Kansas State University's Division of Financial Services

The Division of Financial Services at Kansas State University (K-State) plays a crucial role in managing the university's financial resources and ensuring its fiscal health. The department is responsible for a wide array of financial activities, encompassing accounting, budgeting, procurement, accounts payable, payroll, and treasury functions.

Core Responsibilities:

• Accounting and Financial Reporting: The division maintains accurate and comprehensive financial records, adhering to generally accepted accounting principles (GAAP) and governmental accounting standards. This includes preparing financial statements, managing the university's general ledger, and ensuring compliance with all relevant financial regulations. They also manage the annual financial audit.
• Budget Management: Financial Services assists in the development, implementation, and monitoring of the university's annual budget. They work closely with academic and administrative units to allocate resources effectively and track expenditures against approved budgets. They are key in ensuring the budget aligns with the university's strategic goals and priorities.
• Procurement and Contract Management: This area oversees the procurement of goods and services required by the university. The department strives to obtain the best value for the university while adhering to state procurement laws and university policies. This includes sourcing vendors, negotiating contracts, and ensuring compliance with purchasing regulations.
• Accounts Payable: Managing payments to vendors and reimbursements to employees is a vital function. The accounts payable team ensures timely and accurate payments, while adhering to established policies and procedures. They work to resolve payment inquiries and manage vendor relationships.
• Payroll Services: The payroll department is responsible for processing employee salaries, wages, and benefits. They ensure accurate and timely payments, while complying with tax laws and regulations. They also handle employee payroll inquiries and maintain payroll records.
• Treasury Management: This area manages the university's cash flow, investments, and debt. They ensure the university has sufficient funds to meet its obligations while maximizing investment returns and managing financial risks.

Key Objectives:

The Division of Financial Services strives to:

• Provide accurate, timely, and reliable financial information to support decision-making at all levels of the university.
• Ensure compliance with all applicable laws, regulations, and university policies.
• Maximize the efficient and effective use of university resources.
• Promote transparency and accountability in financial management.
• Provide excellent customer service to the university community.

Accessing Services:

K-State faculty, staff, and students can access the services of the Division of Financial Services through their website, phone, or in-person consultations. The department provides resources such as online forms, policy manuals, and training materials to assist users in navigating financial processes.

In summary, the Division of Financial Services is a critical component of Kansas State University's administrative structure. It plays a vital role in ensuring the university's financial stability and supporting its academic and research missions.