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Centralized Review of Operations Policy

 

West Virginia University Policy
Division of Administration and Finance

Policy Number: IARA-03
CENTRALIZED REVIEW OF OPERATIONS POLICY

 

General Information

 Reason For This Procedure:

  • To establish appropriate criteria for reporting and analysis, on a periodic basis, of financial fluctuations within operating units to be provided to Institutional Accounting, Reporting and Analysis for review.                

To Whom Does This Procedure Apply:  

  • This Procedure applies to all WVU units, including those on the regional campuses - Potomac State College of WVU, WVU Institute of Technology, Charleston division of the Robert C. Byrd Health Sciences Center, Jackson’s Mill State 4-H Conference Center and Camp, and the WVU Farms – and the West Virginia University Research Corporation.

Procedure                             

  • Institutional Accounting, Reporting and Analysis (IARA) is responsible for the preparation of the audited financial statements and financial reporting. As part of the financial reporting process, IARA needs to review and gain an understanding of the financial activity and fluctuations occurring within various departments of the University. In order to assist IARA with this task and to ensure an efficient financial statement audit, University departments should perform periodic analysis of the fluctuations in their operating revenues and expenditures. Written explanations for significant operating variances should be provided by the departments to IARA for review at least quarterly. IARA may request additional analysis and support for the explanations.

Responsibilities

Procedure Development

  • The responsibility for procedure development of this policy rests with Institutional Accounting, Reporting and Analysis.

Implementation

  • The responsibility for implementation of this procedure rests with Institutional Accounting, Reporting and Analysis.

Interpretation

  • The responsibility for interpretation of this procedure rests with Institutional Accounting, Reporting and Analysis.

Contacts

  • Additional information or questions regarding this procedure can be obtained by contacting Institutional Accounting, Reporting and Analysis at 304.293.4008.

 


 

Originally Issued: July 1, 2010
Updated: February 8, 2016
Approved by: Daniel A. Durbin, Senior Associate Vice President for Finance