Wayne State University

About Us

The Accounting Department is responsible for maintaining the University's financial accounting system and providing the financial information required by various internal and external customers. It plays an important role in ensuring that the University provides the annual accounting required by the State Constitution and appropriations laws. It also has an important role in preparing financial statements in accordance with the requirements outlined in BOG Statute 2.70, along with supporting the audit activities required by this Statute. In addition to financial reporting, this Department plays a significant role in ensuring that University systems comply with applicable University/external sponsor financial requirements and that these systems adequately protect University assets.

The Department consists of the following major units:

  • The General Accounting and General Accounts Receivable section is responsible for the general accounting and financial reporting activities of the General, Designated, Auxiliary, Independent Operations, Student Loan, Endowment, Plant and Agency funds. It is also responsible for maintaining the General Billing System (GBS) and all non-student initiated receivables generated in the above funds.
     
  • The Financial/Budget Reporting section is responsible for preparation of a variety of financial reports that are necessary to meet the University's internal management and special government reporting requirements. The primary government reports provide University wide financial information to both the State and Federal governments. In addition, this section prepares special reports requested by a variety of internal and external users, performs account deficit monitoring/clearance activities and special projects.
     
  • The Cost Accounting section is responsible for the preparation of special cost studies. Major efforts are directed to ensuring the University's compliance with Federal cost accounting standards (CASB), preparation of the Federal research indirect cost rate, and composite fringe benefit rates. In addition, this unitis responsible for overseeing and supporting compliance with the University's service center costing policies and procedures.

The major goals of the Accounting Department are:

  • To conduct accounting and financial reporting activities in a manner that enhances the University's ability to meet its instruction, research and public service missions while complying with all Federal, State, and other sponsoring agency financial/ administrative requirements, along with professional accounting, reporting and internal control requirements.
     
  • To provide timely, accurate and relevant financial information in order to meet the internal and external financial reporting requirements of the University. The financial information provided to internal parties should assist them in making the necessary financial management decisions.
     
  • To properly control and account for funds collected by the University in a timely and accurate manner.