Financial Reporting

The Department of Financial Reporting and Analysis (which includes the Costing and Capital Projects accounting section) comes under the supervision and direction of the Controller’s Office, and is responsible for the following:

• Preparing the annual Financial Report of the University. As part of this process, Department analysts review account balances and activity and communicate with business managers and other financial staff throughout the University in order to ensure the accuracy and completeness of the information that is summarized in the Financial Report. The Department coordinates the annual audit performed by the University’s independent auditors, acting as a liaison between the auditors and financial staff throughout the University.
• Coordinating the preparation of the quarterly University financial statements for purposes of analysis and discussion.
• Preparing various other reports to donors and outside agencies. These include financial statements for the University Retirement Plan for Staff Employees and the Plan of Health Coverage for Retired Employees. In addition, the Department provides financial information to other University departments as requested.
• Researching and resolving accounting and financial reporting issues, and analyzing the effect of new accounting guidance on the University. The Department acts as a resource for business managers and other financial staff throughout the University who may request help in dealing with accounting issues having an external financial reporting impact.
• Coordination of cash activity. Coordinates with the Cash Manager and University departments the monitoring and establishment of all cash accounts and performs bank reconciliations on a monthly basis for the University’s central accounts.
• Capital projects accounting. Performs accounting, analysis, and monitoring related to capital project accounts and the University’s external debt. Establishes guidance for Capital Management, Facilities and University departments on capital and debt accounting issues.
• Monitoring control. Functions as a high level monitoring control of all University financial activity through the preparation and analysis of University reporting and analysis.
• Fringe benefits. In coordination with Grants and Contracts and the Budget Office, prepares the University fringe benefit rates.

Investment Accounting

The mission of the Investment Accounting Department is to provide accurate and timely investment accounting information to related users of such information, such as the Investments Office, Funds Management, Financial Reporting and Analysis, and individual departments; and to perform appropriate reconciliation and control procedures to safeguard the University’s investments.

The Investment Accounting Department is responsible for the following areas:

Maintaining accurate investment accounting records (including the Yale staff retirement plan)

• Processing trading and other investment activity into the investment accounting subsystem
• Reconciling and verifying activity to bank and other records
• Reconciling limited partnership investment financial statements
• Recording related activity into the investment accounting subsystem

Processing donated securities gifts

• Communicating donated securities received and their values to Contribution Processing
• Sending physical certificates received to custodian to be sold
• Reconciling donated securities records
• Following up to ensure all items are sold and recorded on a timely basis

Maintaining special mortgage/loan records

• Recording initial loan disbursement and subsequent loan payments in loan subsystem
• Preparing and sending out annual tax information to borrowers
• Preparing periodic statements of loan activity for borrowers
• Responding to borrowers’ questions
• Preparing periodic loan status reports

Maintaining accurate special gift investment records

Gifts of investments to University that are not immediately sold—either because they are not marketable or because they are restricted in some way by the donor:

• Recording donated investments in the investment accounting subsystem
• Monitoring activity of special investments, including recording income and ultimate sales of such gifts

Maintaining records of funds’ participation in endowment investment pool

• Processing monthly funds activity into unit system, which keeps track of individual sources
• Reconciling and verifying accuracy of units
• Processing spending distributions to individual sources

Calculating the quarterly unit value of endowment investment pool

• Reconciling investments and related valuations and calculating the ratio of value to units in the pool