Financial Operations
Financial Operations
We are all stewards of University of Michigan resources. Faculty responsibilities regarding stewardship are outlined in the Statement on Stewardship https://hr.umich.edu/about-uhr/statement-stewardship.
For more information on faculty responsibilities, see the Office of the Provost, Policy Statement on the Use of Faculty Research and Discretionary Accounts - this link contains the policies that govern the use of discretionary or research accounts that are created to support the work of individual faculty members.
UMSI Financial Operations Support
Detailed income and expense reports for each project grant held by a faculty member are emailed monthly from your UMSI finance staff. Faculty are responsible for keeping track of their account expenses and making sure that cost overruns do not occur. For information regarding your specific accounts, contact your UMSI Financial Operations staff member.
Contact information for UMSI Finance
A number of staff members at UMSI handle financial matters. Each has different areas of expertise and responsibility. Send an email to umsi.finance@umich.edu with any questions.
Information Concerning Project Grant and Research Funds
University accounts are set up using specific procedures and different types of funds are established for funds from different sources (federal grants, grants from foundations, gifts, etc.). An explanation of how funds are established can be found Here.
Carnegie Fund
UMSI is fortunate to have a fund endowed by the Carnegie Foundation. These funds are for faculty development activities. This includes activities sponsored by the Deans' as well as grants to individual faculty and Postdoctoral Research Fellows in response to various requests excepting research. The Deans' use Carnegie funds centrally for such activities as faculty search and the mentoring program. Additionally, in recognition of their growing involvement in the School, we have extended eligibility of Carnegie Funds to Postdoctoral Research Fellows for some activities.
Information specific to the Carnegie Fund can be found Here
U-M provides a list of manuscript editors (for which one can use Carnegie Funds), which may be helpful.
Procurement Guidelines
Before purchasing goods or services on behalf of the University, you should be aware of important policies and procedures to guide you in making appropriate buying decisions. This document is an overview of some key procurement polices. Please consult UMSI Finance staff at umsi.finance@umich.edu for more information.
UMSI Policy on the Procedures and Controls that Outline the Use of Pcards - this link provides an overview on the use of Pcards at the University.
Travel and Hosting Policies
UMSI Travel and Expense Policy 45 Day Rule - please note, it is strongly recommended that expense reports for reimbursement be submitted to UMSI Finance by the 30th day after travel to ensure that all processing can take place prior to the required 45th day rule. Submission after the 45 day rule will result in the reimbursement being taxable income to the individual.
Summary of Reimbursable Expenses - list of reimbursable and non-reimbursable travel and hosting expenses. For a full list and guidelines, please refer to http://spg.umich.edu/policy/507.10-1.
For information on International Travel - please refer to http://spg.umich.edu/policy/601.31.
Mileage Guidelines and Using Private Vehicle vs Airfare - provides information on allowable reimbursement of mileage for use of private vehicles.
Job Aid for using SSC for Chrome River - provides step by step instructions to use Shared Services to create Chrome River expense reports.
Guest and Student Travel Expense Reimbursement - provides information on reimbursing guests and students for travel expenses while on official UMSI business.
UMSI Office Hosting Policy - provides information on allowable hosting expenses.
Cash Handling and Human Subjects Incentive Payments (HSIP)
Faculty should be aware that only certain UMSI staff are legally authorized to handle cash. If you make a request of a staff member to handle cash and they say no, it is probably because they cannot legally do this. Cash handling rules and staff that can handle cash or cash equivalents for the university re-listed here: UMSI Cash and Cash Equivalents.
Faculty or their students who handle cash for Human Subjects Incentive Payments will need to follow the guidelines issued by the UMSI Office of Research, [Note: link accesss restricted to current UMSI faculty & students] https://sites.google.com/a/umich.edu/umsi-research-office/managing-an-active-project/hsip-human-subjects-incentive-payments.