Odu Finance Office

The Old Dominion University (ODU) Finance Office plays a vital role in managing the university’s financial resources, ensuring fiscal responsibility, and providing essential services to students, faculty, and staff. This office is the central hub for all financial transactions, budget management, and compliance activities within the university.

At its core, the Finance Office is responsible for maintaining the accuracy and integrity of ODU’s financial records. This includes managing accounts payable, accounts receivable, payroll, and the general ledger. They meticulously track all income and expenditures, ensuring that the university’s financial statements accurately reflect its financial position. This accuracy is crucial for transparency, accountability, and informed decision-making by university leadership.

Budget management is another critical function of the Finance Office. They work closely with academic and administrative departments to develop and monitor budgets, ensuring that resources are allocated effectively and efficiently. This involves analyzing financial data, forecasting future financial performance, and providing guidance on budget development and execution. The goal is to align resource allocation with the university’s strategic priorities and ensure the long-term financial sustainability of ODU.

The Finance Office is also responsible for ensuring compliance with all applicable federal, state, and local regulations, as well as university policies. This includes maintaining internal controls to prevent fraud and abuse, conducting audits to ensure compliance, and providing training to employees on financial policies and procedures. Staying abreast of changing regulations and implementing appropriate controls is essential for maintaining the university’s reputation and avoiding potential legal and financial penalties.

For students, the Finance Office provides essential services related to tuition payments, financial aid disbursement, and refunds. They manage student accounts, process payments, and answer student inquiries regarding billing and financial aid. The office strives to provide excellent customer service and ensure that students have the information and resources they need to manage their finances effectively. They also offer guidance on financial literacy, helping students make informed decisions about their finances.

Furthermore, the Finance Office supports research activities at ODU by managing grant funds and ensuring compliance with funding agency requirements. They work closely with researchers to track expenditures, prepare financial reports, and ensure that grant funds are used appropriately. This support is crucial for enabling ODU researchers to secure funding and conduct groundbreaking research.

In summary, the ODU Finance Office is a multifaceted organization dedicated to responsible financial management, compliance, and providing essential services to the university community. Their work ensures the financial stability of ODU, supports its academic and research missions, and contributes to the overall success of the university.