Weill Cornell Finance Office

The Weill Cornell Medicine (WCM) Finance Office serves as the financial backbone of the institution, responsible for overseeing and managing all financial activities, ensuring the efficient and compliant use of resources to support WCM’s mission of education, research, and clinical care. The office is structured into several key departments, each with specific responsibilities that contribute to the overall financial health and stability of the organization.

One of the primary functions of the Finance Office is Financial Planning and Budgeting. This department works closely with leadership and departments across WCM to develop and implement annual budgets that align with strategic goals and priorities. They analyze financial performance, forecast future trends, and provide recommendations to optimize resource allocation. The budgeting process is comprehensive, involving meticulous review of departmental requests, revenue projections, and expense management.

Accounting and Financial Reporting is another crucial arm of the Finance Office. This team is responsible for maintaining accurate and reliable financial records, preparing financial statements in accordance with Generally Accepted Accounting Principles (GAAP), and ensuring compliance with federal, state, and local regulations. They manage the general ledger, accounts payable, accounts receivable, and fixed assets. Furthermore, they coordinate annual audits conducted by independent auditors and prepare various financial reports for internal and external stakeholders.

The Research Finance department plays a specialized role in managing the financial aspects of WCM’s extensive research portfolio. This includes pre-award and post-award activities related to grants and contracts. They assist researchers in developing grant proposals, reviewing budgets for accuracy and compliance, and managing grant expenditures. They also ensure compliance with federal regulations regarding research funding, such as those from the National Institutes of Health (NIH) and other granting agencies. This department is essential for maintaining the integrity and financial sustainability of WCM’s groundbreaking research programs.

Treasury Services is responsible for managing WCM’s cash flow, investments, and debt. They monitor cash balances, manage short-term investments, and ensure sufficient liquidity to meet operational needs. This department also works with external financial institutions to manage banking relationships and secure favorable terms for financing. Their expertise is critical for optimizing the return on WCM’s investments and minimizing borrowing costs.

Beyond these core departments, the WCM Finance Office also includes units responsible for Tax Compliance, ensuring adherence to all applicable tax laws and regulations; Internal Controls, evaluating and strengthening internal processes to prevent fraud and errors; and Procurement, managing the acquisition of goods and services in a cost-effective and transparent manner.

In essence, the Weill Cornell Medicine Finance Office is a complex and multifaceted organization that plays a critical role in supporting the institution’s mission. Through sound financial management, strategic planning, and unwavering commitment to compliance, the Finance Office ensures that WCM has the resources necessary to excel in education, research, and patient care.