The Office of the Senior Vice President, Chief Financial Officer and Treasurer reports to the Office of the President.
Office of the Comptroller
The Office of the Comptroller is responsible for maintaining the accounting records of the University, providing accurate and timely financial reporting, and ensuring the protection of the University assets by establishing and maintaining adequate internal controls. The departments within the Office of the Comptroller are Accounts Payable, Accounting for Travel, Cashier, Collection Department, General Accounting, Miscellaneous Receivables, Payroll, Student Accounting Services, and the Student Loan Department.
Debt and Treasury Management
Debt and Treasury Management supports the University’s mission by providing financial services and consulting to academic and administrative units across the University. The primary objective of the unit is to ensure consistent, prudent and cost effective stewardship of the University’s working capital and borrowing resources. Activities of Debt and Treasury Management include day to day cash management, administrative support for the University’s Development and Investment Officers, cash forecasting and reporting, financial analysis and advisory to support new construction and maintenance capital spending needs, and debt issuance and ongoing debt portfolio management. The Office monitors credit market/financial and liquidity risks related to working capital and debt arrangements. The Office develops and oversees the University’s relationships with key financial service providers and also with other external constituencies including rating agencies and state bond issuance authorities.
The primary function of Internal Audit is to assist University management and the Trustees in achieving the University’s operational, financial, and information technology goals. Our audit reviews are designed to ensure that the University is functioning in the most efficient and cost-effective manner, that accounting, administrative, and information technology controls are adequate and effective, and that all University policies and procedures as well as Federal and State regulations are appropriately followed and understood.
We perform our reviews based on an annual audit plan, as well as at the request of University management, Deans, Department Heads, and other University personnel. We are also available as internal consultant for questions and concerns regarding new programs, administrative procedures, and other internal controls.
Post Award Financial Operations
Post Award Financial Operations works closely with the University’s research community to provide seamless processes from pre-award activities while ensuring compliance and consistency with overall fiscal management. PAFO’s responsibilities include the research accounting and financial management functions, time and effort certifications, indirect cost rate calculation and negotiations, service center administration, property management coordination of the annual OMB Circular A-133 audit and periodic agency audits, the creation and implementation of related policies and business processes, and oversight of systems and training. It includes Facilities Cost Analysis, Property Management and Service Center Administration.
Risk Management actively manages Boston University’s loss exposures by identifying the types of fortuitous losses faced by the University, analyzing the different types and sizes of these loss exposures, and deciding how to handle and finance these losses through a combination of insurance, self-insured retentions, risk avoidance, risk transfers and effective claims management of the losses that do occur. The Office arranges and annually reviews the adequacy and terms of the University’s insurance coverages in the following areas i) Worker’s Compensation, ii) General Liability, iii) Umbrella and iv) Property, including boiler and machinery and business interruption. The Office manages all claims related to these insurance coverages. The Office also arranges and overseas the student health plan offerings.
Sourcing & Procurement
Sourcing & Procurement is responsible for the strategic procurement of goods and services to support the education and research mission of the University. The primary goal is to service the University community by facilitating the timely acquisition of high quality goods and services at competitive prices. The professional staff within Sourcing & Procurement continues to develop new or revise existing strategic partnerships with key suppliers to address the changing needs of each University department.
A full list of offices and departments in Financial Affairs follows.
- Office of the Comptroller
- Debt and Treasury Management
- Internal Audit
- Post Award Financial Operations
- Risk Management
- Sourcing & Procurement