Financial Services leads the annual budget preparation and review process for service ancillary and self-funded units, and coordinates the submission of operating plans and rates for approval to various stakeholders and governing bodies.
Financial Services serves as a central coordinating department to:
- Process banking reports prepared by University of Toronto Scarborough departments.
- Supply sealed plastic bags and deposit slips for bank deposits.
- Assist with banking questions and act as liaison with the CIBC or Financial Services, St. George.
- Assist with banking arrangements for merchant or subordinate accounts.
- Assist with wire transfers.
In compliance with University policy and audit requirements, all divisions and departments are required to maintain a record or inventory of fixed assets, documenting ownership and critical information that will facilitate the management of assets, including their use, replacement, and disposal.
The Capital Accounting section of the Financial Services Department provides accounting, reporting and administrative support to construction and renovation project managers at U of T Scarborough, the Campus Design & Development (CDD) Committee and the Chief Administrative Officer.
Information regarding Purchasing Cards and Travel cards including how to make requests, submit purchases, and apply for an account.
The University of Toronto’s main resource for management of information is the Administrative Management Systems (AMS). The three key components of AMS used by financial staff at U of T Scarborough include:
- FIS – Financial Information System
- HRIS – Human Resources Information System
- RIS – Research Information System
At the University Toronto Scarborough (UTSC) processing into the Financial Information System (FIS) is a centralized function performed by the Financial Services Central Processing Team.
Financial Services acts as Liaison between UTSC and Risk Management and Insurance at STG in resolving insurance claims arising at UTSC. FS should be contacted immediately to commence the insurance claim process.
Financial Services administers the campus operating budget by working closely with U of T Scarborough departments, the central Planning and Budget Office and U of T Scarborough senior management.
Procurement provides assistance with the procurement of goods and services while ensuring purchasing policy, procedures and processes are adhered to.
Financial Services provides accounting support to U of T Scarborough departments that have trust accounts, by:
- Updating investment payout information
- Providing management reports and analysis
- Coordinating the opening and closing of trust accounts based on appropriate criteria
- Completing the annual Donation Financial Reporting process
- Acting as the liaison with Financial Services, St. George to resolve trust related questions