UoM Finance: Navigating Your Financial Journey

The University of Michigan’s Finance division plays a crucial role in managing the institution’s financial resources, ensuring its long-term sustainability and supporting its mission of education, research, and public service. From tuition payments to research grants, the Finance section touches nearly every aspect of university life.

Key Areas of Responsibility

UoM Finance encompasses several key areas, each with distinct functions:

• Financial Operations: This department oversees the day-to-day financial transactions of the university, including accounts payable, accounts receivable, payroll, and procurement. They ensure that payments are processed accurately and efficiently, and that the university adheres to all relevant financial regulations.
• Financial Planning & Analysis: This area focuses on developing and managing the university’s budget, forecasting financial performance, and providing financial analysis to inform strategic decision-making. They play a vital role in allocating resources effectively across the university.
• Treasury: The Treasury department manages the university’s investments, debt, and cash flow. They are responsible for ensuring that the university has sufficient liquidity to meet its obligations and for maximizing the return on its investments while managing risk.
• Tax: The Tax department ensures compliance with all applicable tax laws and regulations. They provide guidance on tax matters to university departments and employees and manage the university’s tax filings.
• Internal Audit: This department provides independent and objective assurance and consulting services designed to improve the university’s operations. They help the university manage risk and maintain effective internal controls.

Services for Students, Faculty, and Staff

UoM Finance provides a range of services to students, faculty, and staff, including:

• Student Billing and Payments: Managing tuition payments, financial aid disbursements, and other student-related financial matters.
• Employee Payroll and Benefits: Processing payroll, managing employee benefits, and providing guidance on tax-related issues.
• Expense Reimbursements: Processing travel and other expense reimbursements for faculty and staff.
• Procurement and Purchasing: Providing guidance on purchasing goods and services and managing vendor relationships.
• Financial Reporting: Providing financial reports and data to university departments and external stakeholders.

Accessing Finance Resources

The UoM Finance website serves as a central hub for accessing information and resources related to financial matters. You can find information on topics such as:

• Policies and procedures
• Forms and documents
• Contact information for key personnel
• Training and development opportunities

Navigating the university’s financial landscape can sometimes be complex. However, by understanding the role of UoM Finance and the resources available, students, faculty, and staff can ensure they are managing their financial responsibilities effectively and contributing to the university’s overall financial health.

Ultimately, UoM Finance strives to provide excellent service and support the university’s mission by ensuring responsible stewardship of its financial resources.