Finance Office Responsibilities

The Finance Office is one stakeholder that reviews proposals for external sponsors, assuring compliance with Champlain College policies and sponsor terms and conditions.

After an award is made, the Finance Office is responsible for entering an award's accounting information into the College's financial system and for financial reporting and cash management for grants.

The office also monitors activities to ensure compliance with appropriate federal, sponsor and College regulations and policies, provides guidance to the college Community on these issues and coordinates sponsored project audit activities.

Specific responsibilities include:

  • Reviews proposals for compliance with College policies and sponsor proposal guidelines
  • Reviews terms and conditions of award
  • Reviews and approves pre-award budgets and post-award budget modifications prior to submission to granting agency
  • Notifies sponsors of post-award modifications
  • Sets up and maintains award in financial system (Datatel) and tracks project and contract information
  • Draws cash from letters of credit
  • Prepares interim and final financial reports
  • Manages cash, including:
    • Engages in bank reconciliation activities
    • Deposits and posts sponsor payments
    • Engages in accounts receivable (AR) collections, with assistance from principal investigators as needed
  • Reviews project financial activity for compliance with federal, sponsor, and College policies and regulations
  • Approves cost transfer activities
  • Closes out awards, in conjunction with Principal Investigator and Operations Manager
    • Final financial report
    • AR reconciliation
    • Close of award in Datatel
  • Provides guidance and training to College community about financial compliance issues, federal regulations, and award-specific financial terms & conditions
  • Collaborates on College sponsored project policies & procedures
  • Coordinates sponsored project audit activities, including the annual A-133 audit
  • Provides training on sponsored project policies and processes