Guiding Principles

The University of Florida Board of Trustees has adopted the following Guiding Principles of Financial Management.

 

The University is committed to conducting business in a fiscally responsible manner under the highest ethical standards. The University will adopt the following principles.

Principles of Financial Management:

  • Maintain accounting records in accordance with Generally Accepted Accounting Principles (GAAP) which provide full-disclosure of compliance with stewardship responsibilities of the university
  • Maintain an internal control environment which enhances sound business practices and clearly defines roles, responsibilities and accountability
  • Ensure that applicable laws, regulations and donor or sponsor requirements or restrictions are complied with and that documentation standards provide assurances of such compliance
  • Provide accurate and relevant managerial financial reports. Standardized and cost center specific reports will be available as management tools for employees with delegated budgetary responsibilities. Higher level reports will be provided to those employees with broader level fiscal responsibilities
  • Utilize appropriate budgetary controls applicable to fund source (i.e. state appropriations, auxiliary operations, sponsored research projects) to monitor variances and provide explanations of deviations
  • Maintain appropriate levels of financial transaction reviews and approvals by university personnel responsible for budgetary entities
  • Involve both internal and external parties to provide periodic independent oversight of university financial activities. Such parties shall include accounting professionals within the university, internal and external auditors, and governing bodies as appropriate
  • Ensure all employees are aware of their responsibility to report suspected fraudulent or other dishonest acts and deviations from the Principles of Financial Management to their supervisor, appropriate administrator or the University‚Äôs Office of Internal Audit