URI Finance Handbook: A Comprehensive Guide

The URI Finance Handbook serves as a critical resource for faculty, staff, and students at the University of Rhode Island, offering detailed guidelines and procedures related to financial matters. It acts as a centralized repository of information, ensuring compliance with university policies, state regulations, and federal laws.

Purpose and Scope

The primary purpose of the handbook is to promote sound financial management practices across the university. It achieves this by providing clear and concise explanations of various financial processes, including procurement, travel, grants management, and accounts payable/receivable. The scope is broad, covering almost all financial activities undertaken by the university community.

Key Areas Covered

Procurement: This section details the proper procedures for purchasing goods and services, including bidding requirements, vendor selection, and purchase order creation. It outlines thresholds for requiring competitive bids and emphasizes the importance of ethical procurement practices.

Travel: The handbook provides guidance on allowable travel expenses, reimbursement policies, and documentation requirements. It specifies procedures for booking travel, claiming per diem rates, and submitting expense reports. Compliance with state travel regulations is heavily emphasized.

Grants Management: Researchers and grant administrators can find valuable information on pre-award and post-award grant management. This includes proposal submission guidelines, budget management, reporting requirements, and compliance with funding agency regulations. Proper stewardship of grant funds is a major focus.

Accounts Payable/Receivable: This section explains the processes for paying invoices, processing payments, and managing accounts receivable. It covers topics such as vendor setup, invoice approval workflows, and collection procedures. Timely and accurate payment processing is crucial for maintaining positive relationships with vendors.

Budgeting and Financial Reporting: The handbook often includes information about the university’s budgeting process, including budget development, allocation, and monitoring. It may also address financial reporting requirements and the preparation of financial statements.

Importance and Accessibility

The URI Finance Handbook is an essential tool for anyone involved in financial transactions at the university. Adherence to the policies and procedures outlined in the handbook is mandatory. Regular updates are crucial to reflect changes in regulations and best practices. The handbook is typically available online through the university’s finance department website, ensuring easy access for all members of the URI community. Proper understanding and utilization of the handbook contribute significantly to the financial health and integrity of the University of Rhode Island.