Financial Reporting & Operations (FR&O) is responsible for financial reporting, financial transaction processing, account reconciliations, fixed asset accounting, investment and endowment accounting, and debt accounting. This office provides financial and administrative leadership, strong internal controls, and services of the highest quality to the University community. FR&O ensures that the official accounting records of the University are up-to-date and accurate, and assists faculty and staff with financial transaction processing, account reconciliations, and funds transfers. The accurate accounting data our staff maintains is essential to ensuring the University's internal and external financial reports are accurate, complete, and timely. FR&O manages accounting, donor restrictions, and semi-annual endowment distribution for over 2,000 individual endowment accounts. They prepare the University's primary tax return, as well as 200 endowment returns, 900 operational contracts, and 673 procurement contracts. Out of this office, $85 million in cash, check and wire payments are processed, as well as $75 million in departmental deposits and $6 million in expenditure credits.
As part of the Finance Strategic Transformation, FR&O will tackle a chart of accounts redesign as well as the implementation of a new financial system.