About Financial Services at UNB

Financial Services is dedicated to meeting our customers' needs and providing professional services to all. We represent a variety of functions critical to the successful financial management and operations of the university. 

Financial Services Units

This unit is responsible for the timely and accurate payment of all goods and services acquired by the university, as well as processing internal transfers, closing month-end and year-end, and adjusting entries. This unit also ensures that the appropriate systems and controls are in place with respect to these functions, and it develops, implements and communicates policies and procedures that apply to these processes.

The Comptroller reports to the Vice-President (Administration and Finance) and assists the Vice-President in providing support to the Finance & Properties and Audit Committees of the Board of Governors.

The Comptroller serves as chief financial accounting and control officer for the University.  Staff in Financial Services are responsible for processing all financial transactions including payroll, accounts payable and student accounts, as well as procurement services. This also includes monitoring and ensuring compliance with University policies and external regulations as well as ensuring that an adequate system of internal control exists and remains effective in safeguarding the University’s assets.

Through the Financial Accounting & Reporting Team, the Office prepares annual and interim financial reports including the annual audited financial statements, quarterly reports to the Finance & Properties Committee and Board of Governors, as well as several other regulatory filings.

In addition, the Office is responsible for the Risk Management activities of the University, including insurance coverage, health and safety, coordinating and supporting the University Risk Management Committees and Risk Reporting to the Audit Committee and the Board of Governors.

The Director of Financial Services co-ordinates the daily transactional and system development activities within the Financial Services department. 

With a team of 36 staff members, and working closely with People and CultureInformation Technology ServicesResearch Services and Financial and Administrative Services for Saint John campus, the director is responsible for the Procurement, Payroll, Accounts Payable and Student Accounts units within Financial Services, along with project work associated with the Colleague Enterprise Resource System by participating on committees within and outside this department. 

The Director of Financial Services serves 130 teaching, research and service departments located on two campuses and reports to Comptroller.  The broad scope of the role encompasses several key financial processes such as: the billing and collection of tuition revenue, external invoicing and receivable collectionsprocurement and payroll activitiesproduction of regulatory tax forms, development and interpretation of several financial policies, and the preparation and monitoring of the departmental operating budget. 

This group is responsible for maintaining accurate and reliable financial records for the university and for providing timely, accurate and meaningful financial information and reports. This unit also establishes and communicates internal accounting controls, systems and procedures for the university.

Specific tasks for Financial Accounting and Reporting include

  • overseeing the operation of the Colleague general ledger, including processes, financial accounting reports, and computerized access to accounts and records (in conjunction with Information Technology Services);
  • establishing and maintaining a logical general ledger structure and corresponding chart of accounts;
  • establishing and monitoring financial accounting controls, including          
         - the validity of financial data in the financial records 
         - the proper interface of sub-ledgers to the general ledger, including reconciling or ensuring reconciliation is performed 
         - procedures related to journal entries and other methods of updating the financial records 
         - appropriate cut-off dates for processing financial transactions 
         - an analytical review of financial records and reports to detect irregularities, errors or variances;
  • advising users of the general ledger on financial accounting procedures and controls;
  • establishing and maintaining appropriate systems and procedures for tracking and accounting for fixed assets, including depreciation processes;
  • preparing and analyzing monthly internal financial statements and reports, as well as annual audit working papers and external financial statements and reports; and
  • performing financial analysis or reviews of projects and initiatives as directed by the comptroller or other senior university administrators.

This unit is responsible for the accurate and timely payment of all full-time and part-time faculty, staff, student employees and graduate students on both university campuses. This includes

  • withholding and reporting taxes,
  • withholding statutory and non-statutory deductions,
  • remitting authorized payroll deductions to agencies,
  • preparing earnings and deduction statements,
  • maintaining all records pertaining to payments through the payroll system,
  • responding to WebTimeEntry inquiries,
  • providing records of employment, and
  • handling banking information and setting up payments.

This unit is responsible for assisting its clients in making procurement decisions that optimize the use of university funds. Serving departments on both campuses, this unit establishes mechanisms and relationships with suppliers in order to provide the university with goods and services at optimal prices and terms. Procurement Services establishes, communicates, promotes and enforces appropriate purchasing policies, procedures and controls; it also monitors the university's compliance with the NB Procurement Act as well as the trade agreements to ensure that an appropriate competitive tendering process is followed.

UNB is committed to intelligent risk taking, while following a risk management framework which ensures that risks are assessed, understood, and managed effectively while helping the university community achieve their goals.

The Risk Management unit is available to the University community to provide support, education, advise, and assist in the claims process or discuss issues related to risk management.  This unit is also responsible for the administration of insurance policies for both Fredericton and Saint John campuses, and the supervision of the Environmental Health and Safety office for the Fredericton Campus.

This unit is responsible for the timely and accurate billing, collection, deposit and recording of all university revenues. This includes recording all student fees and related charges, processing external invoices for general and research receivables, collection of non-student receivables and processing of all government student loans. This unit must also ensure that appropriate financial systems and controls are in place.