The Manager, Capital and Plant Fund Accounting is responsible for managing the University’s capital assets, plant funds, construction in progress, and capital project accounting functions. This position supports accurate recording, documentation, reconciliation, reporting, capitalization, depreciation, and reporting of capital project and fixed asset activity in accordance with University policies, accounting standards, and applicable funding requirements.
This role works closely with various University departments, auditors, and state agencies to support accurate financial reporting, effective internal controls, and proper stewardship of University capital assets.
Key Responsibilities
Capital Project and Plant Fund Accounting
- Manage plant fund accounting activities, including tracking capital project activity, funding sources, investment in plant, and related general ledger activity.
- Monitor capital project budgets, expenditures, funding sources, and project status to support timely capitalization and project closeout.
- Manage construction in progress activity, including reviewing project costs, monitoring balances, identifying projects ready for capitalization, and coordinating timely closeout.
- Reconcile construction in progress balances between the general ledger and project tracker, researching and resolving discrepancies as needed.
- Track and reconcile funding sources for capital projects, including state appropriations, bond proceeds, grants, institutional funds, and other applicable sources.
- Provide monthly capital project reports to various University departments.
Fixed Assets and Depreciation
- Maintain the University’s fixed asset records, ensuring capital assets are recorded accurately, completely, and in accordance with capitalization policies.
- Record and review asset additions, disposals, transfers, adjustments, impairments, write-downs, and retirements with appropriate documentation and approvals.
- Calculate and record depreciation expense, ensuring proper useful lives, depreciation methods, and compliance with applicable accounting standards.
- Reconcile the fixed asset subsidiary ledger to the general ledger and resolve discrepancies in a timely manner.
- Maintain asset documentation, including invoices, capitalization support, disposal approvals, and other supporting records.
Compliance, Controls, and Policy Administration
- Ensure capital expenditures comply with applicable funding source requirements, including grants, bond covenants, donor restrictions, approved project scopes, budgets, and University policies.
- Support compliance with capitalization thresholds, asset classification requirements, useful life policies, depreciation methods, and plant fund accounting standards.
- Maintain and update capital asset policies and procedures to support accurate accounting, consistent documentation, and effective internal controls.
- Support procurement and approval workflows for capital purchases to help ensure proper classification, account coding, capitalization review, and compliance with University policies.
Reporting, Audit Support, and Year-End Close
- Prepare capital asset, depreciation, construction in progress, and plant fund reports and schedules for management review, financial reporting, and audit support.
- Prepare capital asset rollforwards, depreciation schedules, and financial statement disclosure support in accordance with applicable accounting standards.
- Support monthly and year-end close activities related to capital assets, plant funds, depreciation, construction in progress, and investment in plant.
- Provide internal and external auditors with asset schedules, reconciliations, rollforwards, and supporting documentation.
Coordination and Stakeholder Support
- Collaborate with various University departments to support accurate tracking of capital projects, asset purchases, project completion status, asset tagging, transfers, disposals, and placement into service.
- Coordinate with the Procurement/Facilities on the annual physical inventory of assets, including review of discrepancies and updates to asset records.
- Work with state agencies and external partners regarding capital project reporting, approvals, funding, project status, and compliance requirements.
- Respond timely to department inquiries related to capital projects, plant funds, fixed assets, depreciation, and asset-related transactions.
Process Improvement and Team Support
- Identify and recommend process improvements related to capital project accounting, fixed asset tracking, plant fund reporting, documentation, and internal controls.
- Support accurate and efficient accounting operations through timely research, issue resolution, reporting, and cross-functional coordination.
- Perform other duties as assigned.
