1. Property Plant and Equipment (PP&E): Oversee and maintain the accounting related to the University’s property, plant and equipment in accordance with GAAP. On a monthly basis, review departmental purchases to identify those expenditures that should be capitalized in accordance with the University’s PP&E policy. Ensure that work-papers (electronic) are maintained for all assets created, especially PP&E purchases from government grant and other external funds. Ensure the physical tagging of assets is performed, either as part of the annual physical inventory or by the department. Also maintain the accounting and detailed records of capital projects, noting those that are donor-funded. Work with the Facilities Management Office throughout the year to
determine capitalization and timing of projects. On a monthly basis, ensure that all appropriate assets and projects are capitalized accurately and timely, records contain appropriate documentation, ensure the accuracy of depreciation calculations, and the fixed asset system reconciles to the financial statements. It is imperative that proper documentation is maintained, and responsibilities and reconciliations are performed on a monthly, quarterly, and annual basis, in a timely, accurate and detail-oriented manner.
Additional related tasks include but are not limited to:
- Create New Asset Records.
- Correctly identify expenditures that should be capitalized.
- Physical Tagging of new assets.
- Maintaining data related to PP&E purchased using government grants and other external funds.
- Set-up Depreciation Criteria.
- Set-up Project Management Fee Criteria.
- Disposal of Assets.
- Reconciling detailed PP&E records with the G/L. Ensure accuracy of depreciation calculations.
- Recording Gifts-in-Kind.
- Preparing Depreciation Projections for management.
- Physical and General Inventory PP&E on an annual basis.
- Fixed Asset Survey on an annual basis.
- Capital Projects:
- Set-up new capital project accounts, ensuring that proper approvals are in place prior to creation (approval of project and funding source).
- Maintain detailed records on donor funded capital projects, including monthly spend and status of funding sources. Prepare management reporting.
- Prepare management reports on capital expenditures.
- On a monthly and ongoing basis, meet with the Facilities Management Office to review all capital projects; review expense vs. capitalization, timing of capitalization, project funding, status of open POs for projects nearing completion.
- Fund Accounting entries for major projects.
- Provide assistance to the Facilities Management Office relating to accounting for capital projects, transactional research, and detailed reporting utilizing Cognos.
2. Leases: Support the accounting related to the University’s leases in accordance with GAAP. Coordinate with external service providers to share new lease agreements, changes in existing leases (amendments), etc. for inclusion in lease accounting software. On a quarterly basis, book lease accounting entries and reconcile balances. On an annual basis, support the development of the year-end footnotes related to leases.
3. Bonds: Oversee and maintain the accounting related to the University’s long-term and other debt in accordance with GAAP. On a monthly basis, reconcile the G/L to the third-party custodian statements, making required journal entries as necessary, book entries related to debt service, and coordinate the reimbursement and reconciliation of the
Construction Fund (as applicable). Throughout the year, ensure that bond principal and interest payments are made timely and agree to expected payments per the Debt Service Payments projection. Ensure that the amortization of costs of issuance and original issuance premium / discount are booked appropriately, reconciling any additional entries needed when issuances have fully matured. Work with management to track the expenditures related to the construction fund and analyze projections vs. actuals. It is imperative that proper documentation is maintained, and responsibilities and reconciliations are performed on a monthly, quarterly, and annual basis, in a timely, accurate and detail-oriented manner.
Additional related tasks include but are not limited to:
- Prepare financial analysis.
- Maintain records on spending of bond proceeds for completion certificates purposes.
- Debt Service Payments projections for management.
- Maintain working files on all Debt Issuances.
- Provide assistance to management for any new bond issuances or bond refinancings.
- Book entries related to new bond issuances or bond refinancings.
- Maintain workpapers on Letters of Credit, assist with obtaining new Letters of Credit.
4. Various Month-End tasks and entries are to be performed timely and accurately related to areas of responsibility and other assigned balance sheet accounts. All entries need to be completed and reconciliations provided for review and approval, by stated deadlines.
Specific tasks include but are not limited to:
- Funding Transfers for Projects funded from Operations.
- Funding Transfers for Projects funded from Donor Funds.
- Accrue bond issues interest expense.
- PA Sales Tax & State and Local Hotel Occupancy Taxes.
- Prepares/processes monthly general ledger period close transactions; prepares and distributes monthly management reports.
- Maintain and perform account analyses and reconciliations of assigned balance sheet accounts.
- PA withholding taxes filed quarterly.
5. Various Year-End tasks and entries related to areas of responsibility, and reconciliation and analysis of assigned accounts. Provides requested information to external auditors as assigned per the annual financial statement, Uniform Guidance, and NCAA audits.
6. Oversee and maintain the accounting related to the University’s on-campus
restaurant, The Refectory. The third party operating the restaurant will provide monthly accounting reports on restaurant operations, which will need to be reconciled and booked in the University’s financial system. Reconciling of the related University-owned Refectory bank account will need to be completed on a monthly basis, accurately and timely. Coordination and communication with the management company operating The Refectory will need to be handled professionally and timely.
7. Works with Financial Affairs leadership team, and University administrative and academic Financial Managers, to develop customized financial reports to support operations and decision making.
8. Maintains and develops knowledge of the University’s financial systems, assists in testing upgrades and new accounting-related functionality, analyzes system-related issues, and works with appropriate functional and technical staff on problem resolutions.
9. Assists with training University-wide staff to understand available financial system functions, basic budget reporting, and transaction review. Provide support and field questions from other members of the University regarding the University’s ERP Finance system and Accounting functions. Able to effectively communicate University policies and procedures to University community relating to PP&E and leases.
10. Preparation of Federal tax forms 1042-S, with assistance from the Assistance Controller and Bursar. Provide data to third party service providers for review of accuracy and tax form preparation. Ensure tax payments are made accurately and in a timely manner.
11. Other accounting tasks as assigned.
