West Virginia University Policy
Division of Administration and Finance

WVU-A&FS-5

POLICY FOR CENTRALIZED REVIEW OF OPERATIONS

To establish appropriate criteria for reporting and analysis, on a periodic basis, of financial fluctuations within operating units to be provided to central Accounting for review.

This Policy applies to all WVU units, including those on the regional campuses (Potomac State College of WVU, WVU at Parkersburg, WVU Institute of Technology, Charleston division of the Robert C. Byrd Health Sciences Center, Jackson's Mill State 4-H Conference Center and Camp, and the WVU Farms).

Central Accounting is responsible for financial statements audit and financial reporting. As part of the financial reporting process, central Accounting needs to review and gain an understanding of the financial activity and fluctuations occurring within various departments of the University. In order to assist central Accounting with this task and to ensure an efficient financial statement audit, University departments should perform periodic analysis of the fluctuations in their operating revenues and expenditures. Written explanations for significant operating variances should be provided by the departments to central Accounting for review at least quarterly. Central Accounting may request additional analysis and support for the explanations.

PROCEDURE

Accounting & Financial Systems is responsible for procedure development.

RELATED DOCUMENTS AND POLICIES

None.

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