The Scripps~Harvey Mudd College accounting team is responsible for maintaining the general ledger, reviewing payment and purchase requests, administering post award grants, processing and reconciling investment activity, and processing and reconciling deferred giving activity. Below provides useful information regarding the accounting functions we are responsible for and the team member to contact with questions regarding those functions.
General Ledger
Function
SCR
HMC
Maintaining the general ledger involves monitoring and following up on outstanding advances, importing electronic feed files, producing monthly financial statements and certain monthly supervisor’s reports, maintaining the fixed asset subledger, reconciling specific general ledger accounts, researching general ledger transactions, linking object codes to general ledger accounts, reviewing and processingjournal vouchers, monitoring petty cash accounts, clearing outstanding prepaid expenses, and reporting sales and use tax.
Post award refers to the process after a granting agency has awarded a grant to the College. Administering these grants involves filing financial reports, drawing down federal funds, invoicing other colleges, and preparing the schedule of expenditures for federal awards. The staff accountants are responsible for administering the grants and are not responsible for submitting progress and development reports. The accounting team also has a limited role in administering private grants.
Processing and reconciling deferred giving activity includes recording and reconciling quarterly investment activity and recording new and matured contracts. The Assistant Controller handles deferred giving transactions. Please note, both Scripps and Harvey Mudd College use Clifford Associates to administer all deferred giving contracts.
Payment & Purchasing
Function
SCR
HMC
Reviewing payment and purchase requests involves examining purchase requisitions, request for checks, and travel reports for adherence to policies and procedures established by Financial Services and the College and compliance with Federal and State regulations. Processing payments via wire transfer and monitoring outstanding checks. Issues associated with the various payment and purchase requests that we handle include advances and reimbursements, intercollegiate payments, foreign drafts, moving allowances, and payments to non-resident aliens (payments to individuals whose pemenant residence is outside the United States). The accounting associate, Rae Long, is responsible for reviewing all payment and purchase requests. Additional review is performed by the staff accountants and assistant controller.
Both the accounting team and accounts payable are responsible for different aspects of the Request for Check (RFC) process. The following chart outlines the division of responsiblity between the accounting team and accounts payable.
RFC Aspects
Accounting Team
Accounts Payable
Receive RFC from College
X
Date stamp RFC
X
Verify pay to, mail to, and amount matches supporting documents
X
Verify proper approval if RFC is marked for Treasurer's Office pick-up
X
Verify social security number provided (when applicable)
X
Verify tax identification number provided (when applicable)
X
Verify invoice number and date matches invoice
X
Verify commodity code is correct
X
Verify description is correct
X
Verify account number is valid
X
Verify required supporting document(s) have been supplied
X
Verify payment adheres to policies established by Financial Services and the College
X
Review payment for 1099-MISC reporting issues
X
Review payment for use tax accruals
X
Input payment information into the general ledger system
X
Process and mail checks to vendor
X
Hold checks for pick-up
X
X
you have questions regarding the various aspects of the RFC process please contact the appropriate department. If the accounting team is responsible for the aspect in question, please contact Rae Long at extension 73466.
