Finance centers are skilled service units organized to manage common financial transactions for a group of divisions or departments.
Each finance center offers a core set of services including support for payroll, procurement, business expense reimbursement, and financial reporting. This means entering purchase requisitions based on department requests, processing timesheets and payroll authorizations, verifying and data entering business expense reimbursement requests and developing and running routine and ad hoc financial reports to help divisions develop and manage their budgets. Its staff is made up of financial analysts and finance specialists who support the divisions and departments to more effectively complete these core transactions. Depending on the needs of the departments and divisions, each finance center offers customized support.
The finance centers do not make decisions for your department or division about how funds should be allocated in support of your mission, and do not manage your department’s budget.
Each department or division is responsible for its own budget and prioritizing how funds are allocated.
The Finance Redesign Team, co-led by Mike Wagner, Vice President for Finance and Steve Lubrano, Assistant Dean of Operations, Tuck School of Business, with members from across Dartmouth, spent a lot of time considering functions on campus that needed improvement and are performed in every area. The most common financial functions identified were procurement, payroll, business expense reimbursements, and financial reporting, where there is a high volume of transactions and where the team saw opportunities to greatly improve service.
No, not yet. This is an opportunity for improvement and we are looking into ways to make this happen. We will continue to review opportunities to improve processes in a variety of business operations areas.
Our overall priorities are to improve service and to achieve long-term savings. This effort aims to save the College money in the long-term by standardizing business processes with the goal of reducing inefficiencies while improving accountability, and standardizing service levels without compromising quality. The centers will enable savings through improved reporting accuracy and reduced errors.
In conjunction with the Office of Sponsored Projects, the Controller’s office, and the Provost’s office, grant managers will continue to work directly with faculty and will be responsible for the financial management of awards. Grant managers will use the finance centers to process transactions.
Last Updated: 2/24/14