The Rockefeller University Finance Office plays a crucial role in stewarding the institution’s financial resources, enabling groundbreaking biomedical research and graduate education. It operates under the purview of the Senior Vice President for Finance and Administration and is responsible for a wide range of financial activities, including budgeting, accounting, financial reporting, grants management, procurement, and treasury functions.
A core responsibility of the Finance Office is the development and management of the University’s annual budget. This involves collaborating with various departments and research labs to project expenses and revenues, ensuring resources are allocated effectively to support the University’s strategic goals. The office oversees the budgeting process, providing guidance and analysis to inform decision-making by senior leadership.
Accounting and financial reporting are also paramount. The Finance Office maintains accurate and timely financial records, adhering to generally accepted accounting principles (GAAP) and relevant regulatory requirements. It prepares comprehensive financial statements that provide stakeholders, including the Board of Trustees, donors, and government agencies, with a clear picture of the University’s financial position and performance. This reporting is crucial for transparency and accountability.
Given Rockefeller University’s significant reliance on grant funding, grants management is a critical function. The Finance Office ensures compliance with the complex rules and regulations associated with federal, state, and private grants. This includes pre-award support, such as proposal review and budget development, as well as post-award administration, including financial reporting and audits. The office works closely with researchers to maximize the utilization of grant funds while maintaining strict adherence to sponsor requirements.
Procurement is another vital area managed by the Finance Office. It oversees the purchasing of goods and services required by the University, aiming to obtain the best value for money while adhering to ethical and legal standards. This includes negotiating contracts with vendors, managing the bidding process, and ensuring compliance with procurement policies. The office also plays a role in promoting sustainable procurement practices.
The treasury function is responsible for managing the University’s cash flow, investments, and debt. This involves monitoring bank accounts, investing excess funds, and ensuring the University has sufficient liquidity to meet its obligations. The Finance Office works with external investment managers and advisors to optimize investment returns while managing risk appropriately. They also oversee the University’s debt portfolio, seeking opportunities to reduce borrowing costs.
The Rockefeller University Finance Office is committed to providing excellent service to the University community. It employs a team of experienced professionals who are dedicated to supporting the institution’s mission through sound financial management. By maintaining accurate records, ensuring compliance, and providing insightful analysis, the Finance Office plays a vital role in enabling Rockefeller University to continue its pioneering research and educational endeavors.
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