocations and assist with summer salary
  • Review expenditures for compliance
  • Prepare budget reallocations as necessary
  • Provide faculty with balances and projections
  • Assist faculty with progress reports
  • Review Financial Status Report (FSR)
  • Assist faculty with final progress report
  • Assist with Project Grant closeout processes

Business Management Services

Budgeting and Strategic Partnership with Unit Leadership

  • Participate in the completion of the annual budget request process
  • Review annual allocation of College appropriations, follow-­up on open items, and request necessary transfers and/or corrections
  • Formulate, regularly review, and provide updates to internal department operating budgets
  • Assist the Chair/Director and Chief Admin with financial related strategic questions
  • Estimate new faculty start­up package costs and determine financial support/funding approaches
  • Create, update, and provide feedback on department policies, processes and procedures for internal controls compliance, cost savings, and improvement 
  • Identify the need and initiate UDC to track departmental and college commitments/encumbrances

Financial Management and Oversight

  • Meet with the Chair/Director and Chief Admin to review financial status. Provide financial status reports.
  • Create financial forecasts and projections
  • Identify and resolve financial issues
  • Participate in departmental approvals
  • Assist with managing departmental financial commitments (commitments within the unit and outside the unit)
  • Provide input to managers regarding budget and financial reports
  • Provide accurate and thoughtful guidance regarding UM, LSA, and unit budget and financial policies
  • Review utilization of endowment and gift funds and advise on the proper usage of endowment funds
  • Advise on donor intent changes, endowment reinvestment, and gift consolidation into quasi endowments
  • Provide high level oversight on appropriate use of faculty funds

Accounting/Internal Control Services

  • Complete regular financial reviews (monthly, quarterly, semi­annual, annual)
  • Promote financial discipline and a strong internal controls environment
  • Identify exposure to financial risk
  • Complete and review unit Gap Analyses
  • Participate in the completion and/or review unit Sub Certification
  • Recommend P­Card limits for department, review expenditures and ensure compliance with University policy
  • Recharge rates (identify recharge scenarios, propose a rate, and complete the necessary documents, advisement on depreciating expenses)
  • Lab fees (identify the need for a lab fee, propose a rate, and complete the necessary documents)
  • Ensure all accounting period and year­end close processes are performed timely and accurately
  • Participate in faculty effort review

Budget and Finance's policies, forms, and tools have moved to the new LSA Gateway. Please log into the LSA Gateway and update your bookmarks. If you do not have Gateway access and you need information on the LSA policies, forms and tools, please contact: lsafinleads@umich.edu.