A primary responsibility of Financial Accounting and Reporting (FAR) is the maintenance of the Financial Data Model (FDM) within Workday. FAR establishes and maintains key elements of the FDM (i.e. ledger accounts, revenue and spend categories, account posting rules, etc.). The office monitors all balance sheet transactions and financial transactions within the plant, endowment, restricted (other than sponsored programs), and agency funds. In addition, FAR approves and establishes new programs, projects, funding sources and agency/clearing related to these funds.
FAR monitors the University’s cash flow, manages the University’s investment program, monitors the collateralization of cash deposits, and prepares the annual interest allocation. In addition, FAR balances and prepares the bank reconciliation for the University which includes processing stop payments, check cancellations, and returned checks. FAR prepares and submits all unclaimed property for the University to the Louisiana State Treasurer’s Office.
FAR coordinates the issuing of bonds for University projects financed with self-generated funds, manages the accounting for capital construction, and handles long-term debt accounting records.
FAR's responsibilities also include management of the fiscal yearend closing process, preparation of all financial statements and footnotes, and coordination of the Legislative audit. Two official University reports, the "LSU Financial Report" and the "Supplement to the Financial Report", are published annually on FAR’s website. FAR prepares the University's tax return and numerous reports and surveys for internal and external recipients. FAR also handles the annual Fringe Benefit Rates Proposal as well as the Facilities and Administrative Rate Proposal for the University.