Harvard Medical School Finance Office

The Harvard Medical School (HMS) Finance Office plays a crucial role in managing the financial resources that support the school’s world-renowned research, education, and clinical missions. As a complex institution, HMS relies on its Finance Office to ensure financial stability, compliance, and strategic resource allocation across its diverse activities.

Core Responsibilities

The primary responsibilities of the HMS Finance Office encompass a wide range of financial functions, including:

• Budgeting and Planning: Developing and managing the annual operating budget, long-term financial forecasts, and resource allocation models to support HMS strategic initiatives. This involves close collaboration with departments and research centers to understand their needs and priorities.
• Financial Accounting and Reporting: Maintaining accurate and compliant financial records, preparing financial statements, and ensuring adherence to accounting principles and regulations. This includes managing grant accounting, endowments, and other restricted funds.
• Sponsored Research Administration: Providing pre-award and post-award support for research grants and contracts. This includes proposal preparation assistance, grant compliance monitoring, and financial reporting to sponsoring agencies like the National Institutes of Health (NIH).
• Treasury Management: Managing cash flow, investments, and debt financing to optimize the school’s financial resources and ensure liquidity.
• Financial Controls and Compliance: Establishing and maintaining internal controls to safeguard assets, prevent fraud, and ensure compliance with laws, regulations, and university policies. This includes conducting audits and implementing corrective actions.
• Procurement and Payables: Managing the procurement process for goods and services, processing vendor invoices, and ensuring timely payments.
• Payroll: Administering payroll for faculty, staff, and students, ensuring accurate and timely payment of salaries and wages, and complying with payroll tax regulations.
• Financial Systems and Technology: Managing and supporting the financial systems used by HMS, including enterprise resource planning (ERP) systems, grant management systems, and reporting tools.

Organizational Structure

The HMS Finance Office is typically structured with different teams or units specializing in specific areas of financial management. These teams often include:

• A Controller’s Office responsible for financial accounting and reporting.
• A Budget Office responsible for budget development and management.
• A Sponsored Research Finance Office responsible for grant accounting and compliance.
• A Treasury Office responsible for cash management and investments.

Impact and Importance

The HMS Finance Office is critical to the school’s success. Its effective management of financial resources enables HMS to:

• Support cutting-edge research that advances medical knowledge and improves human health.
• Provide exceptional medical education to train the next generation of physicians and scientists.
• Offer high-quality clinical care to patients in the Harvard-affiliated hospitals.
• Attract and retain top faculty and staff.
• Invest in infrastructure and technology to support its mission.

In conclusion, the HMS Finance Office plays a vital role in ensuring the financial health and stability of the school. By providing sound financial management, strategic planning, and robust controls, the Finance Office enables HMS to achieve its ambitious goals and make significant contributions to the world.