SUNY Buffalo Finance Department

The SUNY Buffalo Finance Department is a vital unit responsible for managing the financial resources of the university. It oversees a wide range of functions crucial for the institution’s operational efficiency and long-term financial stability. These responsibilities span accounting, budgeting, procurement, treasury management, and financial reporting.

Key Responsibilities

• Accounting and Financial Reporting: The department ensures accurate and timely recording of all financial transactions. It prepares financial statements in accordance with Generally Accepted Accounting Principles (GAAP) and regulatory requirements. This includes managing the general ledger, accounts payable, accounts receivable, and grant accounting.
• Budgeting and Financial Planning: Developing and managing the university’s budget is a core function. The department collaborates with various units across campus to formulate the annual budget, monitor spending, and project future financial needs. This involves forecasting revenue streams, analyzing expenditures, and ensuring alignment with the university’s strategic goals.
• Procurement: The procurement division manages the acquisition of goods and services required by the university. It is responsible for ensuring compliance with state regulations, securing competitive pricing through bidding processes, and negotiating contracts with vendors. The goal is to obtain the best value for the university while adhering to ethical and legal standards.
• Treasury Management: The treasury function oversees the university’s cash flow, investments, and debt management. It ensures sufficient liquidity to meet operational needs, maximizes investment returns within acceptable risk parameters, and manages debt obligations effectively.
• Grant Administration: Given SUNY Buffalo’s significant research activity, the finance department plays a critical role in grant administration. This includes pre-award support, post-award management, and compliance with federal and state regulations governing sponsored research.
• Compliance and Internal Controls: Maintaining a robust system of internal controls is essential for safeguarding university assets and preventing fraud. The department works to ensure compliance with all applicable laws, regulations, and university policies. It conducts internal audits and implements corrective actions to address any identified weaknesses.

Impact on the University

The Finance Department’s activities have a direct impact on the entire university community. Effective financial management ensures that resources are available to support academic programs, research initiatives, student services, and infrastructure development. Sound budgeting practices enable departments to plan effectively and allocate resources strategically. Efficient procurement processes ensure that necessary goods and services are acquired at competitive prices. Furthermore, accurate financial reporting provides transparency and accountability to stakeholders, including the SUNY system, the State of New York, and the public.

In conclusion, the SUNY Buffalo Finance Department is an indispensable component of the university, playing a critical role in its financial health and operational efficiency. Through its diverse functions and commitment to best practices, the department supports the university’s mission of providing high-quality education, conducting cutting-edge research, and serving the community.