Financial Accounting and Reporting

Financial Accounting and Reporting (FAR) comprises the Financial Reporting group and Accounting Operations.

Financial Reporting contains the Financial Reporting/Tub Analyst Team and the Internal Controls Team.

The Financial Reporting/Tub Analyst Team:

  • Produces the University’s Annual Financial Report
  • Manages the University's annual financial statement audit
  • Supports the external auditors on their work
  • Coordinates the University’s internal controls initiative
  • Manages University interim reporting (in partnership with the Office of Financial Strategy and Planning) 

In addition, financial reporting supports senior management in the areas of financial reporting and analysis while providing technical accounting resources to the tubs and to central administration. 

The Internal Controls Team partners with tubs and central units to assess the University’s core financial business processes and supporting information systems to identify and document internal controls. The team provides members of the financial community educational information and guidance concerning internal controls. 

Accounting Operations consists of General Accounting and Investment/Endowment Accounting.

General Accounting is responsible for:

  • Managing the University’s general ledger
  • Chart of accounts
  • Systematic allocations
  • Fixed asset processes and accounting,
  • Managing the month-end and year-end closings. 

In addition, they perform general day-to-day operational accounting processes as well as work with FSS on system enhancements and upgrades to the general ledger.  

Investment and Endowment Accounting oversees the accounting for endowments investments, gifts & pledges and split interest agreements. They work closely with Harvard Management Company in relation to the General Investment Account, the calculation of the monthly unit value, special non-cash investments, short-term investments related, and split interest agreements.  They also ensure that the market value of each investment is accurately recorded in the general ledger.  Other responsibilities include working with the RSO to ensure the timely processing of gift transfers, recording the treasurer’s distribution, and processing decap and recap request of endowment units.  

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General Ledger

The General Ledger (GL) is the central repository for transactions from Harvard's financial applications (PCard, HCOM, Web Reimbursement, Accounts Payable, Payroll) and other local interfaces.

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