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General Accounting

General Accounting

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Mission Statement

The mission of the General Accounting Department is to accurately process the financial transactions and report the financial position of Kean University, its departments, and business activities to the University community and a variety of external constituencies – including trustees, vendors, creditors, grantors, donors, legislators, governmental agencies, rating agencies, auditors, and others who are invested as stakeholders in the financial activity and health of the University.  Within the scope of this mission are responsibilities to:

  • Establish, monitor and enforce policies and procedures designed to safeguard the University’s assets;
  • Coordinate and direct all financial transactions recorded in the accounting system of the University;
  • Disburse university funds in a timely, accurate and reliable manner;
  • Provide timely, accurate, meaningful financial analyses and advice to support decision-making.

Vision Statement

To fulfill this Mission, the Department of General Accounting must be an organization of competent, committed business professionals who:

  • Take personal ownership in finding solutions to problems and answers to questions; and
  • Are innovative, collaborative, and resourceful, and take pride in helping to facilitate the management and accountability of the institution’s resources.

The Department continually strives to excel as a service-oriented unit, and provides guidance in relation to the financial needs of all departments on campus.  The Department ensures that all transactions adhere to University policies and procedures, generally accepted accounting principles, as well as the broader rules established by all applicable authoritative governing bodies.

Guiding Principles Include:

  • Excellence – Quality & Precision
  • Controls & Compliance
  • Integrity & Ethics
  • Commitment & Responsibility
  • Teamwork / Collaboration

GENERAL ACCOUNTING OBJECTIVES:

The major functions of the General Accounting Department are as a follows:

  • Process all non-payroll related payments (check, ACH/wire) in satisfaction of Kean University’s obligations to vendors, contractors, debt holders, government/tax agencies, etc.  
  • Review/upload payroll data into the official General Ledger.
  • Account, record, and track of expenditures related to Federal/State/Private grant programs.
  • Record (data enter journal entries of) student revenues.
  • Monitor, control, and report on the financial status of capital/fixed assets.
  • Maintain the official accounting ledgers and records of Kean University in accordance with US GAAP, GAAS, and consistent with the latest FASB and GASB pronouncements as well as abide by Federal & NJ rulings/laws/directive/pronouncements as well as any/all other applicable governing bodies & regulatory agencies or subdivisions thereof.
  • Maintain/monitor/enhance the University’s system of internal control over financial transactions.
  • Perform the annual / FY accounting close and prepare the official financial statements.
  • Provide account analyses, ad-hoc reports, and other analytics as deemed necessary by the Kean University’s Management & Board of Trustees.

University General Accounting is committed to performing all procedures and operations in a complete, accurate & ethical manner.  University General Accounting partners with Student Accounting, Business Services, Budgeting, and Student Financial Aid to provide the highest quality service to its internal customers as well as to its external vendors & third-parties.

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