ACADEMIC ADMINISTRATORS LEADERSHIP SEMINAR. Michael McKee Vice President and Chief Financial Officer
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1 ACADEMIC ADMINISTRATORS LEADERSHIP SEMINAR Michael McKee Vice President and Chief Financial Officer
2 The Focus of Today s Session! What I would like for you to take away from my presentation: 1. Who is/are the CFO Organization and how can we help you 2. Accountability Yours, Mine and Ours 3. CFO Top 10 8 Things to Know for Academic Administrators
3 WHO IS THE CFO DIVISION? Our vision is to establish a standard of partnership, innovation, valueadded resource maximization, and financial expertise such that: We are consulted early and work in an integrated, high-trust way with colleges and departments to continuously improve processes and make great financial decisions We are providing easy-to-use innovative tools and resources for campus financial transactions and decision-making
4 Who is the CFO Division? The Office of the Vice President and Chief Financial Officer is responsible for the administration of UF's $3.4 billion budget. This includes oversight of a number of administrative units including: Procurement Services Finance and Accounting Financial Planning and Analysis The UF Budget office Business Process Improvement Office Shared Service Center GBAS WHO IS THE CFO DIVISION?
5 The Color of Money Accountability at UF THE COLOR OF MONEY
6 How is UF Different? How many of you have worked for a private business or corporation? THE COLOR OF MONEY What is the difference between a private business or corporation and an educational institution like the University of Florida? At UF, it is about accountability for public and private funds.
7 How is UF Different? Private Business Emphasis on profit Return to investors Relies on investors and revenue DIFFE RENT? HOW IS UF University of Florida Emphasis is on accountability Variety of funding sources Fiduciary Responsibility THE COLOR OF MONEY
8 Sources Tuition and Fees State Appropriation Base, Performance, Preeminence, Specials Lottery Contracts and Grants Plant Operations and Maintenance (PO&M) Auxiliaries Component Units (DSO s and Affiliates) Returned Overhead (Indirect Costs) and Residuals Federal Formula Funds (IFAS) Incidental Revenues Administrative Overhead Strategic Funds Financial Aid THE COLOR OF MONEY
9 Accountability Moneys come to UF from a variety of sources These moneys are deposited into funds (identified by different Fund Codes) depending on the source and how the funds can be used THE COLOR OF MONEY Fund Code Fund Code Fund Code Fund Code Fund Code
10 Accountability Fund Accounting lets us track financial transactions per bucket Your department spends from and/or makes deposits to these buckets Financial transactions are linked to your department based on the Department ID ChartField All actions support accountability Central (Core office) vs. College/VP vs. Department THE COLOR OF MONEY
11 Segregation of duties Job duties or responsibilities are divided among different people. One person should not be in charge of all fund types. Authorizations, approvals and verifications Responsibility and accountability are linked. Duties may be delegated, accountability cannot. Delegation of duties should not create conflict of interest. What is being delegated must be clearly defined and documented. Signature authority should be limited to a need to have basis Managerial overrides should be captured and reviewed Budget and/or expenditure movement should require support documentation and dean/department chair signature. INTERNAL CONTROLS
12 UF Enterprise Revenue Sources FY15 Federal and State Student Financial Aid, $115,755, 2% Auxiliary Sales and Other Revenues, $308,163, 6% State Appropriation (Noncapital), $654,120, 13.4% THE COLOR OF MONEY Investment Income (Net), $ , 3% Student Tuition and Fees (Net), $376,238, 7.7% Total $4.9 Billion Hospital and Component Unit Revenues, $2,673,530, 54.6% Federal, State & Local Grants and Contracts, $431,518, 8.8% Other Grants, Contracts, Gifts and Transfers from Component Units, $207,574, 4.2% Dollar amounts expressed in thousands
13 UF Enterprise Expenses FY15 Space - Depreciation, $237,594, 5% Space - Debt Service, $35,648, 1% Scholarship Allowance and Scholarships, Fellowships and Waivers, $83,861, 2% Unexpended revenues, $128,000, 3% THE COLOR OF MONEY Space - Utilities and Communication, $67,727, 1% Total $4.9 Billion Service and Supplies, $1,634,818, 33% Employee Compensation and Benefits, $2,706,048, 55% Dollar amounts expressed in thousands
14 UF Revenue Sources FY15 Auxiliary Sales and Other, $181,245, 6.5% Investment Income (Net), $29,335, 1% Federal and State Student Financial Aid, $115,755, 4.2% THE COLOR OF MONEY State Appropriation (Noncapital), $643,570, 23% Total $2.78 Billion Other Grants, Contracts Gifts and Transfers from Component Units, $1,006,816, 36% Student Tuition and Fees (Net) $376,238, 13.5% Dollar amounts expressed in thousands Federal, State and Local Grants and Contracts, $431,518, 15.5%
15 State Appropriation and Tuition per FTE AAU Public vs. UF $32,000 $30,000 $28,000 THE COLOR OF MONEY $26,000 $24,000 $22,000 AAU UF $20,000 $18,000 $16,000
16 BUDGETING AT UF Budgeting ILITY ACCOUNTAB AND FISCAL BUDGET
17 Primary Fund Types APPROP (budget based) State Appropriations, Tuition, Lottery C&G (cash or budget based) Grants, Residuals, Returned Overhead Other (cash based) Auxiliaries, Component Units (Foundation, Direct Support Organizations (DSO)), Financial Aid BUDGETING AT UF It is important that administrators monitor available funds and utilize them as intended
18 UF s Budget Model Decentralized model that allocates funding to units that earn the revenue Tuition revenue and General Fund Supplement Primarily Colleges Central overhead costs assessed to units through revenue or expenditure taxes (based on fund type) Funds have different restrictions for spending and different policies for retention (for example, Material and Supply (M&S) fees, which must be refunded to students if not used in the current year). Consult fiscal staff or core offices as needed. BUDGETING AT UF
19 Departmental Budgeting The various Colleges and units across campus allocate resources in different ways. The allocation of resources to your unit is one of the tools in driving the development of your priorities. As chair or director, you are responsible for matching academic priorities with the spending of the budget. The CFO Budget Office stands ready to assist you in understanding and managing your budget remember though, the College or VP office allocates your resources. If you find any of these scenarios applying to you give us a call please. You have just become chair and the previous chair has explained, This is how we ve done the budget for 20 years. My advice is: don t change it. You leave budgeting to you Administrative Assistant and Office Manager. You have quite a bit of money left in your budget each year. You don t plan a budget at all. You just spend money as the year progresses and demands materialize. When the money is gone, its gone! When people ask if you have enough money to get through the rest of the fiscal year, you are never quite sure. Written by Joe Glover, Provost and Sr. Vice President, University of Florida BUDGETING AT UF
20 Procurement and Disbursements PROCUREMENT AND DISBURSEMENTS
21 Buying Goods and Services Encourage faculty to work with appropriate administrative staff before purchasing items or booking travel to insure appropriate process takes place. There may be administrative requirements depending on the amount you are spending or why/where you are traveling If spending $5,000 or more, multiple quotes are required. If spending $75,000 or more, contact UF Purchasing to discuss the purchase. Board of Governors regulation requires a public solicitation for these purchases. - click on Bids PROCUREMENT AND DISBURSEMENTS
22 Paying for Goods and Services You must ensure that adequate and auditable documentation is provided in support of payments made. You must ensure that reconciliations are completed for all your cost centers so you know your financial position and identify any error or irregularities in a timely manner. If you are unsure about a payment, ask. Travel is one of the most highly regulated and reviewed expenditure types of the University. $.445/mile for use of personal vehicle $6/11/19 meals Actual for hotel cost $80 per diem State contract with Enterprise for car rental. Expenditure Guidelines are PROCUREMENT AND DISBURSEMENTS
23 Payroll PAYROLL AT UF
24 University Payroll 26,000 employees 6,351 Faculty 8,802 Staff 2,977 Temporary (OPS) 1,270 Residents and Interns (Housestaff) 3,359 Graduate Assistants 3,241 Students $57m Fringe benefit pool rates Emergency checks only if supervisor failed to approve time and loss of salary is 20% or more of employees bi-weekly pay no emergency check if employee does not enter time PAYROLL AT UF
25 Research RESEARCH
26 Research Funds Restrictions based on grantor More comprehensive restrictions on federal funds Cost Accounting Standards (CAS) Restrict charging certain indirect costs as direct (e.g. office supplies, postage, general purpose computers/software, administrative/clerical salaries) Must document effort dedicated to sponsored projects and it must meet or exceed the salary portion being paid by the grant Must document space being used by sponsored projects Auditors carefully scrutinize space reported as 100% (or very high) research use Returned overhead (IDC) PI s, departments and Centers each receive a portion of the overhead charged to their sponsored projects Must be used in support of research-related activities RESEARCH
27 Reporting FINANCIAL REPORTS AND RESOURCES
28 Reporting Tools S TOOL G REPO RTIN Department Monthly Ledgers - allows fiscal review and reconciliation Reporting Cubes allows managers to view information in our data warehouse myinvestigator allows PI s and grant managers to view grant activity Tuition Revenue Cube allows managers to view revenue assessment, collections, and waivers Student Credit Hour Cube allows managers to view fundable, non-fundable, and off-book credit hour data used in RCM calculations. FINANCIAL REPORTS AND RESOURCES
29 Reporting Services What we do Help administrative staff understand their data and reporting needs. Help staff build reports to meet their needs. Promote existing training classes and toolkit developed by Training and Organizational Development. Provide a place for feedback about existing reporting objects. What we are Reporting Subject Matter Experts for: Enterprise Reporting Query Studio Monthly Financial Reports (MFRs) Prompted Reports FIT Cubes FI Reports HR Reports Student Financials PeopleSoft Queries myinvestigator For more information contact Reporting-Services@ufl.edu or the CFO FINANCIAL REPORTS AND RESOURCES
30 CFO Top 10 Things to Know CFO TOP Accountability 2. Budgeting 3. Procurement 4. Documentation 5. Reconciliation 6. Research 7. Reporting 8. We Can Help 9. We Can Help, Please 10. We Can Help, I Promise
31 Contact Us CFO office: (352) , Procurement Services Finance and Accounting Financial Planning and Analysis: (352) planning/ The UF Budget office: (352) Business Process Improvement Office: (352) Shared Service Center: (352) GBAS: (352) ,
32 Questions?
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