The Virginia Tech Controller's Office provides fiscal services to the university and serves as an interface with external agencies for fiscal matters. The Controller is responsible for ensuring that all funds are properly received, spent, and reported in accordance with university policies and State, and Federal regulations. To accomplish these objectives, the Controller provides oversight to five functional areas, within three departments.
The Accounting Operations area of the Controller's Office is responsible for payroll, general accounting, and accounts payable functions for University business operations.
Disbursement documents flow from university departments to the Accounts Payable section of the Controller's Office. This section is responsible for researching and interpreting policies pertaining to university expenditures and then training university personnel so they can use them to make payments to university vendors and to answer questions from vendors about the payments. This section pre-audits these documents in accordance with state and university policy and procedures and makes decisions regarding the payment of the invoices or if additional support (documentation) is needed to support the business purpose of the public funds expenditure. This section also handles special transactions such as foreign draft requests and electronic wiring of funds to vendors.
The General Accounting Section of the Controller's Office supports the Banner Finance help line and provides training for new employees in the areas of Banner Finance navigation, general accounting query, and finance web reporting. The section also performs audits of departmental journal entry transfers and is responsible for Banner Finance daily batch updating, month-end close, and year-end close. The General Accounting Section of the Controller's Office is responsible for reconciling the University's bank accounts, reconciling the Banner Finance system to the State's Accounting System, and various other reconciliations.
The Payroll Office is responsible for paying all 12,000 University employees on time and correctly. They also make all payroll related tax deposits and reports, process retroactive funding changes, reconcile health care billings, make retroactive pay adjustments, pay all third party payroll vendors as well as collect and disburse all garnishments, tax liens and child support orders. In addition, they are responsible for obtaining and maintaining all I-9's and are charged with determining the taxability and employability of all non-resident alien employees.
Travel and meal reimbursement documents flow from the university departments to this section of the Controller's Office. This section is responsible for researching and interpreting complex travel policies pertaining to university travel expenditures and then training university personnel so the university travelers can use them while on business travel or in business meal environments. The travel section of Accounting Services pre-audits these travel and meal reimbursement requests in accordance with state and university policy and procedures. All reimbursements must be in accordance with state accountable plan that has been approved by the Internal Revenue Service so the travelers can be reimbursed without taxable income implications. All employees and guests of the university must follow the travel procedures found on the University Controller's web page.
Financial Reporting & Cost Accounting
The Financial Reporting & Cost Accounting area of the Controller's office is responsible for the annual financial statements, cost studies, and fixed asset accounting. This unit is divided into three areas:
The Cost Accounting section of the Controller's Office is responsible for preparing the University's annual fringe benefit proposal as well as the University's Federal Facilities and Administrative (F&A) cost proposal. The Cost Accounting group is also responsible for opening new service centers, monitoring and completing annual reviews of all existing service centers, and regular reviews of service center ISRs and journal entries. The group also develops cost studies as requested and updates existing cost studies as needed. We offer training on cost accounting standards and service centers as requested, as well as Uniform Guidance training through the Office of Sponsored Programs Research Administration certificate program.
The Financial Reporting section of the Controller's Office is responsible for preparing the University's annual audited financial statements, the 990-T Exempt Organizations Business Income Tax Return (UBIT), the National Science Foundation Report of research expenditures, the Schedule of Federal Assistance, and various other reports and surveys as required by University management, by federal and state reporting requirements, and by other external parties. Financial Reporting is also responsible for establishing organization and account codes in the Banner finance system and for the maintenance of other reporting attributes.
Fixed Assets and Equipment Inventory Services (FAEIS) section of the Controller’s Office is responsible for maintaining and managing the University's official fixed asset system which includes land, buildings, improvements, fixed and moveable equipment. FAEIS strives to ensure the university’s assets are properly acquired, safeguarded, controlled, recorded and disposed in accordance with state and federal regulations, audit requirements, and applicable accounting pronouncements. FAEIS works in close coordination with all university departments to identify and tag equipment as acquired. Ongoing inventories are conducted of the University's moveable equipment to meet state and federal regulations. Data from the Fixed Assets System is a key component in the calculation of the university’s Facilities and Administrative cost recovery rate. FAEIS, together with the Budget Office, administer the Equipment Trust Fund (ETF) program. In addition, FAEIS provides institutional reporting services to the University, the Commonwealth, and other regional and national agencies, including federal sponsors.
Agency Risk Management and Internal Control Standards (ARMICS) is a directive issued by the State Comptroller in November 2006 and applies to all state agencies and institutions within the Commonwealth of Virginia. Its purpose is to implement internal control standards and “best practices” that directly support the mission of the Commonwealth and of the University. It is part of the Commonwealth Accounting Policies and Procedures (CAPP) manual and is an ongoing process that provides reasonable assurance of the integrity of fiscal processes and that all assets are safeguarded.
The Insurance & Risk Management Office handles all insurance matters, including claims, for the University. In addition , the office provides risk analysis for various University activities and management of the Student Medical Insurance program.
The Insurance & Risk Management website is located here.
The Bursar's Office provides timely and accurate billings to students and general users of the University's services and ensures that payments and credits are received and properly applied to each customer's account. The Bursar is also responsible for establishing banking and credit card processes and collecting delinquent receivables.
The Bursar's website is located here.