A Center Fiscal Reviewer is a faculty or staff member with responsibility for reviewing transactions on each university cost center. The primary responsibilities of a Center Fiscal Reviewer are to:

1. Ensure that a review is made of the monthly accounting detail transaction reports (MD091) to determine that all charges and credits for the month are appropriate.

Ensure that all revenue has been recorded, and that all deposits are made in a timely manner.

Review the monthly summary report (applicable MD90 or MD340) for reasonableness. These duties ideally are to be regularly performed by the Center Fiscal Reviewer (designated by Division Fiscal Officer) but may be further delegated to other personnel in the office (e.g., administrative assistant or business manager).

For Center Fiscal Reviewers having responsibility for Auxiliary Enterprise operations, reconcile on a timely basis balance sheet accounts (e.g., deferred revenue and deferred expenses) to supporting internal documentation.

Center Fiscal Reviewers (or their designees) should document their review of monthly accounting reports on each center. There are two preferred methods for documenting review of a cost center's monthly accounting reports:

a. The person responsible for reviewing monthly accounting reports for accuracy signs and dates the top sheet of paper monthly accounting reports printouts once the review has been completed, and maintains files of the reports in accordance with document retention guidelines, or

b. The person responsible for reviewing monthly accounting reports keeps a log indicating the cost center number, month reviewed, signature of reviewer, and date reviewed. It is recommended that this log be kept on a fiscal year basis, and maintained in accordance with document retention guidelines. Form 215-1 is a sample log that may be used.

2. Ensure that transactions processed against the cost centers have a valid business purpose within the context of the cost center's purpose. For cost centers funded by gifts, ensure that the gift funds are used in accordance with the donor's stipulations. For cost centers having externally sponsored funding, this includes compliance with grant restrictions or other provisions (for additional information on sponsored research restrictions, please call the Office of Contract and Grant Accounting at 3-6680).

3. Contact the processing department with questions if additional information is needed, or if a transaction is missing or has been improperly entered.

4. To the extent possible, restrict personal use of university resources. If personal use of university resources does occur, the Center Fiscal Reviewer is accountable for ensuring compliance with university policy that requires reimbursement to Vanderbilt from Vanderbilt employees for any university resources committed to personal use.

5. Ensure that, in accordance with university conflict of interest policy, neither the Center Fiscal Reviewer, anyone else participating in the award decision, nor a relative will benefit financially from or be a recipient of any payment for services related payments. If any potential conflict of interest exists, provide the applicable information to the appropriate Dean, Director, or Vice Chancellor for further review and do not proceed until the Dean or Director provides written approval to do so.

6. Manage and monitor spending so that the cost centers do not go into deficit status, except as allowed through approved budgetary processes.

Should a deficit occur, determine timely funding sources for any cost center deficits. If the center fiscal reviewer does not indicate a funding source for the deficit, the applicable Division Fiscal Officer (or vice chancellor or dean or designee) is responsible for determining a funding source. If the cost center becomes inactive, instruct the appropriate office on the disposition of any surplus or funding source for any deficit.

7. Ensure that any lobbying (communicating to influence legislation) related expense-including the payment of membership fees for which a portion of the fee has been designated to be used for lobbying-has written approval from the office of the Vice Chancellor for Public Affairs.

8. Ensure that the Office of Financial Affairs (for University Central units) or Department of Finance (for Medical Center units) is consulted about potential sales tax reporting for departmental sales of goods/services.

9. Ensure that the Office of Financial Affairs or Department of Finance, as applicable, is notified in writing of any activities being initiated and/or revenues being generated that may be subject to unrelated business income tax. Departments may be responsible for the pro rata share of any applicable unrelated business income taxes (UBIT) and/or assessments incurred.

10. Notify the Office of Accounting (for University Central units) or Department of Finance (for Medical Center units) when a cost center(s) can be closed in the financial accounting system. Transactions should not be processed against a cost center that has been "closed." Surpluses and deficits should be resolved before a cost center is "closed."