Finance Operations. a. The University of Arkansas Fayetteville department of Finance and Administration provides certain financial services to the University of Arkansas Division of Agriculture. These services include, but are not limited to, the following: 1. Annual Financial Statement Preparation 2. State ASIS system administration 3. UADA Graduate Assistant (GA) administration including but not limited to: a. UADA GA position processing including hirings, terminations, and transfer verifications. b. UADA GA waiver processing and reconciliation c. UADA GA health insurance processing, reconciliation, and payment 4. UADA employee payroll deduction processing and reconciliation for balances owed to UAF 5. UADA employee tuition waiver processing and reconciliation 6. UADA funded scholarship processing and reconciliation 7. Federal Fringe Benefit Rate submission b. UAF and UADA jointly agree that each party will provide the other with assistance in relation to accounting, budgeting, and other financial circumstances with respect to administering jointly funded cross-company employees in the Workday ERP system. In the spirit and interest of cooperation, both UAF and UADA agree that the value derived by both entities from this cooperation is of offsetting monetary value and agree that no charges shall be levied by either party upon the other for this assistance. c. In the spirit and interest of cooperation, the parties agree to notify one another and communicate plans regarding raise pools and other budgetary matters, coordinating efforts when possible. This communication shall take place throughout each party's annual budget cycle, but it is expected that these communications will generally take place during the third quarter (January through March) of each fiscal year during the term of this agreement. d. Each party maintains sole responsibility for establishing and maintaining their own control environment with respect to all aspects of financial operations including internal controls over financial reporting. e. Each party currently completes its own annual, bi-annual, and other regularly required financial and operating reports for their respective institutions. This will remain the expectation for both parties during the term of this agreement. These reports and statements include, but are not limited to, the following: 1. Annual ADHE reporting requirements 2. Various Legislative Appropriation requests 3. Various Grant and Sponsored Program reporting 4. SEFA Reporting
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