Monthly verification of the Revenue and Expenditure Reports is a critical control for fiscal management to ensure that revenue and expenditure transactions are correct, allowable, and applied to the appropriate accounts. The monthly review includes a reconciliation of expenditures and encumbrances comparing the source documents to the report entries. Prompt reconciliation of both expenditures and encumbrances can reveal problems such as duplicate payment of invoices or non-payment of invoices and be immediately brought to the attention of Accounts Payable for a quick resolution. This review also includes the verification of salaries and revenue. In addition to the monthly Revenue and Expenditure Reports sent out by the Controller's Office, departments can also review revenue and expenditures online through CUFS, AINQ, and DIST. Errors found during this reconciliation are corrected by using EB-14s (electronic non-salary expense transfers) or EB-15s (electronic salary expense transfers) for payroll.
Fiscal management responsibility rests with the department chairs, organization
managers or principal investigators but may be delegated to the administrative
staff. However, oversight of such delegated fiscal responsibilities remains
with the department chairs, organization managers, or principal investigators
and is confirmed by reviewing and verifying the monthly expenditure reports.
- OMB
Circular No.A-110
- JHU Guide to Internal
Controls
- Administrative
Bulletin
- Homewood Research
Administration
- FAS Guide Publication 6-Understanding the CUFS Monthly Statements
- Federal Acquisition Regulations
(FAR)
- FITT
Training Workshops
- Object Code Guide
- Revenue Source
Code Guide
- CUFS Information
- Office of the Controller-443-997-8151
- Accounts Payable -443-997-6688
- Homewood Human Resources-516-8042