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A Division Fiscal Officer is a person
designated to have delegated budget and fiscal monitoring
responsibility for a major University division such as a college. For
example, within an academic area, the fiscal authority typically
is delegated from the Chancellor to the Provost and, in turn, through
the respective Dean to a Division Fiscal Officer (DFO).
This general structure, however, would not prevent fiscal authority remaining
solely with the Provost or a Dean if he or she were to so choose.
Key to this designation
is the term "division." A division is a high-level grouping
of related cost centers, e.g., a college, that in many (though not all)
cases equates to all of the cost centers having the same second and third
digits of the M&D general ledger cost center number. In the exception
cases, a finer "cut" has been made such that the same division
code (second and third digits of the M&D cost center) is "shared"
by multiple divisions.
Even if the aforementioned
exceptions did not exist, there is no mechanism within the University's
present general ledger accounting system to easily record information
on who (e.g., names and contact information) is assigned as DFO for a
particular division.
Therefore, the Office
of Accounting presently maintains a manual listing of DFOs. The most recent
listing of DFOs (Excel file) is available by calling the Office of Financial Affairs.
Over time, this listing of DFOs may be integrated into a "top down"
organizational approval hierarchy established for web access to labor
data application.
Besides general fiscal
and budgetary oversight, the Division Fiscal Officer has specific responsibility
to:
1. If so desired,
explicitly designate an individual, known as Center Fiscal Reviewer,
to be conduct a periodic review (at least monthly) of paper or electronic
ledger reports of one or more applicable cost centers (i.e., those within
the division) to ensure the propriety of transactions and balances.
The DFO remains
responsible to ensure this review is regularly conducted.
2. Specify which
individuals have selective authority to approve individual expenditure-related
transactions on a regular, ongoing basis, e.g., sign documents such
as purchase requisitions, demand check requests, Position Management
Forms (PMFs), Personnel Action Forms (PAFs), etc. Persons receiving
such delegated authority are known as Additional Authorized Signers.
In the case of an
academic unit, for example, the Division Fiscal Officer, as well as the
Provost and applicable Dean, all retain implicit authority to also approve
fiscal transactions for applicable cost centers within the unit.
Procedures
1. The Division
Fiscal Officer may (but does not have to) designate a Center Fiscal
Reviewer for each cost center in the division. Documentation for such
designations is maintained by each DFO.
2. Vanderbilt's
accounting and information system capabilities presently also allow
for designating additional information:
a. "Send
to" name and address information to facilitate physical delivery
of monthly paper ledger reports, e.g., to go directly to the Center
Fiscal Reviewer; and
b. Up to four
VUnet IDs for individuals to be granted security to access electronic
financial data (reports) via the World Wide Web.
The DFO may communicate
updates / changes in the (a) "send to" designation for applicable
cost centers in the general ledger and/or (b) VUNet IDs for electronic
access via an e-mail to the Office of Financial Affairs.
3. The Division
Fiscal Officer designates Additional Authorized Signer(s) by applicable
area on Form
205-2 (Designation of Additional Authorized Signers).
Cross References
| Policy 211 |
provides information on roles responsibilities of Authorized Signers. |
| Policy 215 |
provides information on roles responsibilities of Center Fiscal Reviewers. |
Related Forms
| Form 205-1 |
Not used. |
| Form 205-2 |
Signature Authorization Delegation for University Central. |
Effective Date
| Effective: June 2002 |
Last Revised: July 2002 |
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* Intranet