Uw Tacoma Finance Office

The University of Washington Tacoma Finance Office plays a critical role in managing the university’s financial resources, ensuring its operational efficiency, and supporting its academic mission. Located within the William W. Philip Hall (PHIL), the office oversees a wide range of financial functions, serving as the central hub for fiscal operations at the Tacoma campus.

A primary responsibility of the Finance Office is budget management. They work closely with university leadership, departments, and units to develop, implement, and monitor the annual budget. This involves forecasting revenues, allocating resources, and ensuring that expenditures align with strategic priorities and regulatory requirements. They provide guidance and support to departments in developing their budgets and track spending throughout the fiscal year.

The office handles all aspects of accounting and financial reporting, ensuring accuracy and compliance with Generally Accepted Accounting Principles (GAAP) and University of Washington policies. This includes processing accounts payable and receivable, managing payroll, maintaining the general ledger, and preparing financial statements. They oversee grant accounting, ensuring proper stewardship of sponsored research funds and compliance with grant requirements.

The Finance Office is also responsible for procurement and contracting. They guide departments through the purchasing process, ensuring adherence to state and university regulations. This includes managing vendor relationships, negotiating contracts, and processing purchase orders. They strive to optimize procurement practices to achieve cost savings and efficiency while maintaining ethical standards.

Another key function is risk management. The office identifies and assesses potential financial risks, develops mitigation strategies, and ensures adequate internal controls are in place. They work to safeguard university assets and prevent fraud. They also manage insurance coverage for the university, protecting against potential liabilities.

Beyond these core functions, the Finance Office provides financial consulting and support to departments and units. They offer training and guidance on financial policies and procedures, helping employees understand and comply with relevant regulations. They also serve as a resource for interpreting financial data and making informed decisions.

The team comprises skilled professionals with expertise in accounting, finance, and business administration. They are committed to providing excellent service and ensuring the responsible stewardship of university resources. They understand that their work directly impacts the ability of the university to achieve its educational and research goals.

Ultimately, the UW Tacoma Finance Office is a vital partner in supporting the university’s success. By effectively managing its financial resources, ensuring compliance, and providing expert guidance, the office contributes to a stable and sustainable financial foundation for the university’s future.