Cornell's Illustrated Financial Guide will lead you through Cornell's financial statements and help you understand which measurements are important to us and how each of the financial statements are used.
The Internal Control Framework fosters effective and efficient financial operations and reliable financial reporting while also enabling compliance with applicable regulations. The Board of Trustees, the State University of New York, and federal Uniform Guidance all require that the university adopt an internal control framework and maintain an adequate system of internal controls. This internal control guidance is grounded in the principles of the COSO Framework.
The Associate Vice President and University Controller leads the activities of the Division of Financial Affairs and is responsible for maintaining adequate records of assets, liabilities, income, expenses, and other financial transactions of the university; for establishing and maintaining effective internal control procedures; and for preparing all necessary financial reports of an accounting nature.
Procurement and Payment Services has restructured its organization in a step toward fulfilling a strategic initiative to simplify the procure-to-pay process. The three new functional areas are Campus Services, Supplier Services, and Payment Services.