Tax & Financial

As a publicly funded institution, transparent and accountable financial management is critical to U-M’s ongoing funding and success. Any handling of U-M funds must be done ethically and in full compliance with the law – including obligations related to external financial reporting, accounting, tax, accounts payable, billing/accounts receivable, payroll, sponsored programs/contract administration, financial aid and student loan operations.

Responsibilities for financial compliance

[See also Dearborn & Flint campus responsibilities]

  • All faculty and staff who engage in financial transactions on behalf of the University and/or handle U-M funds are responsible for ensuring compliance with all relevant laws, and acting in a fiscally responsible manner.
  • All students, faculty and staff are responsible for ensuring compliance with all tax laws, both in their personal capacity and in their U-M roles, where relevant.
  • All U-M Department Heads are responsible for ensuring compliance with fiscal responsibilities and exercising appropriate financial controls within their departments.
  • The Executive Vice President and Chief Financial Officer is responsible for oversight of the finances, property and business of the University, which includes responsibility for ensuring compliance by U-M with laws relating to finance and tax. [Regents Bylaw 2.05]
  • The Office of Sponsored Programs operationally supports compliance with the financial obligations connected with sponsored research, particularly post-award matters.
  • Procurement Services operationally supports compliance by U-M with obligations related to the purchasing and procurement of goods and services.
  • Internal Controls operationally supports compliance by all departments and units with laws and regulations related to financial management, by helping to design and implement controls around financial processes.
  • The Financial Aid Office has overall responsibility for the compliance by the University with laws related to the administration of financial aid.
  • The Vice President for Development is responsible for ensuring that all donations to U-M are handled in compliance with the law.
  • The Tax Department operationally supports and administers compliance by U-M and related parties with all tax requirements.

Established 3/4/11, last updated 3/7/17 – Contact us if you believe any information is incorrect or outdated