The Financial Officer (FO) position was authorized by a resolution of the Board of Trustees in 1965 to provide financial and budgetary service to each major administrative division of the University. Although the Financial Officers are responsible to the Corporate Controller, they are located throughout the University Park campus as well as at Penn State campuses throughout the Commonwealth. A document entitled "The Role of the Financial Officer at Penn State" has been developed to provide an overview of the responsibilities of this position and its unique role at Penn State.
Financial Officers work closely with the Budget Executives of the colleges, campuses, and/or administrative divisions they serve. However, direct supervision is by the Assistant Controller, University Financial Officers.
The mission of the University Financial Officers is:
To provide financial and budgeting services to the assigned administrative area(s), while maintaining prudent fiscal controls through adherence to University policies and procedures.
Providing exceptional customer service to the administrative area is critical to the success of the Financial Officer, but must be done within the context of fiscal controls. The Financial Officer is the representative of the Corporate Controller in each area and, as such, must always adhere to policies and procedures. The successful Financial Officer is a professional who is respected for both service and control.
As the University faces tighter financial resources, effective budget management becomes more critical. The University Financial Officers provide the professional financial management that budget executives rely on to effectively manage the administrative area's budget. In addition, by maintaining controls within that area, the Financial Officer assures that the fiscal integrity of the unit is maintained. Through service and control, the University Financial Officers make a strong contribution to the mission of the University.