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UNC FIT

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UNC FIT

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  1. UNC FIT David J. Price, CPA Financial Director of State Funds, Financial Reporting and Transactions priceda@ecu.edu

  2. What Does UNC FIT Address? • What does UNC FIT stand for? The University of North Carolina: Finance Improvement and Transformation • UNC General Administration initiative to improve financial processes. • Applies to all 16 universities

  3. Why UNC FIT? • Main Goals: • Identify and implement best practices within the UNC System. • Desired outcomes: • Improve internal controls • Encourage consistency between universities • Minimize audit findings • Increase efficiency of processes

  4. What Does UNC FIT Address? • Five categories of standards are in place: • General Accounting • Grants and Contracts • Financial Aid • Student Accounts • Capital Assets

  5. How Does UNC FIT Work? • Standards developed and implemented • Universities must comply with standards • Report Key Performance Indicators (KPIs) to UNC GA: • Green – Compliant • Yellow – Caution • Red – Non-compliant

  6. How Does UNC FIT Work? • KPI information is summarized for all campuses and reported to the UNC Board of Governors annually • Monitoring visits – Annually, UNC GA sends representatives to campuses to verify compliance with standards • Documentation is available for examination by Internal and State Audit

  7. How Does UNC FIT Work? • Action plan development, if needed • Impact on funding – part of the Performance Funding Model • UNC FIT results reported to: • Chancellor • ECU BOT • UNC BOG

  8. General Accounting • Journal entries • ACH and ProCard usage • Bank reconciliations – errors and timing • Fund authorities – approval and spending • Banner Finance security access reviews

  9. General Accounting • Monthly review of account activity • Duplicate transactions • Keying errors • Review validity of transactions • Maintain documentation • Contracts, agreements, e-mails, invoices and receipts • Sign up for future training classes via OneStop (April 24th and May 22nd) • Website for guidelines: http://www.ecu.edu/cs-admin/financial_serv/accountg/index.cfm

  10. Grants and Contracts • Timely financial reports • Management of receivables • Time and effort reporting (reallocations) • Federal compliance

  11. Financial Aid • Satisfactory academic progress • Eligibility requirements • Reconciliation of expenses

  12. Student Accounts • Timely billing • Timely collections • Schedule cancellations • Percentage of refunds via direct deposit • Management of receivables

  13. Capital Assets • Tagging timely – departmental assistance • Annual inventory • Accurate useful lives • Lists of missing assets to Vice Chancellors

  14. Other UNC FIT Initiatives • Payroll KPI’s – Standards to come later • Percentage of employees paid via direct deposit • Percentage of new hires in a given month not paid (EPAF submission and follow up) • Dollar value of employee overpayments • Collection of receivables

  15. Other UNC FIT Initiatives • E-Commerce focus • Prevalence in KPI’s • General Accounting • Student • Payroll • What are we doing at ECU? • Employee non-travel reimbursements via ACH • Encourage expanded use of ProCard • Expansion of ACH to AP vendors? • Added an e-commerce manager position – Robin Owens who reports to Dee Bowling

  16. UNC FIT Takeaways • Timely, accurate financial reporting • Expanded use of e-commerce • Federal and State compliance • Billing and collection of receivables • Review and approval of transactions • Results are reported to the Chancellor, ECU BOT and UNC BOG

  17. Other Noteworthy Items • Cash management • Daily deposit act • Pay invoices on time • Timely receiving in PORT • Prompt delivery of direct payment invoices to AP • Non-student accounts receivable and collections • Banking – cannot use ECU’s FID to open private bank accounts • Review encumbrances using query in SSB

  18. Questions?