Ithaca College Finance Administration
Ithaca College’s Finance Administration division plays a crucial role in managing the institution’s financial resources, ensuring its long-term financial health, and supporting its academic mission. It encompasses a wide range of functions, from budgeting and accounting to procurement and risk management.
The core of the Finance Administration is the Controller’s Office. This office is responsible for maintaining accurate financial records, preparing financial statements, and ensuring compliance with accounting standards and regulations. They oversee the general ledger, accounts payable and receivable, and payroll. A significant function is managing the annual audit process, working with external auditors to ensure the integrity of the college’s financial reporting.
Budgeting is another central function. The Finance Administration works closely with academic and administrative departments to develop and manage the annual operating budget. This process involves forecasting revenues, allocating resources based on strategic priorities, and monitoring spending throughout the year. They provide budget managers with tools and training to effectively manage their departmental budgets and ensure adherence to college policies.
Procurement Services is also a critical component. This department is responsible for purchasing goods and services needed by the college. They strive to obtain the best value for the college through competitive bidding, contract negotiation, and vendor management. Procurement Services ensures compliance with college purchasing policies and applicable laws, while also promoting sustainable purchasing practices.
Beyond these core functions, the Finance Administration also oversees areas such as treasury management, which involves managing the college’s cash flow and investments. They are responsible for ensuring the college has sufficient funds to meet its obligations and for maximizing investment returns while managing risk. Risk Management also falls under their purview, identifying and mitigating potential risks to the college’s assets and operations. This includes managing insurance programs, ensuring compliance with safety regulations, and developing business continuity plans.
In recent years, Ithaca College’s Finance Administration has focused on improving efficiency and transparency through technology upgrades and process improvements. This includes implementing new financial systems to streamline workflows and enhance reporting capabilities. They are also committed to providing excellent customer service to the college community, offering training and support to faculty and staff on financial policies and procedures.
The Finance Administration is led by the Vice President for Finance and Administration, who reports directly to the President. This individual is responsible for providing strategic leadership and direction for the division, ensuring that the college’s financial resources are managed effectively and in alignment with its overall mission and strategic goals. The team works collaboratively with all areas of the college to ensure the institution’s financial stability and support its academic excellence.