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Director of Finance

Department: vice-President,  Administration and Finance Effective Date: October 8, 2010

USG 19

35 hr/wk

Reports to: Vice President, Administration & Finance

General Accountability

The Director of Finance is accountable to the Vice-President, Administration & Finance for managing the financial information and control systems of the university. The incumbent makes recommendations to the Vice-President, Academic and Provost regarding the allocation of financial resources. The incumbent takes a leadership role in the development and maintenance of the annual operating budget ($480 million) and provides guidance to all units on campus in the development of their budgets and management of their financial resources.

Nature and Scope

The positions reporting directly to the Director, Finance include:

It is the incumbent’s responsibility to ensure financial information and control systems are adequate to meet the accounting and reporting requirements of the university. Preparing the university’s annual financial statements requires advanced accounting and technical skills to deal with complex financial reporting, accounting and business issues. The ability to exercise professional judgement regarding significant financial issues is essential.

Major sources of university revenue are tuition fees, provincial operating grants, and research grants and contracts. Major outflows of cash are monthly payroll payments, including employee benefit costs, operational expenditures supporting teaching and research activities and investments in capital assets, including new building construction. It is the Director’s responsibility to ensure investments are sufficiently liquid to cover expenses and to invest excess funds to maximize returns and minimize risk within the framework established by university policy and procedures.

While the university does not pay corporate income taxes, the universities activities are extensive and complex and subject to commodity taxes, taxable benefit implications and income tax receipting for donations received. The Director must possess a good working knowledge of taxes as they apply to university business and provide tax advice accordingly.

The Director manages a large diverse staff, many of whom have professional accounting designations, which operate in a complex financial and organizational environment. As an accounting professional, the Director must provide leadership and direction to his/her staff and provide professional support and training to those pursuing accounting accreditation.

The Director must maintain productive working relationships with all major units on campus.  He/she must have the ability to share information in a collaborative manner; effectively interact and communicate with staff, faculty, department heads and chairs, senior management, including Deans, Board of Governors and external agencies and organizations; respond to change; be creative; implement improvements and efficiencies, and contribute to university wide initiatives.

Statistical Data

Statistical Data ($Millions)

Total university assets                                                  1,284

Total university liabilities                                               848

Net book value of capital assets                                    540

Total university income                                                 735

Deferred contributions                                                  568

Cash and non-endowed investments                              485

Annual operating budget                                               480

Number of operating budget centres                              130

Tuition and incidental fees                                            250       

Specific Accountabilities

Working Conditions