LMU Finance Department

The Loyola Marymount University (LMU) Finance Department is a crucial component of the university’s overall administration, responsible for managing its financial resources and ensuring the institution’s fiscal health and stability. Functioning under the broader Business & Finance division, the department’s primary goal is to provide efficient and effective financial services to the entire LMU community – students, faculty, staff, and alumni alike.

Key Responsibilities

The Finance Department’s responsibilities are wide-ranging and encompass various aspects of financial management:

• Accounting & Financial Reporting: Maintaining accurate and up-to-date financial records, preparing financial statements in accordance with Generally Accepted Accounting Principles (GAAP), and ensuring compliance with all relevant regulations and accounting standards. This includes managing the university’s general ledger, accounts payable, accounts receivable, and fixed assets.
• Budgeting & Planning: Developing and monitoring the university’s annual operating budget, working collaboratively with departments across LMU to align financial resources with strategic priorities. This involves forecasting revenue and expenses, analyzing financial performance, and identifying opportunities for cost savings and revenue enhancement.
• Treasury Management: Overseeing the university’s cash management, investments, and debt financing activities. This includes managing banking relationships, investing university funds responsibly, and ensuring adequate liquidity to meet the university’s financial obligations.
• Financial Compliance: Ensuring compliance with all applicable federal, state, and local laws and regulations, as well as university policies and procedures. This includes managing audits, preparing tax returns, and ensuring adherence to internal controls.
• Student Financial Services: Administering student financial aid programs, processing tuition payments, and providing guidance to students and families on financial matters. This crucial role supports access to education for a diverse student body.
• Procurement & Contract Management: Overseeing the university’s procurement processes, ensuring that goods and services are acquired in a cost-effective and compliant manner. This involves negotiating contracts with vendors, managing purchase orders, and ensuring adherence to university policies.

Organizational Structure

The LMU Finance Department is typically structured with various units specializing in specific areas. Common divisions include: Accounting, Budget & Planning, Treasury, Student Financial Services, and Procurement. Each unit is led by experienced professionals with expertise in their respective fields.

Technology & Innovation

The department leverages technology to streamline financial processes and improve efficiency. Enterprise Resource Planning (ERP) systems are used to manage financial data, automate workflows, and provide real-time insights into the university’s financial performance. Furthermore, the department continuously seeks innovative solutions to enhance its services and improve the overall financial experience for the LMU community.

Impact on the LMU Community

The LMU Finance Department plays a vital role in supporting the university’s mission of providing a transformative educational experience. By managing the university’s financial resources effectively, the department ensures that LMU can invest in its academic programs, faculty, facilities, and student services. Ultimately, the department’s contributions are essential to the university’s long-term success and its ability to make a positive impact on the world.