The Office of Financial Affairs has the fundamental responsibility for coordinating with the institutions on all matters related to accounting for the management of the System's financial resources, as well as reporting on its financial condition. The
Office represents the institutions and the USM in fiscal matters with the offices of the State Comptroller, the State Treasurer, the Legislative Auditor, and the Department of Budget and Management. The Office of Financial Affairs is also responsible
for preparing the University System's financial statements and tax returns, coordinating the audit process of its financial statements and federal grant programs, as well as providing support for System-wide policy setting in financial matters.
The Office handles those endowment funds of the System for which the Regents have management and investment authority. The Office has the responsibility on behalf of the institutions and the System to plan and conduct the sale of revenue bonds
for System facilities and equipment.