Cost center managers are fiscally responsible for the financial transactions charged to their applicable cost center (Department), as well as monitoring the status of their overall budget. Cost center managers are responsible for verifying the transaction worktags (coding of revenue and expenses).
Cost center manager responsibilities differ from employee manager HR responsibilities (although one manager may share both roles). Cost Center managers are required to follow the institution written policies and procedures and exercise fiscal responsibility when spending university funds. All expenditures should be necessary and reasonable, and requests for payment or reimbursement should include full documentation and be coded to the appropriate expense category within the manager’s budget. Cost center managers should not spent funds simply because they are available or may be lost at the end of a fiscal year.
Cost center managers are able to transfer budget funds between accounts within their cost center, with some exceptions (ex. salaries, capital projects, etc.) to cover actual expenditures. If cost center managers feel that funds in their budget are not sufficient to carry out the operations of their cost center, they must work with their vice president who may have funds available in other cost centers within their own divisions.
Cost center managers will be designated authority to initiate and/or approve transactions on many financial transactions in Workday such as:
- Budget Amendments (Transfers)
- Expenditure Requests / Non-requisition Purchase Orders
- Lynn Expense and Purchasing Card Spenditures
- Supplier Invoice Approvals / Ad-Hoc Payments
- Travel & Expense Reimbursement
Business Process: Routing and Approvals
Every department financial transaction at Lynn University (expense reports, expenditure requests, invoices) follows similar approval business process.
- Initiator create the request (expense report, requisitions, spend request, etc). *If a cost center manager or VP initiates the process, the system skips their approval step.
- System checks for budget automatically. If there is no budget available the task does not move the approval process, a budget amendment is required prior to processing the request.
- Request moves to cost center manager
- If the request involves a gift, program or project, the transaction goes to the gift/program/project manager fro approval.
- According to the transaction amounts, the request will be routed to different managers:
- Cost Center Manager I: Anything over $3000
- Cost Center Manager II: Anything over $5000
- Cost Center Manager Vice President: Anything over $10000
- Finance Department: Anything over $50000
*Please note that some departments may have only one Cost Center manager, they will approve every request before they are routed to their VP.