Fiscal Management

The ability to develop and manage financial systems through responsible stewardship of fiscal resources.fin

Skills sets associated with this competency include:

Basic Accounting

Knowledge required:

  • Knowledge of basic accounting principles (e.g., debits, credits, assets, liabilities, fund balance)
  • Knowledge of basic financial reporting (e.g., profit and loss statement, balance sheet)
  • Knowledge of campus accounting system (e.g., fund accounting, cash-based accounting, accrual accounting)

Skills and abilities required:

  • Ability to use basic accounting principles to develop and/or maintain budgets
  • Ability to understand and interpret financial reports
  • Ability to utilize campus financial reporting systems for informed decision making

Technology Related to Financial Management

Knowledge required:

  • Knowledge of business-related software (e.g., spreadsheet programs, campus financial management systems, inventory management systems, event management systems)
  • Knowledge of business-related hardware (e.g., point of sale equipment, cash registers)

Skills and abilities required:

  • Ability to create basic spreadsheet documents and manipulate data to create reports
  • Ability to evaluate business systems for purchase and implementation

Policies and Procedures

Knowledge required:

  • Knowledge of different budget sources (e.g., student activity fees vs. state and/or auxiliary funds) and the policies and regulations that govern them
  • Knowledge of campus financial policies and procedures
  • Knowledge of federal and state accounting and purchasing policies, procedures, and laws
  • Knowledge of basic cash handling and credit card transaction management

Skills and abilities required:

  • Ability to conduct cash and credit card transactions
  • Ability to appropriately respond to an open records request
  • Ability to create a request for proposal (RFP)
  • Ability to cooperate with auditors and provide appropriate response to audit findings

Budget Development and Management

Knowledge required:

  • Knowledge of basic principles of budgeting and budget development or preparation
  • Knowledge of budgeting approaches (e.g., incremental, program, formula, zero-based, responsibility-centered)
  • Knowledge of departmental, division, and campus strategic plans as they relate to budget development and management
  • Knowledge of program review and assessment methods
  • Knowledge of campus-determined line items that affect budgets (e.g., salary and benefits, campus overheads, student activity or program fees, utility charges)
  • Knowledge of external forces that impact budgets (e.g., income, from sales, services, rentals, leases)

Skills and abilities required:

  • Ability to integrate planning, programming, and assessment into a budget
  • Ability to make mid-year adjustments in budgets as circumstances require, based on review and assessment
  • Ability to articulate resource needs and reallocation reasoning and to prioritize those needs
  • Ability to include others in a participatory budget formation process
  • Ability to manage large, complex budgets
  • Ability to formulate and execute capital replacement budgets

Contracting and Contract Negotiation

Knowledge required:

  • Understanding basic contract components and various contract types
  • Understanding institutional liability and risk management policies and procedures
  • Understanding the benefits and downfalls of self-operation versus outsourcing

Skills and abilities required:

  • Ability to review and understand contracts within the institutional context of liability and risk management
  • Ability to create and negotiate contracts within the institutional context of liability and risk management
  • Ability to evaluate and understand outsourcing proposals
  • Ability to read and create requests for proposal as appropriate

Fundraising

Knowledge required:

  • Knowledge of institutional policies regarding departmental and student organization fundraising
  • Knowledge of basic development and fundraising principles (e.g., campaign development, solicitation, “the ask,” stewardship)
  • Knowledge of institutional development and fundraising policies and procedures
  • Basic knowledge of grant writing and application processes
  • Basic knowledge of grant management and reporting

Skills and abilities required:

  • Ability to be a good steward of funds raised/donated
  • Ability to identify and apply for appropriate grants
  • Ability to work effectively with campus development officers
  • Ability to approach potential donors

 

Updated March 31, 2015