STATEMENT OF FINANCIAL ACTIVITIES. Department Heads Forum

Transcription

1 STATEMENT OF FINANCIAL ACTIVITIES Department Heads Forum OCTOBER 2, 2018

2 STATEMENT OF FINANCIAL ACTIVITES Basics Can be run for an entire financial unit (department) or a single cost center Provides a summarized view of revenues and expenses Useful for understanding the activity within a unit as well as the overall surplus/deficit position Does not include projected activity, only actuals to date Revenues are negative numbers, expenses are positive Referred to as the SFA or SoFA

3 STATEMENT OF FINANCIAL ACTIVITES Basics Vertical axis will always show the university s standard categorization of revenues and expenses

4 STATEMENT OF FINANCIAL ACTIVITES Basics Horizontal axis is dependent on report view selected Historical Trends, Annual Plan v. Actuals, Actuals Sliced

5 HISTORICAL TRENDS Comparison to the two previous fiscal years Both year-to-date and total for the year Useful for identifying significant changes to financial position that may need reviewed Trend variances are important as they impact University and college-level projections

6 HISTORICAL TRENDS 25% increase in Grad Salaries YTD in FY2019 Can see that a continued trend will result in a $1.8M annual expense increase

7 ANNUAL PLAN VERSUS ACTUAL Comparison of YTD activity to the annual plan for the year Shows the variance between the annual plan and the actual activity Shows the % of the annual plan revenues and expenses incurred YTD Allows users to drill into more details of current year activity Either by YTD or current period Can be filtered for specific types of accounts E.g. faculty, gifts, student aid, income producing, etc.

8 ANNUAL PLAN VERSUS ACTUAL ANNUAL PLAN DEVELOPMENT The Annual Planning process has changed significantly over the last four years Annual Planning should not be confused with central revenue allocations (aka budget) Annual Plans should now be a realistic expectation of units actual activity for each category Units should actively manage to their Annual Plans

9 ANNUAL PLAN VERSUS ACTUAL Abnormal variance % s may represent issues or risks Blue links are drillthrus for more detail

10 CURRENT ACTIVITY SLICED Current year unit activity can be viewed by major crosssections of account types, called Institutional Groupings Operating (Unit) Operating Faculty Allocations Non-Operating Grants R&R Capital Endowment Academic units typically only have three of these groupings

11 CURRENT ACTIVITY SLICED

12 CURRENT ACTIVITY SLICED Institutional Groupings can be broken down by funding sources Operating (Unit) Operating Faculty Allocations Non-Operating Grants R&R Capital Endowment Unrestricted Income Producing Restricted Gifts Student Aid State Line Items/Federal Appropriations Externally-sponsored Other Restricted

13 CURRENT ACTIVITY SLICED

14 CURRENT ACTIVTY SLICED Available Balance by the same slices When combined with the surplus/deficit view, this information allows a unit to understand its current financial position and trajectory

15 OTHER SFA OPTIONS AN EXCEL PIVOT VERSION IS AVAILABLE Pros Eliminates Cognos run-time Combines trend and annual plan views Cons Not drillable to transaction information Not real-time, updated only monthly

16 NEXT STEPS Draft reports are currently available, but a final review for any conversion issues is underway October month-end reports are expected to be considered final The ability to schedule a monthly, auto-delivered version will be made available after the draft report is finalized Contact your unit s Business Manger or Director of Financial Affairs, or Financial Planning & Analysis, for more assistance