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Management Resources

“Must Do” Management Actions

1.      SEGREGATION OF DUTIES: Separate related activities among different staff members. For example, p-card holders should not reconcile the p-card transaction reports.

2.      RECONCILIATION AND REVIEW: Reconcile department financial statements to supporting documents on a monthly basis to ensure that all items are valid, university-approved, and belong to the department.

3.      CREATE AN AUDIT TRAIL: Document all reconciliations, verifications, and approvals to assure a defined audit trail of all transactions. Keep and review supporting documentation for any action you authorize, approve, or sign off on.

4.      CASH CONTROLS: Deposit any cash and checks received by the business unit on a daily basis with the Bursar’s Office.

5.      PAYROLL CONTROLS: Reconcile payroll distribution reports with the supporting timesheets on a regular basis.

6.      ASSET AND INVENTORY CONTROLS: Report new equipment assets valued over $5,000 and their location to the University asset manager [INSERT NAME HERE]. Maintain a departmental list for significant assets valued under $5,000. Conduct regular physical counts of inventory held for resale and reconcile to inventory records and sales annually.

7.      IMPLEMENT AND REVIEW PROCEDURES & POLICIES: Implement a departmental procedures and policies manual and update the manual on an annual basis. Avoid circumventing any established internal controls for department operations.

8.      BUDGET REVIEW: On a monthly basis, compare and analyze the actual revenue and expenditures for cost objects to the amount of budgeted revenue and expenditures for that month. Evaluate budget needs quarterly to identify inefficiencies and excess funds.

9.      GENERAL TIPS:

a.       Be Vigilant: Be alert to fraud risks and “red flags” for fraud occurring in your unit’s operations.

b.      Develop Relationships: Identify a group of peer managers at Tufts and other universities as a pool of resources and establish a two-way line of open communication with them through regular conferences, list serves, and user groups.

c.       Improve Efficiency: Review operational processes on a continuous basis for duplication of effort. Identify strengths and weaknesses within your employee pool and reorganize duties accordingly to develop a stronger team. In addition, encourage employees to participate in professional development activities.