Office of Finance & Business (F&B) Overview
Finance and Business seeks to provide exceptional services that strengthen The New School’s stewardship, operational effectiveness, and community of learning and is responsible for central financial services essential to supporting the students, faculty, and staff of the university, as well as external partners. We pursue this by fostering partnerships with the campus community, taking a leadership role in the development and support of university planning efforts, and improving administrative processes through technology and redesign to create efficient, accurate, and timely business processes and services.
Our primary functions include accounting, budget planning, procurement, investments and risk management, and tax compliance. The office is an integrated group of teams that support students, faculty, staff, and alumni. Our teams include Accounting and Accounts Payable, Budget Planning, Financial Operations, Procurement, Travel Services, Tax Compliance, and Asset and Risk Management.
Financial Operations
What We Do
The Financial Operations team provides guidance and assistance with issues related to invoices, expenses, budgets, and travel. We provide help with questions regarding procurement/payables, contract management, grant and non-grant expenses, requisitions, purchase orders, credit card transactions, supplier contracts/invoices, compliance, best practices related to budget, finance, and accounting, and the creation of quarterly budget reports. We also provide training for MyDay Expense and My New Source.
Financial Operations also includes Travel Services, which oversees faculty and staff travel policies, negotiates and processes travel rates and partnerships with hotels, cab services and car rentals, and processes travel expense reports and reimbursements. CONTACT: finops@newschool.edu
Budget Planning
What We Do
Budget Planning leads resource planning, budgeting, and analysis efforts in support of The New School’s mission. We are responsible, in partnership with schools and administrative offices, for developing and monitoring the university’s operating and capital budgets. Our goal is to improve the university’s budget processes, provide accurate financial information and analyses to the university community, and develop long-range financial planning models that reflect The New School’s strategic objectives, while increasing transparency regarding resource allocation and budget presentation. We prepare a variety of published financial and budgetary reports.
Accounting
What We Do
Accounting oversees a variety of university accounting and reporting functions, such as gift and grant; land, building, and equipment; operating and endowment investment; and general operating accounting and reporting. The department also ensures that university procedures adhere to generally accepted accounting principles (GAAP) and strives to report on the university's financial position in a timely and accurate manner, enabling management to make optimal university resource decisions. One of the department's major annual projects is the production of audited financial statements based on the university's fiscal year-end, June 30 of each year.
The Accounting Department consists of General Accounting, Accounts Payable, Grants & Research Accounting.
Asset & Risk Management
The Asset and Risk Management team is responsible for managing the university's debt, investments, risk management, tax, insurance, assets, and real estate. See Asset & Risk Management Department for resources and contact information.
Independent Contractor Compliance
What We Do
The Independent Contractor Compliance team reviews and approves independent contractor requests, enforces independent contractor policies and procedures, and ensures independent contractor compliance. CONTACT: iccompliance@newschool.edu
Procurement
What We Do
The Procurement Department supports the university's educational and administrative needs by assisting faculty and staff in obtaining the best possible products and services available while remaining fiscally responsible. We research and develop sources of supply, offer expert recommendations for products and services, and coordinate their procurement, delivery, and installation.