Ithaca College Finance Department
The Finance Department at Ithaca College plays a critical role in the institution's overall financial health and stability. Located within the Division of Finance and Administration, the department is responsible for managing the college's financial resources, ensuring compliance with relevant regulations, and providing timely and accurate financial information to stakeholders. A core function of the Finance Department is the meticulous management of Ithaca College's budget. This involves working collaboratively with various departments and units across campus to develop annual budgets that align with the college's strategic priorities. The department provides guidance and support to budget managers, assisting them in forecasting expenditures and revenue, and monitoring their budget performance throughout the fiscal year. They also oversee the allocation of funds to different departments, ensuring that resources are distributed equitably and efficiently. Beyond budgeting, the department is responsible for managing the college's accounting functions. This includes processing accounts payable and receivable, maintaining the general ledger, and preparing financial statements in accordance with Generally Accepted Accounting Principles (GAAP). The Finance Department diligently tracks all financial transactions, ensuring accuracy and transparency in all financial reporting. They also manage the college's endowment, working with investment managers to maximize returns while adhering to the college's investment policies. Compliance is another crucial aspect of the Finance Department's responsibilities. They ensure that the college adheres to all applicable federal, state, and local regulations related to financial management. This includes complying with tax laws, reporting requirements, and audit regulations. The department also works to establish and maintain strong internal controls to safeguard the college's assets and prevent fraud. Furthermore, the Finance Department provides essential financial information and analysis to college leadership, enabling informed decision-making. They prepare regular financial reports, analyze financial trends, and provide insights into the college's financial performance. This information is critical for strategic planning, resource allocation, and overall institutional effectiveness. The department also plays a key role in the college's external audits, working with independent auditors to ensure the accuracy and reliability of the financial statements. The Finance Department is staffed by a team of experienced professionals with expertise in accounting, finance, and budgeting. They are dedicated to providing high-quality service to the college community, supporting the institution's mission of providing a transformative educational experience for its students. The team is committed to continuous improvement, regularly evaluating their processes and procedures to ensure they are efficient, effective, and aligned with best practices in higher education finance. In essence, the Finance Department at Ithaca College is the backbone of the institution's financial operations, ensuring the responsible management of resources, compliance with regulations, and provision of accurate and timely financial information to support the college's mission and strategic goals.