Financial management is the comprehensive process of allocating, managing, and reporting financial resources.
The University Business Service Center (UBSC) provides financial management support services to many customers of the Center. The financial service associates (FSA) providing this support are specialists who bring their financial backgrounds, financial systems support experience, and knowledge of Cornell's financial operations to their roles. The FSA also serves as a liaison between end users and central technical staff, helping to shape the direction and scope of future application and reporting enhancements based on the community's needs and expectations.
The following financial management support components are available:
- Budget Support: The customer unit develops and communicates their budgets (by account) and provides them to the FSA for entry into the university's budget system. The FSA will validate that the entries are balanced; answer system-related inquiries from the University Budget Office; process budget adjustment e-docs in-year, as directed by the customer; and produce budget reports for the customer.
- Budget Development (includes Budget Support): The FSA will develop customer unit budgets (by account) in consultation with the units. As with budget support, the FSA will validate the entries; answer system-related inquiries from the University Budget Office; process budget adjustment e-docs in-year, as directed by the customer; and produce budget reports for customers
- Financial Reporting: The FSA provides actual-to-budget reporting and serves as the subject-matter expert for reporting standardization, enhancement, and delivery to customers.
- Financial Oversight and Analysis: Provides financial oversight and analysis on how funds are spent via the following:
- Account-level review and analysis (includes reconciliations, where appropriate)
- Quarterly forecasting
- Reserve and contingency account management
