A primary responsibility of Financial Accounting and Reporting (FAR) is the maintenance
of the Financial Data Model (FDM) within Workday. FAR establishes and maintains key
elements of the FDM (i.e. ledger accounts, revenue and spend categories, account posting
rules, etc.). The office monitors all balance sheet transactions and financial transactions
within the plant, endowment, restricted (other than sponsored programs), and agency
funds. In addition, FAR approves and establishes new programs, projects, funding
sources and agency/clearing related to these funds.
FAR monitors the ¾Å¾Å¸£ÀûÍø’s cash flow, manages the ¾Å¾Å¸£ÀûÍø’s investment program, monitors the collateralization of cash deposits, and prepares the annual interest allocation. In addition, FAR balances and prepares the bank reconciliation for the ¾Å¾Å¸£ÀûÍø which includes processing stop payments, check cancellations, and returned checks. FAR prepares and submits all unclaimed property for the ¾Å¾Å¸£ÀûÍø to the Louisiana State Treasurer’s Office.
FAR coordinates the issuing of bonds for ¾Å¾Å¸£ÀûÍø projects financed with self-generated funds, manages the accounting for capital construction, and handles long-term debt accounting records.
FAR's responsibilities also include manÂageÂment of the fiscal yearend closing proÂcess, preparation of all financial statements and footnotes, and coorÂdinaÂtion of the Legislative audit. Two official ¾Å¾Å¸£ÀûÍø reports, the "LSU Financial Report" and the "Supplement to the Financial ReÂport", are published annually on FAR’s website. FAR prepares the ¾Å¾Å¸£ÀûÍø's tax return and numerous reports and surveys for internal and external recipients. FAR also handles the annual Fringe Benefit Rates Proposal as well as the Facilities and Administrative Rate Proposal for the ¾Å¾Å¸£ÀûÍø.