FISCAL AGENT RESPONSIBILITIES
6/1/98
The responsibility of a fiscal agent is to promote the mission or purpose of the account entrusted to him/her, safeguard the assets of the account, and assure the propriety of all expenditures of university funds and disposition of account assets.
Although broadly stated above, the responsibility of a fiscal agent encompasses a variety of duties. Highlighted below are those duties necessary for successful functioning as a competent fiscal agent.
1. Ensuring that applications for new accounts are
properly approved and on file in financial affairs prior to any account
activity. Detailed information regarding account applications is discussed in
section A and detailed instructions for preparing the application for account
number can be found in section M.
2. Verifying that all authorized account signers are
responsible status employees who have proven their integrity
through past performances. Detailed information regarding signature cards is
discussed in section A.
3. Allocating the account budget funds to proper line
items, initiating budget transfers when necessary and monitoring the account
funds to preclude overspending. Detailed line item definitions can be found in
section A, detailed instructions concerning budgets
can be found in sections B and C, and detailed instructions for preparing local
fund transfer forms can be found in section M. For state fund transfers, this
information can be found in Section B.
4. Additional responsibilities of grant project
directors are detailed in section D and instructions for preparing time and
effort reports can be found in section M.
5. Ensuring the reconciliation of the monthly budget
reports and the correction of all discrepancies. The budget reports are
discussed in detail in section E.
6. Ensuring that all travel using university funds is in
compliance with the board of trustees travel regulations as detailed in the
university Travel Regulations published on the WEB at http://www.neiu.edu/~finanaff.
7. Ensuring that all travel documents are properly
prepared and submitted on a timely basis. Travel documents are discussed in
section F and detailed instructions for preparing travel documents can be found
in section M.
8. Ensuring the proprietary use of direct payment
vouchers for purchases, manual checks, university events, search and screen
travel expenditures of candidates, reimbursement of moving expenses and
expressions of sympathy as discussed in section G. Detailed instructions for
preparing the direct payment voucher can be found in section M.
9. Ensuring that all university property is adequately
safeguarded against misuse and theft. Also ensuring that all changes in
location and/or status of university property under your jurisdiction as a
fiscal agent is properly reported to property control using a property change
notice. Detailed instructions for preparing a property change notice can be
found in section M.
10. Ensuring that proper payroll check distribution and
redistribution procedures as discussed in section 1 are followed.
11. Ensuring the propriety of all purchases and ensuring
that proper purchasing procedures for goods and services are followed for all
university fund expenditures. The various purchasing procedures are discussed
in sections K and L with forms instructions detailed in section M.
12. Coordinating the hiring of personnel with the
appropriate offices on a timely basis as discussed in section N.
13. Being familiar with the personnel civil services
policies and procedures.
It is also your responsibility as a fiscal agent to keep abreast of changes made to the policies, procedures and requirements contained in this handbook as well as new policies, procedures and requirements.
For more information contact
Controller’s Office