Finance OST | Controllership Hub
This hub will strengthen the University’s accounting and fiscal compliance by combining existing teams, like payroll and financial reporting, with new ones, such as internal billing and general accounting. It will play a critical role in maintaining financial integrity and providing excellent customer service across the University.
Hub Overview
The Controllership hub encapsulates several core functions, many of which already operate University-wide and form the backbone of the University’s accounting and fiscal compliance framework. Existing teams – including payroll, financial reporting, asset management, cost analysis, and tax – will be bolstered with additional talent as part of the OST-launched financial organization. New teams, including internal billing and general accounting, will also be stood up, contributing in a meaningful way to the University’s effective and efficient internal control structure, while providing excellent customer service to units from all corners of the University.
Key activities of the Controllership hub include the following:
- Maintenance and oversight of SIMBA master data elements,
- Input and review/approval of a myriad of accounting transactions originating from units and other hubs,
- Monthly close and robust ongoing reconciliation,
- Preparation of financial statements and audit coordination,
- Establishment and maintenance of approved rates – both internal rates and those negotiated with the federal government for sponsored research.
Updated Job Profiles Shared
Financial job profiles have been refined to better support career growth for employees and align with the organization’s evolving needs.
Team Structure
The Controllership hub lead will have five direct reports, each responsible for specific process areas, with dedicated team members supporting them.
Managers
Controller (Hub Lead)
Reporting to Hub Lead
- Internal Billing Lead
- Cost Analysis Lead
- Assistant Controller
- Director, Payroll
- Director, Tax
Teams
Reporting to Internal Billing Lead
- Internal Billings Team
- Work hand-in-hand with Cost Analysis team on the establishment and maintenance of internal rates
- Work with the information technology and operational teams, maintaining the various systems as a primary contact
- Initiate and monitor billings and work with the Financial Planning, Analysis, and Coordination hub and units to troubleshoot issues and resolve any billing discrepancies
Reporting to Cost Analysis Lead
- Cost Analysis Team
- Coordinate the development of the University’s federally approved facilities & administrative and fringe benefit rates
- Assist units in the setting of internal billing rates and work with Internal Billing team on the establishment and maintenance of internal rates
Reporting to Assistant Controller
- External Reporting Team
- Prepare the University’s consolidated financial statements, as well as stand-alone financial statements of certain University subsidiaries
- Work with external auditors as primary contact
- Work with General Accounting team on month-end and year-end close processes
- Property Inventory Team
- Responsible for fixed asset accounting, including construction in process
- Conduct periodic fixed asset inventory observations
- Work with the Applied Research Laboratory over compliance with federal government asset requirements
- General Accounting Team
- Process journal entries based on requests from units
- Review and approve journal entries originating from other hubs
- Reconcile balance sheet and certain profit and loss accounts on a recurring basis
- Lead monthly accounting close process, working closely with teams including Internal Billing, External Reporting, and others
Reporting to Director, Payroll
- Payroll Team
- Process biweekly and monthly payroll cycles for all University employees
- Work closely with HR and units to ensure all additions, edits, and deletions to University payroll are made accurately and timely
- Remit employee and employer withholdings/deductions to Internal Revenue Service, Commonwealth of Pennsylvania, and other state and local jurisdictions
Reporting to Director, Tax
- Tax Team
- Compile the University’s annual Right to Know filing (i.e. form 990)
- Compute the University’s unrelated business income tax liability and file as appropriate via form 990-T
- Perform tax research and provide expert opinions to senior leadership, as well as units as tax questions and issues arise
Controllership Hub Overview
During our May town hall, Lee Wagner, controller, shared the latest updates on the development and structure of the hub.
Leadership
Lee Wagner
Controller
law254@psu.edu
Kevin Mahood
Assistant Controller
Charlotte Nacsa
Manager, Cost Analysis
Tana McGhee-Wegner
Manager, Internal Billing