Unit Mission:
To Conduct the business operations of Kentucky State University, Supporting KSU's mission through cash management,grants administrations, general accounting, and financial reporting; to provide timely and accurate financial informations to our students,faculty, staff, administration, Board of Regents, vendor, and state and federal agencies; and provide courteous and responsive service to our customer.
Unit Goals/Objective:
1. To develop and apply knowlage of financial practices and standerts to safeguard University assets, ensuring public funds are maintained in accordance with state, federal and local regulations.
2. To accurately reflect the financial condition of the University in accordance with all Federal, State, and other sponsoring agency financial/administrative requirements, along with generally accepted accounting principles, governmental accounting standarts, and internal control requirements.
3. To ensure timely and accurate financial informations in order to meet internal and external financial reporting and audit requirements of the University.
4. To Fully utilize all modules of the financial records systems.
5. To work more efficiently and effectively by reducing mundane and redundance task.
6. To establish, revise, and document business processes performed by unit and administrative regulations consistent with work flows.
7. To implement and use appropriate procedures, internal controls and administrative regulations to minimize audit exceptions.
8. To train the campus community in the use and applications of proper accounting methods according to general and restricted guidelines.
| Indicator |
FY 2007 |
| Revised Accounts Attibutes within reporting systems- added functional purpose |
Completed May 2007 |
| Restructured Chart of Accounts by functional Purpose |
Completed May 2007 |
| Produced Monthly financial reporting package |
Completed June 2007 |
| Automated outstanding check tool within reporting systems |
Completed April 2007 |
| Completed accelerated Audit Schedules |
Completed March 2007 |
| Completed Approval for 350 pending assets in the Fixed Assets module |
Completed April 2007 |
| Prepared training presentations for distributions to and self-study by University community |
Completed June 2007-(Ongoing) |
Unit Activities - Accounting Services - General:
1. Updated and/or developed additional business processes as needed.
2. Restructured Accounting positions and responsibilities.
3. Reviewed and revised Indirect Cost Recovery distributions guidelines.
4. Implemented financial reporting by Functional Purpose,in accordance with IPEDS.
5. Developed and implemented new Chart of Accounts for Currents Unrestecred Funds.
6. Reconciled and closed fund balances for Designated and restricted (4) Funds.
7. Implemented review and approval process for accounting transactions to ensure segregations of duties.
8. Implemented monthly accrual process for accounts payable and prepaid assets.
9. Eliminated processing of beginning balance adjustments.
10. Analyzed and recorded Endowment Fund activity on a routine basis.
11. Implemented accounting process for recording capital funds held on behalf of the University by the Commonwealth of Kentucky.
12. Reconciled and reclassified closed or inactive Plan Fund activity.
13. Prepared training presentations for the campus community.