Financial Reports SERESA CRUZ DIRECTOR, ACADEMIC SUPPORT SERVICES BUDGET AND HUMAN RESOURCES

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Charity Watson
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1 Financial Reports SERESA CRUZ DIRECTOR, ACADEMIC SUPPORT SERVICES BUDGET AND HUMAN RESOURCES

2 Topics Timeline COS Financial Reports Quarterly Financial Reports ( ) Carry Forward Plans ( to ) Auxiliary Plans ( ) Resources

3 Timeline September 30, 2016 End of the 1 st Quarter October 31, 2016 All reconciliations for fall semester should be final (e.g. GAA, Honors) December 31, 2016 End of the 2 nd Quarter January 20, 2017 Expenditure plans for FY due for Material, Supply, and Lab Fee(s), Auxiliary, and Equipment Fee(s) January 31, nd Quarter Financial Status Report and Preliminary Carry Forward Plan Due February 28, 2017 All reconciliations for spring semester should be final March 31, 2017 End of the 3 rd Quarter April 30, rd Quarter Financial Status Report, Final Carry Forward Plan, and Start-up Deferments Due May 31, 2017 FY Budget Allocation & Expenditure Plan Due

4 Quarterly Financial Report Each unit prepares the quarterly financial report using the Standard Budget Ledger (SBL) report in PeopleSoft and a template created by COS Includes operations, OPS, secondary operations, carry forward, nonrecurring initiatives (aka salary savings), GAA auxiliary Excludes student fees (e.g. equipment fees) follows a different format and reported to the college annually Excludes overhead, balance accounts, start-up College is required to use the SBL for start-up but it is excluded from the unit s reports College tool provided to analyze variances Increase budget/reallocation from other budget categories Adjust projected expenditures (budget in 3 rd or 4 th quarter) Overall variance/projection should match carry forward plan Financial plans are reported to the Office of Budget, Planning, and Administration. Timeline determined by this office.

Standard Budget Ledger Report Total budget based on

expenditures as of 9/30/16 Amount budgeted for qtr 2,

Budget Total Expense Forecast Expense College unless

5 Standard Budget Ledger Report Total budget based on Budget Allocation & Expenditure Plan Actual expenditures as of 9/30/16 Amount budgeted for qtr 2, 3 & 4 Current Year To Current Year Date + Forecast Budget Total Expense Forecast Expense College unless there is an approved Salary Savings Projected Carry Forward for Unit

Quarterly Financial Report Matches the Standard Budget Ledger Report (in PeopleSoft) Permanent reallocations/ management decisions Expect reimbursement for an expense Expect new budget allocation or

6 Quarterly Financial Report Matches the Standard Budget Ledger Report (in PeopleSoft) Permanent reallocations/ management decisions Expect reimbursement for an expense Expect new budget allocation or more than originally planned (e.g. increase associated with Honors) (+/-) Expect to exceed the amount budgeted for future quarters OR expect not to spend the entire amount budgeted for future quarters

7 Carry Forward Plans Three year plan ( to ) Target reserve is 5% of total recurring budget Outline planned expenditures Preliminary plan based on 2 nd quarter financial report Final plan based on 3 rd quarter financial report Financial plans are reported to the Office of Budget, Planning, and Administration. Timeline determined by this office.

8 Carry Forward Plans Example: the unit planned to exceed the 5% reserve and outlined the planned expenditures using all of these funds the following year.

9 Auxiliary Plans Auxiliary plans include the following funds: Material, Supply, and Lab Fee(s) Equipment Fee(s) Auxiliary Account(s) all except GAA Projected revenue by quarter or semester Planned expenditures by category (which is used to obtain BOT budget authority) Target reserves vary by fund type Financial plans are reported by the college to the university budget office. Timeline determined by University Budget Office.

10 Resources Financial Status Report Modified Addy Notes (to run SBL reports) Instructions for preparing financial status report using COS template Example report Financial Review Tool Budget by quarter for each budget unit and functional node Actual expenditures by quarter Actual expenditures by quarter Carry Forward Plans Example report Auxiliary and Student Fee Plans Instructions for preparing reports included in the COS template All of the above resources are located in the network/shared folder (S:\COS Budget\1_ALL UNITS\Budget Forms, Templates & Reports)

FY 2019 UNIVERSITY BUDGET CALENDAR

FY 2019 UNIVERSITY BUDGET CALENDAR FY2019 UNIVERSITY BUDGET CALENDAR PLANNING: July, 2017 Office of Budget Management distributes the following to all Vice Presidents, Provost Office, and Business Representatives