Reporting
The financial planning and reporting department is a dedicated team of professional accountants that provides expertise to Ontario Tech University in the processes of budgeting, expense control, financial accounting, and the preparation of financial statements and reports.
Our team is committed to providing outstanding service and high-quality financial information to the university community. Our clients include faculty/staff, researchers, students, the university's Board of Governors, and external parties.
The financial reporting cycle is monthly. Each month end we analyze and review the university’s raw financial activity. Then through journal entry adjustments and accruals we are able to produce informative financial statements and reports. Leadership at the university can use this timely and accurate financial information for institution-wide decision making. Each quarter end we produce Generally Accepted Accounting Principles (GAAP) financial statements for the audit and finance committee of the university’s Board of Governors. These statements inform the committee on how the university is performing against budget targets.
The university’s fiscal year is April 1 to March 31. At the end of each fiscal year end the university undergoes an annual external audit of its financial data to satisfy external stakeholders such as the Ministry of Training, Colleges and Universities (MTCU), the Canada Revenue Agency (CRA), and financial lending institutions. The Financial Planning and Reporting department prepares the financial data and reports to the external auditor to prove all transactions generated from all activity of the university are presented in accordance with GAAP.
Co-ordination and development of the budgets and forecasts is a key function we also provide. The annual budget-development cycle begins in September of each year and is not complete until the budget is presented and approved by the Board of Governors the following April. Throughout the year we assist budget officers in the execution of their responsibilities through monitoring and reporting on departments operating budgets. This includes evaluating budget versus actual performance throughout the fiscal year. We will also alert management with analysis and feedback about budgetary issues.
Our goal is to educate all employees involved in the university’s financial process regarding finance-related policies and procedures, providing an understanding of the financial system (FAST reporting), and the budget-planning process. This will enable employees to make sound financial decisions on the university’s behalf.
