This page helps CAOs and CFOs navigate financial policies and principles at UCLA. These guidelines are designed to ensure compliance, consistency, and best practices across campus.
Click below to expand each principle.
Key Principles
- Accountability must be delegated appropriately.
- Tasks must be delegated to qualified individuals.
- Regular reviews of accountability structure.
- Two-person review for all financial transactions.
- Secure, up-to-date records must be maintained.
CAO Certification (Certified by Department CAOs)
The CAO must establish internal controls for financial reporting.
Relevant Questions:
- Accountability Statement and Q3 (Control Environment and Accountability): Ensures an effective structure for the delegation of accountability.
- Q1 (Conflict of Interest) : Ensures ethical responsibility and accountability structures are free of conflicts of interest.
- Q2 (Ethical Values): Stewardship is a fundamental aspect of maintaining responsibility over the use of University resources.
- Q6 (Authorization and Access Controls): Ensures proper routing of transactions and controls over authorization.
- Q7 (Data Access and Authorization): Ensures secure, up-to-date records.
Annual Financial Certification (Certified by Deans and Vice Chancellors)
The unit must ensure delegation of responsibilities and proper accountability measures are in place.
Relevant Representations:
- Internal Controls (#1): Ensures delegation and internal controls over accountability.
- Delegation (#2): Ensures proper delegation of authority and responsibilities.
Key Principles
- Budgets must be realistic and based on proper analysis.
- Actual vs. budget comparisons must be conducted.
- Expenditures must comply with all policies.
- Proper safeguards must be implemented to protect assets.
CAO Certification (Certified by Department CAOs)
The CAO must ensure proper budget planning, and resource management.
Relevant Questions:
- Q9 (Cash and Credit Card Handling): Ensures that cash, a key University asset, is properly managed and safeguarded.
- Q11 (Expenditures): Ensures expenditures are compliant with university policies.
- Q12 (Compensation Management): Ensures appropriate management of compensation.
- Q15 (Planning and Budgeting): Ensures budgets are realistic and aligned with financial needs.
- Q16 (Deferrals of Revenue): Demonstrates proper financial planning through the accurate deferral of revenue, ensuring that budgets reflect actual revenues and expenses.
Annual Financial Certification (Certified by Deans and Vice Chancellors)
The unit must ensure alignment between budget and actuals, effective resource management, and compliance with policies on expenditures and assets.
Relevant Representations:
- Recording Transactions (#3): Ensures budget comparisons are conducted.
- Budget Compliance (#3): Ensures performance is recorded and compared to budgets.
- Fund Management (#6): Ensures efficient fund management and policy compliance.
Key Principles
- Ensure checks and balances in data systems.
- Accurate and timely financial data recording.
- Systems must be secure and responsive.
- Regular reconciliation of financial data and assets.
CAO Certification (Certified by Department CAOs)
The CAO is responsible for ensuring data accuracy, proper authorization, and secure records.
Relevant Questions:
- Q4 (Internal Audits and Monitoring): Ensures regular monitoring and secure systems.
- Q7 (Data Access and Monitoring): Ensures financial data is recorded accurately and timely.
- Q13 (Non-Cash Assets Management): Demonstrates accurate and transparent valuation of non-cash assets, ensuring that financial records are correct.
- Q14 (Certification of Equipment): Ensures that inventory and equipment are accurately recorded and certified, maintaining the integrity of asset data.
Annual Financial Certification (Certified by Deans and Vice Chancellors)
The unit must ensure data accuracy and the proper handling of transactions, consistent with university policy and regulatory requirements.
Relevant Representations:
- Data Integrity (#4): Ensures systems are secure, responsive, and reconciled.
- Fraud Reporting (#5): Ensures accuracy of financial data and fraud reporting.
Key Principles
- Compliance with laws, regulations, and restrictions.
- Report fraudulent or illegal acts immediately.
- Maintain proper financial records.
- Manage cash and expenses following all legal guidelines.
- Prompt response to audit findings.
CAO Certification (Certified by Department CAOs)
The CAO ensures compliance with legal and regulatory requirements.
Relevant Questions:
- Q1 (Conflict of Interest): Ensures adherence to policies that prevent conflicts of interest, which aligns with regulatory compliance.
- Q4 (Reporting Fraud): Ensures fraudulent activities are reported immediately.
- Q5 (Audit Findings): Ensures prompt responses to audit findings.
- Q8 (Cash Management): Ensures proper handling of cash in compliance with legal guidelines.
- Q10 (Cash Handling and Procurement Verification): Ensures proper handling of costs incurred while complying with institutional policies.
- Q17-Q21 (Sponsored Research): These questions ensure that controls are in place for reviewing and approving sponsored research transactions, reconciling expenses, certifying effort reports, monitoring subrecipients, and timely closeout of grants. This ensures compliance with federal and institutional grant requirements.
Annual Financial Certification (Certified by Deans and Vice Chancellors)
The unit must ensure compliance with federal/state laws, timely reporting, proper management of cash and expenditures, and audit resolution.
Relevant Representations:
- Compliance with Laws (#4): Confirms compliance with laws and regulations, including sponsored research.
- Cash Management (#7): Ensures proper management of cash and research funds.
- Tax Laws and Regulations (#8): Ensures proper action is taken to prevent tax-exemption laws and regulations.
- Audit Findings (#9): Ensures timely responses to audits, including grants closeouts.
