PS-05.A.14 - Verification of Cost Center Activity

3.1.1 Verification that transactions on the UGLS1074 report, which include all revenue, expense, fund equity, budget, open commitment and soft commitment transactions are correct in accordance with the documents processed by the department. Asset and liability transactions that were entered manually into the system and are not system-generated offsets to revenue and expense should all be verified.

3.1.2 Identification of transactions not yet processed by the financial system. If these transactions have been outstanding for more than two months, inquire with the department to which the documentation was submitted.

3.1.3 Preparation and transmittal of requests for correction, in case of discrepancies, to the appropriate department (See PS 05.A.12, Expenditure Allocations and Adjustments Policy, for additional information).

3.1.4 Close scrutiny of encumbrance items against actual expenses to insure a proper release of encumbrances.

3.1.5 The Business Affairs Department will provide training for all authorized signatories and employees responsible for preparing verification reports. Authorized signatories and employees responsible for preparing verification reports should attend the training. Attendance records will be maintained.

3.1.6 Authorized signatories are responsible for reviewing and approving monthly verification reports within 60 days of the end of the accounting period. Electronic signatures are authorized for verifications that are reviewed and approved in a workflow system such as SharePoint.

3.1.7 Verification reports shall be retained by all departments and made available to internal auditors upon request. Verification reports, documentation of review and approval of those reports, and written delegation of authority related to the verification or review and approval process are to be retained for all periods of the current and previous fiscal year.

3.1.8 Cost centers that will no longer be utilized should be inactivated in accordance with University procedures, so they are removed from the list of cost centers to be verified. However, cost centers cannot be inactivated until all of the following conditions are true: