A primary responsibility of Financial Accounting and Reporting (FAR) is the maintenance
of the Financial Data Model (FDM) within Workday. FAR establishes and maintains key
elements of the FDM (i.e. ledger accounts, revenue and spend categories, account posting
rules, etc.). The office monitors all balance sheet transactions and financial transactions
within the plant, endowment, restricted (other than sponsored programs), and agency
funds. In addition, FAR approves and establishes new programs, projects, funding
sources and agency/clearing related to these funds.
FAR monitors the University鈥檚 cash flow, manages the University鈥檚 investment program, monitors the collateralization of cash deposits, and prepares the annual interest allocation. In addition, FAR balances and prepares the bank reconciliation for the University which includes processing stop payments, check cancellations, and returned checks. FAR prepares and submits all unclaimed property for the University to the Louisiana State Treasurer鈥檚 Office.
FAR coordinates the issuing of bonds for University projects financed with self-generated funds, manages the accounting for capital construction, and handles long-term debt accounting records.
FAR's responsibilities also include man颅age颅ment of the fiscal yearend closing pro颅cess, preparation of all financial statements and footnotes, and coor颅dina颅tion of the Legislative audit. Two official University reports, the "海角社区 Financial Report" and the "Supplement to the Financial Re颅port", are published annually on FAR鈥檚 website. FAR prepares the University's tax return and numerous reports and surveys for internal and external recipients. FAR also handles the annual Fringe Benefit Rates Proposal as well as the Facilities and Administrative Rate Proposal for the University.