Research Financial Management Challenges

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

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Research: The Growing Impact
on the Financial Operations of
Universities

CAUBO 2006 Conference

June 25, 2007

Trudy Pound
-
Curtis, Assistant Vice
-
President Finance & CFO

CAUBO 2007 Conference, June 25, 2007 /
1

Agenda


Challenges, issues and impacts


York’s solutions


Questions


Trudy Pound
-
Curtis, Assistant Vice
-
President Finance & CFO

CAUBO 2007 Conference, June 25, 2007 /
2

Challenges


Grant/Contract Complexity


Reporting Requirements


Matching Funding Challenges


Financial Management Challenges


External Audits


Funding Pressures


Cultural Issues

Trudy Pound
-
Curtis, Assistant Vice
-
President Finance & CFO

CAUBO 2007 Conference, June 25, 2007 /
3

Grant/Contract Complexity

Issues


Increased reporting requirements


Expansion of types of programs


federal/provincial/private
sector


Different rules


Different reporting timelines


External audit


In
-
kind contributions/deep discounts


Collaborative projects


multi university


Foreign grants/contracts

Trudy Pound
-
Curtis, Assistant Vice
-
President Finance & CFO

CAUBO 2007 Conference, June 25, 2007 /
4

Impact


Higher level of professional skill sets required


Role of Research Accounting is moving to that of professional
financial advisor for budget preparation, financial forecast,
procurement advice, etc.


Education and training


Research accounting staff


Administrative staff at local level


Researchers

Grant/Contract Complexity
(cont’d)

Trudy Pound
-
Curtis, Assistant Vice
-
President Finance & CFO

CAUBO 2007 Conference, June 25, 2007 /
5

Impact
(cont’d)


Financial pressure on budgets to support Research


Coordinating with multi
-
party institutions


Increasing difficulty to ensure compliance with variety of
requirements


Review and revise internal controls and procedures to ensure
compliance.

Grant/Contract Complexity
(cont’d)

Trudy Pound
-
Curtis, Assistant Vice
-
President Finance & CFO

CAUBO 2007 Conference, June 25, 2007 /
6

Reporting Requirements

Issues


Form 300
vs.

specific reporting requirements


Cash flow projections


Recognition/Reporting


In
-
kind donations


Deep discounts


Partial funding arrangements


Multi partner arrangements


Timing of reporting

Trudy Pound
-
Curtis, Assistant Vice
-
President Finance & CFO

CAUBO 2007 Conference, June 25, 2007 /
7

Reporting Requirements
(cont’d)

Impacts


Valuation issues


Implications for automation of reporting


Cash flow impacts


Managing multi parties in agreements

Trudy Pound
-
Curtis, Assistant Vice
-
President Finance & CFO

CAUBO 2007 Conference, June 25, 2007 /
8

Matching Fund Challenges

Issues


Pressure to find funding partners


Risk of funding partner default


Federal/provincial programs


Political risk


provincial matching programs


Competitive pressure to accept projects

Trudy Pound
-
Curtis, Assistant Vice
-
President Finance & CFO

CAUBO 2007 Conference, June 25, 2007 /
9

Impacts


Financial pressures on University budgets


“Conflict of interest”/Source of funds

Matching Fund Challenges
(cont’d)

Trudy Pound
-
Curtis, Assistant Vice
-
President Finance & CFO

CAUBO 2007 Conference, June 25, 2007 /
10

Financial Management Challenges

Issues


Use of technology


Procurement cards


EFT payments


Electronic travel claim submissions


Document imaging


A/P vouchers (compliance audits)


Decentralization
vs.

centralization


Accounting


Timing of application
vs.

date of award


Trudy Pound
-
Curtis, Assistant Vice
-
President Finance & CFO

CAUBO 2007 Conference, June 25, 2007 /
11

Issues
(cont’d)


Foreign grants


Public accountability


Ineligible direct costs (i.e., severance costs/benefit cost)


Retention of records for CFI major capital projects


up to 10
years

Financial Management Challenges
(cont’d)

Trudy Pound
-
Curtis, Assistant Vice
-
President Finance & CFO

CAUBO 2007 Conference, June 25, 2007 /
12

Financial Management Challenges
(cont’d)

Impacts


Compliance monitoring standards


Review of internal controls and procedures


Audit requirements


Photocopy of vouchers


Cancelled cheques


Procurement cards


Electronic travel claim reimbursement


Document retention


Communication directly with researcher


no RA involvement
(passwords to PIs)

Trudy Pound
-
Curtis, Assistant Vice
-
President Finance & CFO

CAUBO 2007 Conference, June 25, 2007 /
13

Financial Management Challenges
(cont’d)

Impacts


Managing foreign currency risk


Competitive bidding on purchases from research grants


Increased reliance on administrative support


Cost have risen/technology outdated/funding partner has
changed his mind


Budget pressures for severance and benefit costs on research
grants

Trudy Pound
-
Curtis, Assistant Vice
-
President Finance & CFO

CAUBO 2007 Conference, June 25, 2007 /
14

External Audits/Monitoring Visits

Issues


Provincial grants (ORDCF)


CIDA


Canarie


Department of Foreign Affairs
Canada


International Trade Canada


CFI > $4 million


Monitoring visits

Impacts


Significant time consumed


Significant cost for
separate audits


Heightened sensitivity in
Ottawa


No dispute resolution
mechanism


Timing of results of
Monitoring Visits/Audits

Trudy Pound
-
Curtis, Assistant Vice
-
President Finance & CFO

CAUBO 2007 Conference, June 25, 2007 /
15

Issues


University funding levels (constant budget cuts)


Increasing cost to support research (professional staff, etc.)


CRC appointments

Impacts


Indirect Cost of Research grant relief


Shortfall in CFI grants


end of day


Pressure on Overhead Calculations on Contracts


Pressure from Researchers to forgo overheads to subsidize their grant
activities


Salary/PTR increments/Start
-
up costs


CRC Chairs

Funding Pressures

Trudy Pound
-
Curtis, Assistant Vice
-
President Finance & CFO

CAUBO 2007 Conference, June 25, 2007 /
16

Cultural Issues

Challenges


Researchers’ attitude

Trudy Pound
-
Curtis, Assistant Vice
-
President Finance & CFO

CAUBO 2007 Conference, June 25, 2007 /
17

1.
Restructured Research Accounting; replacing staff vacancies
with increased skill levels;

2.
Introduced new Research Administrator positions at Faculty
level for post
-
award support;

3.
Vice
-
President Research and Innovation established
Research Officer positions at Faculty level for pre
-
award
assistance;

4.
Introduced new Accountability Agreements for all researchers;

5.
Introduced pre
-
requisites to open research accounts


Signed accountability agreement


Mandatory training on eReports

York Solutions To Date

Trudy Pound
-
Curtis, Assistant Vice
-
President Finance & CFO

CAUBO 2007 Conference, June 25, 2007 /
18

York Solutions To Date
(cont’d)

6.
Introduced monthly email warnings and advices re:


Available balances by grant number


90
-
day notice of expiry of grant


Overdrafts


Expiry of payroll contracts


Considering others

7.
Increased training to researchers:


Small groups


Faculty
-
specific

Trudy Pound
-
Curtis, Assistant Vice
-
President Finance & CFO

CAUBO 2007 Conference, June 25, 2007 /
19

8.
Workshops and reference manuals for CFI awardees;

9.
Established dedicated Procurement Professional to support
CFI awardees;

10.
Implemented monthly checklists on all CFI grants;

11.
In process of obtaining funding for a “Central Fund of last
resort”;

12.
Increased communication/cooperation with Office of Research
Services/Associate Vice
-
President of Research


Joint training and information sessions

York Solutions To Date
(cont’d)

Trudy Pound
-
Curtis, Assistant Vice
-
President Finance & CFO

CAUBO 2007 Conference, June 25, 2007 /
20

York Solutions To Date
(cont’d)

13.
Developed guidelines for Managing Foreign Currency
Contracts;

14.
Ontario Universities have requested CAUBO to assist in
dealing with the Federal Agencies regarding their requirement
for extensive copying.

15.
Created a compliance officer position to monitor high risk
research areas (overspends, receivables, etc.)