Finance

It is the mission of the Finance Office to provide timely, reliable, financial information to support operations and management decisions and to promote the University's strategic plan.

Recognizing itself as a major factor in empowering and enabling the University, the Finance Office will foster prudent management of University resources, keep current with best practices and be open and responsive to the needs of the campus community.

To ensure the safety of staff and potential visitors, the RWU Finance office is not accepting visitors at this time. If you need to speak with a member of the Finance office, if you need to set up an appointment to see someone in the Finance office, or if you need to pick something up in the finance office please email financeoffice@rwu.edu with the details of your need and someone will respond to your request within 1 business day.  Thank you for your patience and understanding. 

The budget process is one of many ways in which the University undertakes management of short and long term planning. The process is guided by the VPs and approved by the President and the Board of Trustees. The approved budget is the result of input from all constituencies. Consideration is given to historical data, market forces and new initiatives set forth by the strategic plan.

Benchmarking data is obtained and examined for revenue, salaries and other expenditures. Discretionary funds are allotted for contingencies in several areas. The plan is dynamic and modified as necessary.

Budgets should be reviewed at least monthly via Roger Central or Tableau reporting for each department. Questions on accessing these reports, please review this informational video:

If you still have additional questions, please direct them to Budgetoffice@rwu.edu

Finance Office

Mount Hope Bridge House
33 Ferry Road
Bristol, RI
02809-2921
Fax: 401-254-3807

Marc A. Leonetti
Executive Vice President for Finance and Accounting
Phone: 401-254-3843
mleonetti@rwu.edu

Nicole R. Turner
Associate Vice President for Accounting and Treasury Management
Phone: 401-254-3753
nturner@rwu.edu

Chris Dierkes
Controller
Phone 401-254-3536
cdierkes@rwu.edu

Walaiporn (Polla) Mearns
Director of Budget
Phone: 401-254-3619
wmearns@rwu.edu

Theresa M. Cabral
Associate Controller
Phone: 401-254-3396
tcabral@rwu.edu

Jacob Mason
Senior Budget Analyst
Phone: 401-254-3891
jmason@rwu.edu

Alexa Kite
Senior Accountant
Phone: 401-254-3895
akite@rwu.edu

Teresa Braga
Staff Accountant
Phone: 401-254-3239
tbraga@rwu.edu

Cole Wolkner
Staff Accountant
Phone
401-254-3217
cwolkner@rwu.edu

Carole deGroat
Accounts Payable Clerk
Phone: 401-254-3199
cdegroat@rwu.edu

Payroll Office

Sonia Pontes
Payroll Manager
Phone: 401-254-3324
spontes@rwu.ed

Kimberly Pratt
Payroll Specialist
Phone: 401-254-3242
kpratt@rwu.edu

Megan Michaud
Payroll Specialist
Phone: 401-254-3886
mlmichaud@rwu.edu

Policies

Purchases of furniture, automobiles, equipment and library books with an item price of $3,000 or more and a useful life of more than one year are capitalized. Group purchases with a value of $5,000 or more are also capitalized. All desktop and laptop purchases are capitalized since they are considered to be part of a group purchase.

Peripheral hardware purchases for items such as printers or memory upgrades are expensed unless the individual purchase meets the capitalization threshold. Mattresses, painting, reupholstering and draperies are not capitalized unless part of a major building project (see below). Permanent building improvements as differentiated from routine maintenance are capitalized using the same guidelines above. Examples of capitalized building improvements include, but are not limited to, electrical upgrades, replacement windows, roofs, siding, heating and air conditioning units and campus signage. Replacement carpeting is generally expensed unless a component of a new building or a part of an extensive renovation to a particular building.

All component costs of new construction including additions to existing buildings are capitalized.

Fixed asset lives are assigned by Asset Type and are classified as follows:

Land Improvements20
Buildings50
Building Improvements20
Leasehold Improvementsover remaining term of lease
Library Books10
Gen Equipment & Telephone10
Furniture & Fixtures7
Vehicles7
Computers5
Computer Software3

The capitalization policy will be reviewed annually.

It is the University’s policy to distribute annually for operations 5% of the trailing 12 quarter average* of the Unrestricted Endowment’s total asset value, with the understanding that this spending rate plus inflation will not normally exceed total return from investments.

*The spending calculation is determined in January of each year based on the average of the 12 preceding quarter fund balances.

Purpose:
To define the Roger Williams University and School of Law (collectively referred to as the “University”) procedures for establishing a conference fund account

Scope:
This policy applies to new GL requests for conference accounts

Policy:
Roger Williams University hereby adopts this conference account procedure to ensure that the University carries out the University’s mission effectively

Internal conference events:
Twelve funds are current non-operating funds designated for a particular purpose used primarily for short-term programs such as a symposium or an on campus conference where it is necessary to capture the income and expenses of the activity. Only RWU internal conferences and programs can be established as a twelve fund. A general ledger request must be approved by a Dean before it is submitted to Finance. The Dean will guarantee that any program shortfall will be charged to a departmental operating account.

External conference events:
When RWU serves as host for an outside organization, a liability account will be established since the revenue and expense activity is merely passing through RWU. At the conclusion of the program, a check will be sent to the sponsoring organization to zero out the liability account.

General Overview

Generally Accepted Accounting Principles (GAAP) requires the capitalization of costs associated with the acquisition or construction of property, plant, and equipment (PPE). The cost of a capital asset should include all charges necessary to place the asset into its intended location and condition for use, which includes internal labor. This document provides the general framework for identifying and tracking capitalizable labor costs.

Internal labor costs must be identified with a specific approved capital project and appropriately tracked and documented to be eligible for capitalization. Internal labor is used in lieu of contracted labor when it is determined through the bidding process that it is more cost effective to use available internal resources and those resources are not committed to other University activities.

Capitalizable Costs

Roger Williams University direct labor costs for employees who are working in the capacity of a project manager, plumber, electrician, and carpenter or construction worker are eligible to be capitalized to an approved capital project. The work must be directly related to the development or construction of the approved capital project and directly managed by the Facilities department.

Tracking and Documentation

Hours are tracked by person and project using Facilities Project Time Sheets submitted daily to the department. An average labor rate of $45.00 will be used. It was determined by taking the average rate of $23.00 per hour, at time and a half ($23.00* 1.5 = $35.00) with a burden rate of 30% for fringe benefits for a total of $45.00 per hour. We are using an overtime rate because typically taking on these projects causes us to have to pay overtime to get the regular work done simultaneously. Hours and dollars will be accumulated in the Schooldude Work Order System and charged to the project upon completion by the Facilities Budget Manager.

It is the University’s policy to distribute annually 4% of a trailing three year average* of the Permanent Endowment’s total asset value, with the understanding that this spending rate plus inflation will not normally exceed total return from investment.  In years in which endowment earnings exceed 4%, the balance in the temporarily restricted fund will accumulate to offset years in which earnings are less.

*The spending calculation is determined in January of each year based on the average of three preceding December 31st fund balances