University Accounting

University Accounting
33 Knightsbridge Road, 2nd Floor, West Wing
Piscataway, NJ 08854

The Data Governance department ensures the integrity and consistency of the university’s Chart of Accounts. The department provides transactional guidance to the university’s users on how to utilize the various Chart segments and how to request new Chart segments when needed. Visit the Chart of Accounts website at coa.rutgers.edu.

Our department is responsible for preparing Rutgers’ annual audited financial report, including management discussion and analysis, statements, and accompanying notes.

We also

• Work with external auditors to provide supporting detailed transactions/schedules in conjunction with the university’s annual financial statement audit
• Prepare monthly financial statements and quarterly variance analyses
• Oversee for the finance section of the annual Integrated Postsecondary Education Data System (IPEDS) survey for each campus
• Prepare and review the of annual financial statements for University Behavioral Healthcare (UBHC)
• Manage month-end closing task lists for central accounting
• Handle proper accounting in Student Loan, Student Aid, and Educational Opportunity Fund (EOF) funds
• Submit the annual Fiscal Operations Report and Application to Participate (FISAP) survey related to federal financial aid
• Reconcile various balance sheet (asset and liability) natural accounts and investigate variances
• Respond to departmental/unit field questions related to accounting transactions and accounting inquiries
• Prepare various internal management financial reports
• Record and reconcile state appropriations remitted by the state of New Jersey for operations
• Work with senior management to interpret and implement Governmental Accounting Standard Board Pronouncements and National Association of College and University Business Officers (NACUBO) advisory statements

The Plant Funds Department maintains fiscal and accounting control over funds used for capital construction projects (CIP accounts), moveable assets, and unexpended plant funds accounts. 

Our department also:

• Monitors and maintains unexpended and borrowed plant funds, including billing from state of New Jersey, federal agencies, and other external sources related to university reimbursable construction costs.
• Oversees the capitalization of tangible plant assets including land, land improvements, construction-in-progress, buildings, moveable equipment, equipment lease/purchase, and gifts-in-kind.
• Facilitates the proper recording of monthly depreciation on all university capital assets.
• Collaborates with Institutional Planning & Operations to open new capital projects (7XXXXX) and track budgets and funding sources.
• Works with the Director of Debt and the University Budget Office on capital projects funded by general obligation bonds, capital leases, and the internal bank.
• Coordinates principal and interest payments.

The department of Restricted and Endowment Funds manages restricted/endowment projects. This entails ensuring that funds are deposited into a project appropriately created to satisfy the donor's intended use.

Our department is responsible for opening new endowment and restricted projects, securing the appropriate correspondence necessary to support the creation of new projects.

Please contact Research Financial Services to open a project in any instances when restricted contributions are given to Rutgers to support sponsored research activities.

The department of Restricted and Endowment Funds performs the following services for the Rutgers community:

• Maintains endowment principal balances by project in FUNDRIVER.
• Oversees the recovery and distribution of endowment spending and gift revenues.
• Oversees the distribution of endowment spending and gift revenues.
• Oversees the reporting and reconciliation of investment transactions recorded on endowments through Fundriver, the General Ledger and Oracle projects.
• Opens new projects, allocates donated funds to the appropriate accounts, and properly stewards funds to adhere to any donor requirements in conjunction with the Rutgers University Foundation.
• Administers the university's endowment pools and separately invested funds; publishes accurate ledgers to account for university investment activity.
• Assists departments with the setup, maintenance, and reporting for all projects assigned to Restricted & Endowment Projects.
• Creates supplemental schedules and surveys as required.

The department of Unrestricted Operations is responsible for the enforcement of university policies and procedures to maintain accountability and control over the unrestricted operations of the university. The department oversees non-sponsored internally designated projects to support a variety of programs or purposes, including faculty funds and internally designated general funds that are not subject to restrictions placed on them by external sources. The Bank Reconciliation team within the department of Unrestricted Operations reconciles all of the University’s bank accounts including the disbursement account, operating account for  ACH’s and electronic funds, depository accounts for cash and checks, payroll and the merchant (credit card) account.

The department of Unrestricted Operations also performs the following services for the Rutgers community:

• Reconciles various balance sheet (asset and liability) accounts and investigates variances.
• Manages the Direct Billing Option used to purchase airline and rail tickets through any of the university's preferred travel agencies
• Manages Petty Cash accounts and Cash Drawer funds.
• Monitors and verifies supporting documentation for Travel Advances processed through Oracle Expense Management.
• Schedules Inventory observations and ensures appropriate valuation and recording of inventories.
• Reconciles transfer, suspense and expense recovery account transactions.
• Responds to departmental/unit field questions related to accounting transactions and accounting inquiries.
• Year-end reporting and analysis of cash and other balance sheet activity.