Financial compliance

paper and tablet showing graphsTo fulfill its teaching, research and service mission, today’s public research university must function as a multi-faceted business enterprise, interfacing with tens of thousands of students, faculty, staff, researchers, patients, and visitors – as well as grantors, vendors, and third-party contractors – in myriad daily financial transactions. Financial compliance obligations are everywhere: processing student aid, collecting tuition, fundraising, planning of capital projects, procurement of goods and services, and administration of payroll and benefits are just a few examples.

Topic areas

These are some of the areas at the University of Washington that are governed by federal and state laws and regulations:

Internal controls
Effort reporting
Debt management
Internal audit
Grants and contract accounting
Management accounting and analysis
Financial aid
State budget compliance

Laws and policy

The University of Washington Financial Compliance report catalogs applicable federal, state and local laws and regulations, as well as the University policy, boards and committees, and service provider offices that support the management of the University’s compliance obligations. Reports are reviewed and updated every 18 months.

Process improvement

Thirteen projects were recently undertaken across the University in six major compliance areas. For financial compliance, the projects were: 1) Expenditure of State Provisos and Federal Funds, and 2) Payment Card Industry Data Security Standards (PCI DSS). Project completion updates were presented to the Board of Regents in July 2018. The initial financial compliance assessment and project plan was presented to the Board of Regents in January 2017.