University of Southern Maine – USM Accounting and Fiscal Management System
The University of Southern Maine (USM) is the second largest campus of a seven campus system which comprises the University of Maine System (UMS). The University of Maine System’s fund accounting management and control system is state-of-the-art and meets the standard requirements of the AICPA’s Financial Accounting Standards Board and the federal regulations for contract and grant fiscal and personnel management, accounting and auditing, including compliance with OMB’s Circular A-133.
An integrated computerized personnel and accounting system coupled with requisition, purchase order and voucher systems is the backbone of the USM’s financial management and control system. A monthly reporting system, unique to each award, includes a line item budget, current expenses, year-to-date expenses, project-to-date expenses, encumbrances and budget balances. This system provides all the necessary fiscal information for good management. These reports are retained along with supporting documentation for audit purposes for the required record retention periods prescribed by the terms and conditions of contracts and grants.
In addition, USM maintains a separate Research Service Center to manage its extramurally funded contracts and grants. The office staff are experts in the use of all the systems referred to above. They are also well versed in federal, fiscal policies and procedures related to contracts and grants.