A Financial Simplification Strategy
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1 A Financial Simplification Strategy Sponsored by the VC - Chief Financial Officer Pierre Ouillet Presented to the Academic Business Officers Group UC Irvine
2 Discussion Points What is SOFI and why are we doing this Primary Considerations What will it look like Update on UC San Diego Implementation Questions March
3 Are you crazy?! March
4 UC San Diego s Vision for the Future UC San Diego will: Pool core campus resources to support the core academic investment and general institutional operations Core Campus Resources Continue fund accounting for revenue streams In order to: Improve financial management across the campus Focus on outcomes rather than fund color management Optimize expenditures to meet the expectations of the Governor, Legislature, students and other stakeholders Clearly depict the cost of fulfilling the campus core mission, and the resources that support that cost People Programs Outcomes Strategic Operating Plan March
5 What s in scope; what is not Budgets allocated and expenditures transacted on 2 funds, rather than 60 $900M $200M 5
6 What SOFI does; what it does not The SOF Initiative is consistent with UC s Working Smarter Initiative and is an effort to Streamline campus financial management, for example» Almost all departments across campus are funded on one core fund» Sharing the same core fund eases transfers between departments and across VC units» One fund eliminates juggling of personnel among funds to manage compensation inflation Simplify fund accounting and department transacting, for example» Constraints tied to specific sources are not applicable to the new core fund numbers» Expenditure transfers are replaced with budget transfers to balance organization budgets» Express card transactions now only have to be classified for cost type instead of type and fund Enable departments to focus on strategic priorities and outcomes» Easier data gathering and reporting Enables quicker response times to management requests for information May save time which can be redirected to other priorities SOFI does NOT Change budget decisions or allocation methodologies Result in budget reductions 6
7 Maybe you aren t crazy?! 7 March 2016
8 Primary Considerations UC San Diego is partnering with stakeholders to achieve both campus goals and systemwide needs At the system level, primary considerations identified include: Fulfilling reporting and regulatory requirements of the State, Legislature, and other stakeholders from data housed in Corporate Systems Public perception and external audit Changes required to PPS Budgeting recurring resources 8
9 Past Precedent and Current Practice The proposed solution for reporting to stakeholders meets with past precedent and current practice Past precedent OP s Common Fund - pre-funding Streams Initiative, a pool of various funds collected from campuses and spent on a single fund The pool decoupled with the Funding Streams Initiative was a combination of State GF, Tuition, State and Federal UCGF ICR, and misc. UCGF fees and income Campuses overspent their funds, then moved excess expenses to Tuition at fiscal year end Expenses were distributed by function from State GF to Tuition and ICR using one expense account number Current practice Many campuses still use the Ed Fee Proration to unspend their funds at fiscal year end This leaves payroll expense detail grossly overstated on State GF OP Institutional Research calculates the prorated share of State GF to Tuition and UCGF ICR for individual campuses and applies this ratio when responding to PRAs OP Institutional Research also identifies certain organizations (in addition to program codes) to identify expenses for Public Service 9
10 Consolidated Core Strategies University of British Columbia and many UC campuses, including San Francisco and Riverside, have achieved various levels of consolidated core funds Univ. of British Columbia Operating Fund UC San Francisco Campus Core Fund UC Riverside Provincial Grant Domestic Tuition International Tuition Research Overhead Investment Income Ancillary Dividends State General Funds Tuition Funds* University generated General Funds Research ICR (ALL) Internal Overhead Recovery Patent Income State General Funds Tuition Funds* University generated General Funds Research ICR (only 6975x) Internal Overhead Recovery Patent Income STIP/TRIP Income STIP/TRIP Income *excludes: SSFF, PDST, Financial Aid on Tuition *excludes: SSFF and PDST 10
11 Worthy of note The one-time up-front effort to implement SOFI is significant and distributed. There will be at least one year of transition activities. Expenditures still need to be tracked (by program, account, etc.) for departmental reporting needs. 11
12 I need visuals, Lady! 12 March 2016
13 SOFI Addresses Stakeholder Expectations Current State Managing and expending resources with good intent to achieve strategic priorities and student outcomes still results in unintended financial outcomes under strict fund accounting Future State Under SOFI, resources are managed and expended with the same strategic priorities and student outcome objectives, but better meets external expectations FYE FYE 13
14 Meeting Expectations and Priorities Expense proration results in prioritized relationship of resources to program Benefit: can be adjusted to respond to external requirements Any reserve balances are held in most flexible funds P r i o r i t y o r d e r P r i o r i t y o r d e r Instructional Support: Library, Public Service, Academic Support, Research, Student Services, Student Financial Aid, University Extension Institutional Support: O&MP, General Admin Other: Auxiliaries, Unallocated transfers for debt/capital/other 14
15 Yee-haw!! It s happening! March
16 Project Timeline Below is a very high-level timeline for an implementation date of July 1,
17 Communications and Engagement The SOFI project was undertaken in early 2015 and has been guided by both a Work Group and a Steering Committee We are actively collaborating with central offices both locally and at UCOP: Budget, Institutional Research, Accounting, and ITS Campus communication has been ongoing through Existing networks of the Work Group and Steering Committee (e.g., ABA, SC-SPOC, VC fiscal groups, Council of Chairs, Department Chairs) Letters from the Chancellor Presentations made to» Faculty through Academic Senate committees (Budget & Planning, Administration Council)» FinLink standing committee» VCHS Senior Administrative Leadership» VCHS Assistant DBOs» EVC Assistant Deans» VC MSOs/Fiscal Contacts Groups Lead staff in central offices are engaging colleagues on implementing solutions Established VC Implementation Coordination Team comprised of all VC units 17
18 Inquiring minds must know! 18 March 2016
19 Where to find information Find the SOFI website sofi.ucsd.edu blink.ucsd.edu/go/sofi Contacts for information: Core Project Team» Traci Carpenter, Project Manager, , Deanna Richardson, Core Team, , Ashley Gambhir, Director-CI, OSI, , Sponsor» Sylvia Lepe, AVC-CBO and Sponsor, , 19
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