UNM Finance Department: Stewards of Fiscal Responsibility

The University of New Mexico’s Finance Department plays a crucial role in ensuring the financial health and stability of the institution. As stewards of the university’s resources, the department is responsible for managing a diverse portfolio of activities, from budgeting and accounting to procurement and financial reporting. Their work directly supports UNM’s mission of teaching, research, and service.

Core Functions and Responsibilities

The Finance Department’s broad mandate encompasses several key functions:

• Budgeting and Planning: Developing and managing the university’s annual budget, aligning resources with strategic priorities, and forecasting future financial needs. This involves collaboration with various departments and stakeholders to ensure responsible resource allocation.
• Accounting and Financial Reporting: Maintaining accurate and compliant financial records, preparing financial statements in accordance with Generally Accepted Accounting Principles (GAAP), and ensuring compliance with federal, state, and university regulations. This includes managing accounts payable, accounts receivable, and general ledger functions.
• Procurement and Contract Management: Overseeing the university’s procurement processes, ensuring fair and transparent bidding procedures, and managing contracts with vendors. The goal is to secure the best value for the university while adhering to ethical and legal standards.
• Treasury Management: Managing the university’s cash flow, investments, and debt. This includes optimizing investment returns while mitigating financial risks.
• Grant Accounting: Managing the financial aspects of grants and sponsored research projects, ensuring compliance with grant terms and reporting requirements. This is a critical function, particularly for a research-intensive university like UNM.
• Risk Management: Identifying and mitigating financial risks across the university, including fraud prevention and internal controls.

Impact on the University Community

The Finance Department’s work has a significant impact on the entire UNM community. Efficient financial management allows the university to:

• Invest in Academic Programs: Allocate resources to support high-quality teaching, research, and student success initiatives.
• Maintain and Improve Facilities: Fund the maintenance and improvement of campus infrastructure, creating a conducive learning and working environment.
• Provide Financial Aid: Support students through scholarships, grants, and other financial aid programs, making education accessible to a diverse student body.
• Support Research and Innovation: Invest in research infrastructure and support faculty research endeavors, contributing to advancements in knowledge and innovation.
• Operate Efficiently and Effectively: Ensure the university operates in a fiscally responsible manner, maximizing the impact of every dollar spent.

Commitment to Excellence and Transparency

The UNM Finance Department is committed to maintaining the highest standards of professionalism, integrity, and transparency. They strive to provide accurate, timely, and reliable financial information to internal and external stakeholders. Furthermore, they are dedicated to continuous improvement, seeking innovative solutions to enhance efficiency and effectiveness in their operations. The department actively works to cultivate a culture of accountability and ethical conduct throughout the university community.