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Guide to Financial Management
Welcome to the Guide to Financial Management. This guide is a key resource for financial administrators, staff and faculty on how to handle financial related matters at the University of Toronto.
Below you will find the various sections of the guide by heading. To the right, you have access to quick links for more frequently accessed items. At the top right of every page on our site we have also provided a link to a search page, to help you locate information if you're not sure where to start your search.
The objective is that you should only be a few clicks away from any information you are seeking. We hope that you find this guide useful. If you have difficulty finding any information, please contact webmaster.financialservices@utoronto.ca or complete our Feedback Form.
- BudgetingThis section provides a window into budgeting for the various funds at the University of Toronto, and includes topics such as: what policies are applicable; how are budgets created; how are budgets changed and under what conditions; authorizations required; and where to obtain additional assistance.
- Capital AssetsThis section focuses on the security over the class of purchased goods called "Capital Assets" (formerly "Fixed Assets"), as well as the full and optimal use of capital assets. Capital Assets owned by the University include land, buildings, furniture, equipment, books, artwork and other assets funded from any source, including research awards. Specific issues covered include: Disposals; Internal Sales; Use Away from the University Premises; and Transfers to Another University.
- Cash, Other Receipts and BankingThis section covers the various policies and procedures relating to monies coming into the University including: Processing Responsibilities for Receipts; the Cashier function; Direct Deposits; and Incoming Wire Payments. This section also contains a link to guidance and assistance in setting up a debit card or credit card facility.
- Financial ManagementThis section covers the following topics: The Objectives and Responsibilities for Financial Management at the University; Financial Accountability (including guidelines for completion of the financial accountability report forms); Reporting Incidents of Financial Impropriety; FIS Accounts - Establishing, Changing and Deactivating; Divisional Carryforward; Reporting; Managing Risk - Insurance & Contracts; Source Documents and the Audit Trail; and Fund Accounting at U of T.
- Financial Information System (FIS)This section details the various aspects of our Financial Information System (FIS), including an overview of the Administrative Management Systems (AMS), an introduction to FIS, an introduction to SAP screens, and additional training available for FIS.
- Fundraising and DonationsThis section covers the activities surrounding donor contributions and private funding, specifically: the role of the Division of University Advancement (DUA) and contact information; Solicitation Programs; Role of University Departments; Donor Relations; and financial guidelines relating to Monetary Donations and Gifts-in-Kind (Non-Monetary Donations).
- Human Resources, Payroll and BenefitsThis section provides links to the policies, guidelines, procedures and manuals. Specifically, this section discusses: HR Payroll and Benefits Overview; the Employee versus Contractor decision and Taxation of Payments (HRIS vs. FIS); Payroll and the GST; and Moving Expenses.
- Investment, Internal Financing and LoansThis section provides an overview of the University’s investment and provides information on the two investment pools: LTCAP and EFIP. This section also covers the policies, guidelines and procedures relating to internal borrowing at the University.
- Purchasing and Payments to VendorsThis section provides information on: Purchasing Policy and Administrative Regulations; UShop; Purchasing Card; Purchase Order Invoices; Certified Invoices; Payments Without Invoices Processed Through FIS; Petty Cash; Imprest Expenditure Bank Account; Payments Associated with Contractual Agreements; Payments to Hospitals or Other Institutions to Recover Costs; Prepayments; Courier, Brokerage & Freight; Foreign Payments; and GST.
- Restricted FundsRestricted Funds is one of the four fund groups which the University has established to manage its funds (the other fund groups being Operating, Ancillary and Capital). This section provides links to the various types of Restricted Funds we have at the University of Toronto, including: Research and International Programs; Student Awards, Trust Funds and Non-Research Grants and Contracts.
- Revenues and Expense RecoveriesThis section covers the financial objectives of operations which generate external divisional income and external expense recoveries. This includes the processing of University of Toronto invoices and the collection of amounts due (Accounts Receivable). In addition, this section provides an overview of the administration of internal sales and expense recoveries, and the financial objectives and recommendations for satisfying these objectives.
- Travel and Other Reimbursable ExpensesThis section covers important information regarding travel, meals and other business related expenses, and reimbursement of those expenses, including: travel services; the travel card; policies, regulations, guidelines and procedures; how to claim an expense reimbursement; accountable advances; and kilometrage and per diem rates.
- Alterations, Renovations and SpaceThis section covers the activities which fall into the broad category of "capital projects", including: overview of capital projects categorized by size, type and source of funding; the various approvals which apply to these projects; the key points in initiating an application for alterations, renovations and space.
- Feedback FormIf you have any feedback regarding a policy/guideline, please follow this link and provide us with your comments and contact information in the fields provided.
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