6.10 Account Management

1. Each account in FRS is assigned to a responsible person. This person assumes the following responsibilities for that account:
   1. To ensure that all disbursements from the account are:

      1. Properly classified to the appropriate sub-code,

      2. Authorized in accordance with University policies, State and Federal laws and regulations, and specific sponsor or donor requirements or restrictions, and

      3. Within the available funding for the account, or supported by an approved backstop account with sufficient funding for the disbursement.

   2. To ensure that all receipts for the account are:

      1. Properly classified to the appropriate subcode, and

      2. Deposited on a timely basis in accordance with University policies.

   3. To reconcile the account activity on a timely basis. This means that accounts must be reconciled within 30 days of receiving the monthly report – Summary/Detail of transactions (FBM 090/091).

   4. To take immediate action to resolve errors or discrepancies noted during the report reconciliation or otherwise, and to follow up to ensure that errors are corrected.

      Note: Payroll Expenditure Transfers (PET) and Requests for Accounting Assistance (RFAA) should be completed within 90 days following the accounting month end close in which the expenditure posted. Specific fiscal year end deadlines will supersede the 90 day requirement and must be met to properly report expenditures in the correct fiscal year. Payroll Expenditure Transfers and Requests for Accounting Assistance completed beyond 90 days may be subject to additional review, approvals, and documentation. For additional requirements associated with sponsored projects accounts, please see www.sps.arizona.edu/handbook/fiscalresponsibilites.htm

   5. To keep accounts updated for changes in authorized signers and other account information.

   6. To maintain copies of supporting documentation for all activity processed for the account for at least the minimum time periods specified in the Records Retention Policy

   7. If the primary source of revenue for this account is the sale of goods or services to other University departments, then the account may need to comply with Section 18, Service Centers.

   Delegation of Responsibilities

2. The responsible person may assign these tasks to a delegate; however ultimate accountability and responsibility resides solely with the responsible person.

3. When signature authority can be delegated (note that in some instances it cannot be delegated), the authorized, designated individual is to sign his or her full name when approving a document. Signing another person's name, for example, the dean's, director's, or department head's, the use of initials, and the use of a rubber stamp are not acceptable.

4. The University reserves the right to question if the signer has been properly authorized to sign the document.

   Right to Review and Audit Records

5. The University has the right to audit or review all records. Requests for an audit or review may come from Internal Audit, Financial Services Office, the Vice President for Research, or the Vice President, dean, director, or department head through which the unit reports.