Oberlin College Finance Office

The Oberlin College Finance Office is responsible for managing the institution’s financial resources and ensuring its fiscal stability. It plays a vital role in supporting Oberlin’s academic mission, providing students with a high-quality educational experience, and maintaining the college’s long-term financial health.

Key functions of the Finance Office include financial reporting, budgeting, accounting, treasury management, accounts payable, student accounts, and purchasing. It adheres to Generally Accepted Accounting Principles (GAAP) and maintains strong internal controls to safeguard assets and ensure compliance with all applicable regulations.

Budgeting and Planning: The Finance Office works closely with departments and divisions across the college to develop and manage the annual operating budget. This involves projecting revenues, allocating resources, and monitoring spending throughout the fiscal year. The budgeting process aligns with Oberlin’s strategic goals and priorities, ensuring that resources are directed to areas that will have the greatest impact on student learning and institutional success.

Financial Reporting: The office is responsible for preparing accurate and timely financial statements, which are used by college leadership, trustees, and external stakeholders to assess the college’s financial performance. These statements are audited annually by an independent accounting firm to ensure their reliability and transparency. Oberlin also publishes its financial statements and other relevant financial information on its website, promoting accountability and open communication.

Student Accounts: The Finance Office manages student accounts, including tuition billing, payment processing, and financial aid disbursement. It provides students and families with clear and concise information about tuition costs, payment options, and financial aid opportunities. The office also offers counseling and support to students facing financial challenges.

Endowment Management: While not directly managing the investments, the Finance Office works with the Investment Office in overseeing the college’s endowment, a vital source of funding for scholarships, professorships, and other strategic initiatives. The endowment is managed with a long-term perspective, aiming to generate sustainable returns that will support the college’s mission for generations to come.

Procurement and Accounts Payable: The Finance Office oversees the procurement process, ensuring that goods and services are purchased in a cost-effective and efficient manner. It also manages accounts payable, processing invoices and making payments to vendors in a timely fashion. The office strives to maintain strong relationships with suppliers and vendors, ensuring that the college receives the best possible value for its money.

In summary, the Oberlin College Finance Office plays a critical role in managing the college’s financial resources, supporting its academic mission, and ensuring its long-term financial sustainability. Its work is essential to providing students with a transformative educational experience and maintaining Oberlin’s position as a leading liberal arts college.