UDel Finance Department: Guiding Financial Stewardship

The University of Delaware’s Finance Department plays a critical role in managing the institution’s financial resources, ensuring its long-term stability and supporting its academic mission. Operating under the leadership of the Vice President for Finance, the department oversees a broad spectrum of financial functions, from budgeting and accounting to treasury operations and procurement.

One of the department’s primary responsibilities is the development and management of the University’s budget. This involves collaborating with various academic and administrative units to create a comprehensive financial plan that aligns with the University’s strategic priorities. The budgeting process is rigorous, involving forecasting revenue, allocating resources, and monitoring expenditures throughout the fiscal year. The Finance Department actively participates in resource allocation decisions, ensuring funds are directed towards areas that will have the greatest impact on student success, research excellence, and community engagement.

Beyond budgeting, the Finance Department is responsible for maintaining accurate and transparent financial records. This includes managing the University’s general ledger, preparing financial statements in accordance with Generally Accepted Accounting Principles (GAAP), and ensuring compliance with federal and state regulations. The department also oversees the University’s internal controls, working to mitigate financial risks and protect University assets. Internal audits are regularly conducted to evaluate the effectiveness of these controls and identify areas for improvement.

The Treasury function within the Finance Department manages the University’s cash flow, investments, and debt. This involves monitoring cash balances, investing excess funds in a prudent manner, and managing the University’s debt portfolio to minimize borrowing costs. The Treasury team works closely with investment advisors to ensure that the University’s investments are aligned with its long-term financial goals and risk tolerance.

Procurement services are also a key component of the Finance Department. This unit is responsible for overseeing the University’s purchasing activities, ensuring that goods and services are acquired in a cost-effective and efficient manner. They work to establish contracts with vendors, negotiate pricing, and ensure compliance with procurement policies. The Procurement team also promotes sustainable purchasing practices, encouraging the use of environmentally friendly products and supporting local businesses.

The Finance Department is committed to providing excellent service to the University community. They offer training and support to faculty and staff on financial matters, and they are always available to answer questions and provide guidance. By effectively managing the University’s financial resources, the Finance Department helps to ensure that UD is well-positioned to fulfill its mission of providing a world-class education, conducting cutting-edge research, and serving the needs of the community.