Uvt Finance Department

The University of Vermont (UVT) Finance Department is responsible for the financial health and stability of the institution. It manages all aspects of the university’s financial operations, ensuring resources are used effectively and ethically to support UVT’s mission of education, research, and service. The department’s overarching goal is to provide accurate, timely, and reliable financial information to internal and external stakeholders, facilitating informed decision-making and promoting fiscal accountability.

Key functions within the Finance Department include accounting and reporting, budgeting and financial planning, treasury management, and procurement. The accounting and reporting team maintains the university’s general ledger, processes financial transactions, and prepares financial statements in accordance with Generally Accepted Accounting Principles (GAAP) and other regulatory requirements. This team also handles grant accounting, ensuring compliance with sponsor guidelines and regulations for externally funded research projects. Accurate and transparent financial reporting is crucial for maintaining the university’s reputation and attracting funding from various sources.

Budgeting and financial planning are critical components of the Finance Department’s responsibilities. This team collaborates with academic and administrative units across the university to develop the annual operating budget, aligning resource allocation with strategic priorities. They analyze financial trends, project future revenues and expenses, and provide financial guidance to university leadership. Through careful planning and monitoring, the budgeting team ensures that resources are allocated efficiently and effectively to support the university’s academic programs, research initiatives, and student services.

Treasury management involves overseeing the university’s cash flow, investments, and debt. The treasury team manages banking relationships, processes payments, and invests university funds in accordance with established policies and guidelines. They also monitor interest rates and market conditions to optimize investment returns and manage financial risk. Prudent treasury management is essential for safeguarding the university’s financial assets and ensuring liquidity for day-to-day operations and long-term investments.

Procurement services are also housed within the Finance Department. This team is responsible for managing the university’s purchasing activities, ensuring compliance with purchasing policies and procedures. They negotiate contracts with vendors, solicit bids for goods and services, and promote sustainable procurement practices. Efficient and cost-effective procurement processes are vital for maximizing the value of university expenditures and supporting its diverse operational needs.

The UVT Finance Department is committed to providing excellent customer service to the university community. They strive to be a trusted resource for financial information and support, empowering individuals to make informed decisions and contribute to the university’s financial well-being. The department actively seeks to improve processes and leverage technology to enhance efficiency and effectiveness. By upholding the highest standards of integrity and accountability, the Finance Department plays a vital role in ensuring the long-term financial sustainability of the University of Vermont.