Wustl Finance Department - Financial Steps

Washington University in St. Louis (WashU) boasts a sophisticated and comprehensive Finance Department responsible for managing the university’s substantial financial resources. Its overarching goal is to ensure the university’s financial stability, sustainability, and efficient use of resources in support of its academic and research missions.

The department is led by the Vice Chancellor for Finance and CFO, who provides strategic financial leadership and oversight for the entire university system. Under this umbrella, various units specialize in specific financial functions, ensuring a robust and well-coordinated approach. These units commonly include:

Accounting and Financial Reporting: This group is tasked with maintaining accurate and compliant financial records, preparing financial statements in accordance with Generally Accepted Accounting Principles (GAAP), and ensuring adherence to internal controls. They manage the general ledger, accounts payable, accounts receivable, and payroll operations. Furthermore, they oversee compliance with external reporting requirements, including audits and tax filings.

Budgeting and Planning: This crucial area is responsible for developing and managing the university’s annual operating budget and long-range financial plans. They work closely with academic and administrative units to allocate resources effectively, monitor spending against budget, and identify potential financial risks and opportunities. They utilize sophisticated modeling tools and data analysis to inform strategic decisions and ensure the university’s financial sustainability.

Treasury Management: This division focuses on managing the university’s cash flow, investments, and debt. They aim to optimize investment returns while maintaining appropriate liquidity to meet the university’s financial obligations. They also oversee relationships with banks and other financial institutions. WashU’s endowment, a significant source of funding, is managed with a long-term perspective, striving to generate sustainable returns to support the university’s mission for generations to come.

Research Accounting: Given WashU’s prominent position as a leading research institution, Research Accounting plays a critical role. This unit manages the financial aspects of sponsored research grants and contracts, ensuring compliance with federal regulations, sponsor requirements, and university policies. They provide support to faculty and researchers in managing their research funds and preparing financial reports to funding agencies.

Financial Systems and Technology: This group is responsible for maintaining and improving the university’s financial systems and infrastructure. They ensure the efficient and secure operation of core financial applications, such as the enterprise resource planning (ERP) system, and provide technical support to users across the university. They also play a key role in implementing new technologies and streamlining financial processes.

The WashU Finance Department is committed to providing excellent service to the university community. They strive to be transparent, responsive, and proactive in addressing financial issues and providing guidance to university stakeholders. They employ a team of highly skilled professionals with expertise in accounting, finance, and related fields. The department’s commitment to excellence is crucial in supporting WashU’s continued success as a leading academic and research institution.