To: University Business Managers
From: Dennis Press, University Controller
Date: January 10, 2014
Along with the other campuses in the UNC System, our campus participates in a project led by UNC General Administration, the UNC Finance Improvement and Transformation initiative, also known as UNC FIT. UNC FIT seeks to strengthen the control environment and align UNC people, processes and technology by implementing short-term process improvements and laying the groundwork for centralization of certain back office financial operations.
These goals are to be accomplished through implementation of a series of process improvements in key areas that will involve documentation of minimum baseline process standards; creation of standard templates, checklists, and forms; and tracking of key performance indicators.
One standard in the General Accounting area pertains to the importance of monitoring cash balances in trust fund accounts and avoiding negative cash balances. My purpose in writing is to request that your department take action to ensure this General Accounting standard is properly addressed by reviewing the cash balances of your trust fund accounts and processing appropriate transactions to help ensure trust fund accounts have a positive cash balance.
A review is underway of trust funds with negative cash balances by my office, and a separate notification will be provided to individual departments with significant cash deficits to help ensure appropriate action is taken to address significant negative cash balances.
Thank you for your help in addressing this important UNC FIT standard.