BASIC FINANCIAL MANAGEMENT - Auburn University

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9 Νοε 2013 (πριν από 3 χρόνια και 11 μήνες)

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AUBURN UNIVERSITY

BUDGETING & ACCOUNTING

Financial Management

AU BUDGETING & ACCOUNTING


Objectives


Financial overview of AU


Business Office introduction


Controller’s office and account structure


Administrative systems, Banner Finance


Budget Services and the budget process






AU BUDGETING & ACCOUNTING


What is the Business Office?


Controller’s Office
(Financial Reporting &
Property Services)


Mgmt Reporting


Budget Services


Student Financial Services
(formerly Bursar and
Financial Aid)


Procurement & Payment
Services (formerly Accts
Payable & Purchasing)


Contracts & Grants

Accounting


Payroll & Employee

Benefits


Information Systems

Support

Associate VP for


Business & Finance

Marcie Smith

Director

Budget Services

Teresa Vest

Exec Dir

Procurement &

Payment Services

Shawn Corrigan Asmuth

Director

Contracts & Grants

Accounting

Sheila Duffield

Director

Management

Accounting

Cindy Selman

Exec Dir

Payroll & Employee

Benefits

Ronnie Herring

Exec Dir

Student Financial

Services

Mike Reynolds

Director

Information Systems

Support

Michael Miller

Controller

Amy Douglas

Exec Sec

Sandra Bonney

Procurement & Payment Services


Responsibilities


Procurement of and payment for acquired goods and services, including
compliance, proper accounting and records retention


Manage purchasing card program


Promulgate policies associated with procurement & payment


Compliance with IRS 1099 tax laws and state escheat laws


Major Projects


Enhanced control and fraud monitoring


Electronic workflow and imaging of financial documents


Challenges


Decentralized buying and receiving


Regulatory climate





Payroll and Employee Benefits


Responsibilities


Ensure the timely and accurate pay and all accounting of
payroll & benefits for all AU employees


Manage all benefit programs


Major projects


Benefit analysis and wellness program


Post retirement actuarial update


Challenges


Cost containment of health insurance program


Decentralized time entry



Contracts and Grants Accounting


Responsibilities


Financial reporting and sponsor billing for all sponsored agreements


Oversees federal, state and other compliance related to financial aspects
of sponsored agreements


Facilities & Administrative rate development and recovery distribution


Major Projects


Effort certification


automate & improve compliance


Development of Banner reporting


Challenges


Keeping abreast of regulatory climate


Maintaining adequate compliance in decentralized environment


Student Financial Services


Responsibilities


Manage student financial aid program


Bill and collect all student tuition and fees


Record revenue received by AU


Maintain student billing system


Major Projects


Implementation of Banner student info system


Integration of activities of billing/receiving with student financial aid to
assure optimal cost savings and efficiencies


Challenges


Maintain complex tuition/fee structure


Maintain compliance with constantly changing Title IV Higher
Education Regulations


Management Accounting


Responsibilities


Provide university
-
wide management reports and analysis


Assist units in preparing management reports


Preparation and analysis of reserve reporting


Oversee capital budgeting, deferred maintenance and debt needs


Major Projects


College/School needs assessment


Development of management reporting and presentation to campus
constituents


Challenges


Defining, creating, automating management reports to meet all needs


Dissemination of information in formats acceptable to deans,
department heads, financial managers, etc.


Information Systems Support


Responsibilities


Programming, tech support for finance and human resource systems


Desktop/server support for Business Office & other administrative units


Liaison with central information technology


Production support

data entry, print, imaging financial documents


Major Projects


Banner reporting


Budget development system


Converting AS400 data and systems


Challenges


Prioritizing to meet needs of all users in current climate of new systems


Constantly changing IT environment



Banner Project Office


Responsibilities


Coordinate activities of users, information technology, outside consultants,
steering and executive committees in implementation


Recommend policy changes and software purchases to senior administration


Manage project budget


Major Projects



Completing student implementation for Fall 07 roll
-
out



Implementation of workflow and executive reporting


Challenges



Prioritization of competing demands for technical resources



Coordination of upgrades in a relational database environment


AU BUDGETING & ACCOUNTING

Other Financial Services


Treasury Services


Development Accounting


Alumni Accounting


Risk Management & Safety


Internal Audit

AU ACCOUNTING & BUDGETING

Mission Statement


The mission of the Business Office is to
provide
leadership

in the development,
implementation, and continuous
improvement of the business and financial
services essential for Auburn University to
pursue its mission of teaching, research, and
outreach

AU ACCOUNTING &

BUDGETING


Service is important


Compliance is important


Constant balancing act to do both

AU ACCOUNTING & BUDGETING

Service and Compliance


Increased demands for financial information


Enhanced technology


Federal Regulatory Climate
-

IRS, Federal
Sponsors, Dept of Education, Cost
Accounting Standards


State regulations


travel, bid law, public
works law


Governmental Accounting Standards and
Financial Accounting Standards

AU ACCOUNTING & BUDGETING

World Wide Web Information


Description of each business office


Financial Policies & Procedures


Information can be found at
http://www.auburn.edu/administration/business
_office/



OR on Banner site at


http://auaccess.auburn.edu

(will require user ID
to log into Banner)



Controller’s Office

Role of Controller’s Office

AU ACCOUNTING & BUDGETING

Controller’s Office


Our Customers:


Federal and State regulatory agencies


External auditors


Bond Agents and banks


Other Institutions for benchmarking


Internal Users
-

President’s Office, Vice
Presidents, Deans, Directors and Department
Heads and YOU!


AU ACCOUNTING & BUDGETING

Controller’s Office


Responsibilities:


Preparing annual, audited, published Financial
Statements


Coordinate Financial Audit and A
-
133 Audit of Federal
Funds, NCAA Audit


Accounting for University Assets


Cash
-

monthly bank reconciliations


Property, Plant and Equipment
-
Reported in General Ledger


Capitalized Equipment Recorded in Fixed Asset Module


Responsibilities continued:


Process Bond Payments and reconcile accounts
related to debt service, ratio analysis


Preparation of various tax returns including
990T, sales tax and excise tax


Prepare Journal Entries for transfers and
corrections, review ITV’s and DEC’s, analyze
accounts, do special projects


Implement service centers policies


Key role in Banner Finance System

AU ACCOUNTING & BUDGETING

Controller’s Office

FINANCIAL SYSTEMS





AU ACCOUNTING & BUDGETING

Banner Basics


Banner Project


Financial System


October 1, 2005 implementation


Includes budget system, finance system, payables, purchasing,
fixed assets


Training ongoing (HRD classes offered each semester), Banner
Boost


Human Resource System





July 1, 2006 implementation (includes payroll, leave information)


Student Info System (Billing/Receivables)


July 1, 2007




AU ACCOUNTING & BUDGETING

Banner Basics


Access to systems


“AU ACCESS” is web
-
based
with a single sign
-
on


Two types of access


Banner Self
-
Service and
Banner Admin


The AU Access portal provides calendar,
announcements, shortcuts to processing, policies
and procedures, and other information


Many transactions can be processed electronically


purchase requisitions, budget, etc.


We are working toward being able to process
imaged documents

AU ACCOUNTING & BUDGETING

Finance System


Accumulation of hundreds of thousands of
transactions in various funds, orgs, accounts
and programs allows AU to meet the
reporting needs for


State of Alabama


Annual Financial report


Federal funds audit


And many more….

AU ACCOUNTING & BUDGETING


More Finance System


Banner Finance


Includes an accounts payable and purchasing function


Grants module for sponsored programs/project tracking


Fixed assets system for recording depreciation/Detail of
Capitalized Assets


Ability to download financial information into
spreadsheets for additional reporting and monitoring


Monthly and other reports delivered electronically
via E
-
Print. Other report options coming through
ARGOS reporting

AU ACCOUNTING & BUDGETING

More Finance System


All financial information is captured in unique
accounts (Now referred to as FOAP’s in Banner)


Where the money comes from, restrictions on the
use placed by outsiders and how it is spent all
influence the classification of dollars in the
Finance System


Allows for budgeting, reporting and tracking
resources received and used

AU ACCOUNTING & BUDGETING

WHAT IS A FOAP?


Fund



assets, liabilities and fund balances identified by
type (ex. Unrestricted base budget funds, plant funds,
restricted sponsored project fund)


Org


revenue, expenditures and budget for a unique
organizational unit. Identifies
Who

is spending the funds.


Account



five digits which identifies
What

type of
revenue, expense, asset, liability, etc.


Program



identifies the function or purpose of expense
(instruction, research, etc.) AND A
-
21 classification of
expense (organized research, general administration, etc.)

AU ACCOUNTING & BUDGETING

Example

Fund

Org

Account

Program

101001

113600

70935

7000

Unrestricted

Base Budget

Procurement &

Payment
Services

Supplies

Institutional
Support
expense

AU ACCOUNTING & BUDGETING

Self Service Banner


Uses traditional web browser


Easy to use and understand


Transaction processing


Use for purchase requisitions and budget transfers


Approvals routed electronically


Query


Balances for year
-
to
-
date transactions and budgets available


Only operating ledger


revenues, expenditures and budgets


Overall, limited functionality



AU ACCOUNTING & BUDGETING

Banner Admin


Special navigation is required


training is
critical


Expanded functionality


Vendor query


Fund (General ledger) information


Project basis accounts


construction and grant
accounts


gives project
-
to
-
date expenses and
revenues


Query and reports


downloading available

Auburn University Budgeting

Role of Budget Services

AU Budget Process

AU ACCOUNTING & BUDGETING

Budget Services


Auburn University’s annual financial plan is
expressed as an annual budget


The office of Budget Services is charged
with the responsibility for the complete
Auburn University budget, including the
systems used to develop and track budgets,
for all divisions




AU ACCOUNTING & BUDGETING

Budget Process


Budget Advisory Committee


Board of Trustees
-

tuition increases


Legislature
-

passes appropriation in April


Budget Preparation
-

usually late June through
September


Currently using online budget development
system created by users and programmers at AU


Typically an incremental process



AU ACCOUNTING & BUDGETING

Budget Process


Individual colleges/schools and VP areas use the
combination of a Banner product, “Salary Planner”, and an
in
-
house developed system called “Stripes” to prepare the
annual budget.


Budget Services balances and summarizes the budgets for
presentation and approval to the Board of Trustees


New salaries are loaded into the Human Resource System


Total budgets are uploaded into the Finance system


New tools were utilized starting in the FY08 budget year

AU ACCOUNTING & BUDGETING

Budget Year


October 1 is the beginning of the fiscal year


September 30 is the end of the fiscal year



























AU ACCOUNTING & BUDGETING


Budget Changes



Budgets can be modified throughout the
year by processing budget changes online in
the Banner System (AU04)


Instructions to web
-
based system found on
the Budget Office website:
www.auburn.edu/budget


AU ACCOUNTING & BUDGETING

Budget Carryover


Unused Budget can be carried forward and
spent in future fiscal years


Provides incentive


More efficient/effective use of funds

AU ACCOUNTING & BUDGETING

Budget Carryover


Reserve reporting is done annually to
summarize carryover and resources
available to each unit


Units are encouraged to use existing
resources for one
-
time needs

MORE CHANGES


Electronic pay advices


Internal control emphasis (SAS 112)


Enhanced reports


Imaging/workflow


New policies


signature authority, cell
-
phone, etc.