Wheaton College Finance Office: Stewarding Resources with Purpose

The Wheaton College Finance Office plays a critical role in ensuring the institution’s financial health and stability. Its primary responsibility is to manage the college’s financial resources effectively and ethically, supporting the educational mission and strategic goals of Wheaton. This encompasses a wide range of activities, from budgeting and accounting to investment management and financial reporting.

Core Functions and Responsibilities

The Finance Office’s duties are multifaceted and essential to the daily operations of the college:

• Budgeting and Financial Planning: Collaborating with departments across the college to develop and manage annual budgets, ensuring resource allocation aligns with strategic priorities. This involves forecasting revenue, controlling expenditures, and identifying opportunities for improved efficiency.
• Accounting and Financial Reporting: Maintaining accurate and transparent financial records in accordance with Generally Accepted Accounting Principles (GAAP). Preparing financial statements, reports, and analyses for internal and external stakeholders, including the Board of Trustees, donors, and regulatory agencies.
• Treasury Management: Overseeing the college’s cash flow, banking relationships, and debt management. This includes managing short-term investments and ensuring sufficient liquidity to meet the college’s financial obligations.
• Investment Management: Working with the Investment Committee of the Board of Trustees to manage the college’s endowment. The goal is to generate long-term returns that support the college’s programs and scholarships while adhering to socially responsible investment principles.
• Payroll and Accounts Payable: Processing payroll for faculty, staff, and student workers, ensuring accurate and timely payments. Managing accounts payable, ensuring invoices are paid promptly and accurately.
• Compliance: Ensuring compliance with all applicable laws, regulations, and accounting standards. This includes managing audits, filing tax returns, and implementing internal controls to safeguard the college’s assets.
• Student Financial Services: While often a separate but closely related office, the Finance Office often collaborates with Student Financial Services to manage tuition billing, student accounts, and financial aid disbursement.

Commitment to Stewardship and Transparency

The Wheaton College Finance Office is committed to responsible stewardship of the college’s financial resources. This commitment is rooted in the college’s Christian values and a desire to maximize the impact of every dollar spent. Transparency and accountability are also paramount, with the office striving to provide clear and accessible information to all stakeholders.

Supporting the College’s Mission

Ultimately, the Finance Office serves as a vital partner in supporting Wheaton College’s mission to educate the whole person to build the church and benefit society worldwide. By managing resources effectively and ethically, the Finance Office helps to ensure that the college can continue to provide a high-quality educational experience for its students, support its faculty and staff, and advance its strategic goals.

The office aims to provide excellent service to the entire Wheaton College community, answering financial questions, processing payments, and offering guidance on financial matters. It strives to be a reliable and trustworthy partner in ensuring the financial health and long-term sustainability of the institution.