Georgia Institute of TechnologyFiscal Year 2011 Year End Town Hall MeetingApril 12, 20111:00pm – 3:30pmStudent Center Theater
Agenda • Opening Remarks Dr. Amir Rahnamay-Azar • Closeout Review & GL Update Carol Gibson • Institutional Research and Planning Update Sandi Bramblett • Business Services Update Judy Whitfield, Sharon Jackson & Tammy Freeman • Payroll Update Celestine English & Jerry Jobe • Salary Planning & Distribution Update Robert Ellington • Grants & Contracts Update Sandy Mason • Budget Office Update Cheryl Rankin • Questions from the Audience
Opening Remarks Dr. Amir Rahnamay-Azar Senior Vice President for Administration & Finance
Financial Statement Audit Outcomes • Audit Finding • Control Deficiency that does not allow mgmt to prevent or detect misstatements timely, through the normal course of business • 2 Types – (1) Significant Deficiency or (2) Material Weakness • Published in the audited financial statements • Most Severe • Management Letter Comment • Comments on other matters that do not rise to the level of a significant deficiency or material weakness • Communicated to the President and BOR in a letter • Not published in financial statements
Financial Statement Audit Outcomes • Misstatement • Error, omission or misrepresentation of information within the financial statements • Two Forms - (1) Known or (2) Likely • Not published in mgmt letter or financial statements • Misstatements are common • Exit Conference Comment • Comments on other matters for discussion only at exit conference • Not published in mgmt letter or financial statements • Least Severe
Closeout Review & General Ledger Update Carol Gibson Controller, Controller’s Office
Closeout Review • All changes from prior year listed in “bold text” • Follow all deadlines for timely closeout • PSoft Financials downtime, July 12, 13 & 14 • BuzzMart available during Financials downtime • Financials open for FY 2012 on Friday, July 15 • Annual Financial Report due August 8
Closeout Resources • Closeout Memo/Schedule/Calendar posted on: • Controller’s Office Website - www.controller.gatech.edu • Business Services Website - www.procurement.gatech.edu • TechWorks – Login > Admin & Finance News Pagelet • PowerPoint Slides & Recorded Session posted on: • Controller’s Office Website - www.controller.gatech.edu • TechWorks – Login > Admin & Finance News Pagelet
General Ledger Update • Travel and Expenses Implementation • BOR Mandate - expanded expense account list for travel • Lodging, Meals, Airfare, Ground Transportation, Parking, Mileage, Rental Car, Misc • BuzzMart Implementation • Invoices for items formerly purchased via PCard • Both implementations result in an increased number of transactions on Expense Ledger (38) • Review ledgers, GL team will request feedback
Institutional Research & Planning Update Sandi Bramblett Executive Director, Institutional Research and Planning/ Decision Support Services
Is Georgia Tech (still) one of the “Great Colleges To Work For”? Georgia Tech has elected to participate in The Chronicle of HigherEducation’s “Great Colleges To Work For” survey! • Survey Specifics: • Random sample of faculty/staff • Web-based • Questions pertain to workplace experience, job satisfaction, benefits • 20 minutes to complete • Timeline: • Invitation and instructions to participate sent to sample on March 21st . Survey closes April 15th. • Sample participants will receive two communications from President Peterson before and during the survey. • Results shared this summer.
Business Services Update Judy Whitfield Director of Purchasing Tammy Freeman Director of Business Systems and Analysis Sharon Jackson Director of Accounts Payable and Travel
Important Purchasing Deadlines • Follow chronological close out dates -posted on Business Services and TechWorks web sites. • All requisitions must have required documentation attached prior to processing. Requisitions missing documentation will be returned to Requester.
Open Encumbrances at Year-End • Friday, June 17th • Deadline to request a new vendor in BuzzMart for Requisitions that do not go through Purchasing • Use P-Card if vendor is not in BuzzMart until new fiscal year opens on July 5th • Thursday, June 23rd • Deadline to submit Change Request Forms • For PeopleSoft POs, use the PeopleSoft Change Request form. • For BuzzMart POs, use the BuzzMart Change Request form. • Friday, June 24th • Deadline for Approvers to Approve or Return all open Requisitions in BuzzMart • BuzzMart will be closed for processing at close of business • All unapproved Requisitions in BuzzMart will be returned
Open Encumbrances at Year-End • Wednesday, June 29th • The Open Encumbrance Report (GTPOR262) will be available exclusively on TechWorks • Run/Print/Review • Thursday, June 30th • Return with request to close encumbrance by Noon • No accounting changes or increases. • No Open Encumbrance Reports will be processed to effect FY 2010 or FY 2011 PO’s/budgets, if received after JUNE 30th.
FY 2012 Purchase Orders • FY 2012 requisitions cannot be entered until Tuesday, July 5th • Notice of Intent to Issue Purchase Order form located on the Purchasing forms bank • FY 2012 transactions will not be available on any financial reports until Friday, July 15th
PSoft Purchase Orders • Purchase Orders that were created before the rollout of BuzzMart and originated in PeopleSoft will be cancelled or converted to BuzzMart • FY2011 open purchase orders < $500 that originated in PeopleSoft will be cancelled on June 24th • FY 2011 open purchase orders > $499 will be closed in PeopleSoft and re-keyed in BuzzMart after June 24th • Re-keyed POs will have a new PO number that will not be similar to the old PO number (no letters at the end) • Business Services will provide a crosswalk of the old PO numbers to the new PO numbers
Customer Service Support • PeopleSoft PO questions: • firstname.lastname@example.org • BuzzMart Requisition/PO questions: • email@example.com • Vendor questions: • firstname.lastname@example.org
PCard Update • The PCard is still a great procurement tool for small dollar purchases from non-contract vendors and all registration payments. • BuzzMart is the procurement tool for Catalog vendors
PCard Deadlines • Transactions posted by bankby Monday, June 27th will be recorded in FY 2011. • Transaction information available on Tuesday, June 28th, after 3pm. • Redistribution via Works must be completed by 4:00 pm on Friday, July 1st • Redistribution via the Campus PCard (CPC) journal entry pagemust be completed by 6pm Friday, July 1st
Accounts Payable What has Changed? • If you receive an invoice that did not originate with a PeopleSoft or BuzzMart PO, use a Confirming Order e-Form to get a BuzzMart PO# that will be used to approve invoice • AP enters vendor invoices that reference a BuzzMart PO without additional departmental approval • Match exceptions approved in BuzzMart, based on system tolerances (5% up to $500 per PO) • Receiving required in BuzzMart for release of payment for all orders over $2999 • e-Payment Request Form used for catering, utilities, registrations, memberships (limited payment types)
Accounts Payable What Hasn’t Changed? • Still approve invoices in WebNow—Do not attach to a requisition! • Paper invoices go to AP to be scanned into WebNow • The Check Request Form • The Wire Transfer Request Form • The AP Recurring Payment Request Form • The Vendor Profile Form is still required for all new vendor set-ups
Accounts Payable Deadlines • Monday, June 1st • Deadline for approved invoices and Check Request Forms that reference a PeopleSoft PO • Monday, June 20th • Deadline for approved invoices that reference a BuzzMart PO and all other AP Forms • Properly approved on correct form • Valid account information • Supporting documentation • Sufficient encumbrance • Receiving completed • Match exceptions resolved
Accounts Payable Year-End Accruals • All invoices dated 6/30 and prior that are not paid this fiscal year must be accrued. • Whenever possible, approve invoices in WebNow and submit to AP by year end deadlines • Do not “hold” paper invoices. Please submit all invoices to email@example.com to be scanned into the invoice work queue and accrued, even if the invoice is not approved for payment.
Pre-Paid Expenses • What are they? • Payments that must be made this fiscal year for an expense for a future fiscal year. Examples include registrations and airfare purchases paid prior to 6/30 for a FY12 conference/trip. • How do we make payments this FY? • Directly bill airfare through Travel Inc. • Use the CRF and check ‘Pre-paid Expense’ (include next FY’s expense account). • How are they posted? • Expenses will post to the FY12 project ID/expense account in July
FY 2012 AP Transactions • First check run for FY12: July 5th • Expenses will not post to ledgers or the GT Data Warehouse (web payment look-up tool) until July 15th, but TRUST US, “The check is in the mail” or “The EFT has been transferred”
T&E System Highlights • Go-live date: Monday 4/11 • Only for Active GT Employees • Navigate through TechWorks: T&E • Department T&E Administrator manages access for supervisors, preparers, and approvers
Transition to T&E System • All paper TESs for employees must be received in Accounts Payable by Friday, 4/15 • After this time, all Travel Authorization and employee Expense Reimbursement must be initiated through the T&E System
Transition to T&E System • Continue to include the paper TA for all reimbursements that did not initiate with a TA from the electronic T&E System • For reimbursements that initiated with a TA in T&E, no need to include a copy with the scanned receipts
Transition to T&E System • Employee Payment Request Form Revised • Use only for: • Reimbursements from STRAP, Parking • Program advances for participant support • Program advances for study abroad • Reimbursement for group meals
Transition to T&E System Travel Encumbrances • Any open travel encumbrances will be closed by April 30th. A TechWorks Change Request is not required. • The TechWorks T&E System does not encumber funds
FY 2011 Non-Employee Travel This process will remain a paper-based TES process • 5/13 - Last day for submission non-employee TES for 4/30 and prior • 6/20 - Final deadline for non-employee TESs • 6/20-6/30 Trip end dates will be processed on a first-in, first-processed basis most likely after 7/5 using FY12 funds
FY 2011 Employee Reimbursements All will be processed via the T&E System* • 6/20 - Final deadline for T&E System approved expense reimbursement reports to be submitted to the Travel Team. • Travel Authorizations can be entered through 6/30 * Other than those on the Employee Payment Request Form
Travel: Direct Airfare Billing • Airline tickets will be paid against FY11 funds if posted to the Institute account by June 8th. • Airfare for July 1 and later departure dates will be posted to a pre-paid expense account if state funds are used. Provide valid FY12 project ID at time of reservation.
Customer Service Support • For all T&E and travel questions: firstname.lastname@example.org • For all Accounts Payable questions: email@example.com • For submission of electronic invoices: firstname.lastname@example.org
Payroll Update CelestineEnglish Assistant Director, Payroll
Payroll Update PSF’S Completed ePSF By: May 13 For May Payroll/Summer Pay June 15 For June Payroll/Summer Pay
Payroll Update TIME DOCUMENTS: TIME EDITOR WILL BE AVAILABLE FROM 8 AMJune 2Through 5PMJune 3 8 AMJune 16Through 5PMJune 17 OFF CYCLE CHECK REQUESTS Due in Payroll Friday, June 10 by 12:00 Noon
Overlap Accrual - Correction The accrual for biweekly wages earned in June but not paid until July will include 11 days. Period Ending 06/29/2011 – 10 days Period Ending 07/13/2011 – 1 day (June 30)
Academic Contract Pay August & May are ½ month pay regardless of the start or end date. Full months are paid September through April. All other months start or end pays are prorated based on days worked divided by the total work days in that month.
Salary Planning & Distribution (SPD) Update Robert Ellington Director, SPD Center
SPD Update • Early Annual Statement of Reasonableness (ASR) Form: • For Plan Confirmation System employees terminating in May : • Mon, April 18, the SPD Center will query Payroll Database for Terminating employees and email list to Depts.(Please have PSF Term actions processed) • Departments will have a week timeframe to review and return list indicating who needs an early ASR. • SPD Center will print early ASRs indicated by each Department and mail by end of April for employee and Unit Financial Manager (UFM) certification signatures and date to be returned to the SPD Center. • No changes to the distribution on the early ASR can occur after they are printed or the certification is void and we will have to recertify.
SPD Update • **Electronic**Annual Statement of Reasonableness (eASR): • Email eASR link to Plan Confirmation employees (similar to • monthly eWAF notification) • Online electronic certification by employee (intuitive process • with instructions) • Online electronic approval by Unit Financial Managers • Manual ASRs backup • Certified and Approved ASRs deadline - August 31 • Confirm Proposed/Committed Levels of Effort for PIs, Co-PIs, • and other Key Research Personnel prior to YR end close.
SPD Update • Year End Close Dates: • June 24 – Deadline for 120 Day Late cost transfer requests • to externally funded sponsored projects • June 30 - Last Day for Paper SPD’s • July 1 - Last Day for Campus Online SPD Redistributions • July 8 - Email FY 2011 eASR’s • July 15 - SPD Open for FY 2012 • August 31 – Certified and Approved eASRs & manual ASRs • Deadline.
Grants & Contracts Accounting Update Sandy Mason Associate Director, Grants & Contracts
Grants & Contracts Accounting Update • G&C Cost Transfer Deadline – June 30 • Paper and ECT • >120 days require additional approval • Sponsored Project Exceptions Deadline – June 30 • Over budget and/or Past Term • Undocumented exceptions must be cleared
Grants & Contracts Accounting Update • American Recovery and Reinvestment Act (aka Stimulus Funding or ARRA) • TRANSPARENCY = >Scrutiny = >Audits • Quarterly narrative updates of the activity performed during the reporting period provided by PIs should be properly edited and consistent with expense postings • Post all appropriate salary expenses within reporting quarter
Grants & Contracts Accounting Update • Cost Sharing • Ongoing effort to record cost sharing expenses and “link” projects in GM database • Increased scrutiny by sponsors • Impact on invoicing/collections • Impact on financial reporting
Budget Update Cheryl Rankin Director of Budget Management, Institutional Budget Planning & Administration