Financial Compliance Training
Financial Compliance is ensuring the University is following established guidelines, regulations, and other rules for how we receive and use resources. For example, it is important to make sure the University is properly accounting for and spending state and federal monies. This is challenging as these rules are not only complex, but they frequently change.
Compliance is important to all of us as we are accountable as a system, and individual actions impact us all. There are compliance requirements for many areas such as payroll, financial accounting, and faculty research. For many of you, there are some compliance requirements for your job. Examples include ensuring federal awards are properly administered and accounted for, having a process to properly record the purchase of capital assets and track its physical existence, or the depositing of monies collected.
To improve our compliance with federal regulations, the University is initiating a compliance training program. The training will focus on sponsored programs and other financial-related compliance requirements. Training programs will include both on-line and in person sessions and will be targeted to individual audiences.
To provide effective and value-added training to all University faculty and staff. The purpose and benefits of training are to:
- Improve compliance with financial and research requirements.
- Educate employees on their roles and responsibilities and provide them resources to succeed.
- Develop an effective line of communication among UM System and the four campuses.
Compliance training should be part of the University´s everyday culture and viewed as a resource for additional information. Training should be a proactive effort, not solely reactive in response to negative incidents. All training programs and materials should be:
- Delivered in a timely manner
- Targeted to the individual audience
- Address relevant and specific job-related issues
- Relay a consistent message and information
- Be effective and value-added
