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Managing Financial Resources

Managing Financial Resources. New Manager Orientation. Managing Financial Resources. Overview of Financial Resources Budgeting Process Budget Managers Purchasing Information Financial Reporting Grants & Gifts Training & Resources. Overview of Financial Resources. Operating Budget.

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Managing Financial Resources

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  1. Managing Financial Resources New Manager Orientation

  2. Managing Financial Resources • Overview of Financial Resources • Budgeting Process • Budget Managers • Purchasing Information • Financial Reporting • Grants & Gifts • Training & Resources

  3. Overview of Financial Resources

  4. Operating Budget

  5. University Financial Reports • University financial reports available online through Campus Connection Instructions to access these reports are available online at: http://condor.depaul.edu/~faffairs/finaffairs_pagelet_how_to.html

  6. Financial Affairs Division Vice President for Financial Affairs Bob Kozoman AVP for Financial Affairs Mark Titzer Controller Bonnie Hirsch Treasurer Dave Dabney Student Financial Acts. Tamara Rogers Cash Management Investments Real Estate Office Occupational Safety Accounts Receivable Cashier’s Office Collections Financial Systems Procurement Services Accounts Payable Financial Accounting Operational Reporting Payroll Restricted Accounting

  7. Budgeting Process

  8. University Organization Members of the Corporation Board of Trustees President Advancement Executive VP Provost VPs (5) Deans (8) & VPs (3)

  9. Strategic Resource Allocation Committee (SRAC) Members of the Corporation Board of Trustees President, Student Govt. Association President, Staff Council President Executive VP Provost VP Finance 2 Deans, 1 Faculty Deans & VPs VPs President, Faculty Council

  10. SRAC Membership 2007-2008 Budget Faculty Council • Anne Clark Bartlett, English • Woods Bowman, Public Policy Student Government • Ashley Quirke Provost • Helmut Epp Deans • Ray Whittington, Commerce • Don Casey, Music Staff Council • Joe Filkins, OIPR EVP • Scott Scarborough Vice President for Finance • Bob Kozoman

  11. Budget Managers

  12. What is a Budget Manager? The person named on an active department • Manages the department’s budget • Approves transactions • Requests AP vouchers • Requests purchase orders • Views financial reports via Mobius • Labor management

  13. Budget Manager Delegation • You retain accountability for tasks and duties that are delegated • Prior to signing/authorizing: read it, ask questions, probe for full understanding

  14. Fraud Detection • Budget managers are key in the early detection of fraud • Monthly review of financial reports • “Two sets of eyes” • Document reconciliation, including signatures • ProCard transactions

  15. Purchasing Information

  16. Purchasing Methods • Preferred vendors • Direct purchase • Personal reimbursement • ProCard • Purchase order

  17. Preferred Vendors • University has contracts that dictate price, service and quality from many vendors • Whenever possible these vendors should be utilized Complete listing of preferred vendors is available online at: http://www.depaul.edu/~procure/procurement/suppliers.htm

  18. Direct Purchase • Most orders under $2,500 • Place order directly with vendor • Invoice sent to Accounts Payable for payment

  19. Personal Reimbursement • Small dollar purchases • Employee purchases with personal funds • Request submitted for reimbursement • Requires original receipts Full policy available online at http://policies.depaul.edu/policy/policy.aspx?pid=39

  20. ProCard • Corporate credit card • Used for most purchases under $2,500 • Travel/entertainment are allowed with budget manager approval Forms available online at the Procurement Services website Full policy available online at http://policies.depaul.edu/policy/policy.aspx?pid=69

  21. Purchase Order • All purchases over $2,500 • Technology purchases over $500 • Written quotations should be obtained for contracted services, IT equipment, and expenditures greater than $5,000 • Official copies of purchase orders are provided by Procurement Services • Funds are encumbered Full policy available online at http://policies.depaul.edu/policy/policy.aspx?pid=80

  22. Purchasing Methods • Exercise – Legitimate Business Purposes

  23. Contracts • Limited to designated people who may act as agents of the university in entering into a contract • General Counsel’s Office must review any contract over $25,000

  24. Contracts Full policy available online at http://policies.depaul.edu/policy/policy.aspx?pid=81

  25. Salvage Program • Equipment no longer needed is returned to Procurement Services • Equipment may be: • Reallocated internally • Sold (www.universitysalvage.com) • Donated • Recycled • Disposed

  26. Financial Systems and Reporting

  27. Overview of Financial Systems Source Transactions Accounting/Control Reporting/Analytics PeopleSoft SAHR Data Marts OIPR PeopleSoft FIN Payroll / Benefits Financial Aid Cashier Receipts Student Payments Grants Fixed Assets WAS General Ledger Mobius Reports Portal Accounts Payable Purchasing Financial Affairs Website Procard, Copiers, PC Leases, Telephones, BSR (gifts) Annual Budget

  28. Financial Reports through Mobius • Web-based program to view current and past financial information from PeopleSoft • Reconcile your budget monthly and document • Correct and investigate any errors or questionable activity

  29. Financial Reports through Mobius Chartfields Exercise

  30. Grants

  31. Grant Life Cycle • Collaborative effort between the Office of Sponsored Programs and Research (OSPR), Restricted Accounting, and the Principal Investigator • Proposal • Issuance • Set-up • Implementation • End of Project & Close-out

  32. Gifts and Contributions

  33. Gifts and Contributions • All gifts given to DePaul University should be submitted to the Advancement Office for processing. • Political contributions are subject to legal restrictions from the IRS. For example, University funds may not be used for attending political events. • Faculty or staff members may not use university funds to make gifts or donations to any individuals, groups, or organizations.

  34. Training & Resources

  35. Other Training Sessions Office of Institutional Compliance • Management Standards Training Financial Affairs • Budget Manager I&II (Financial Systems/Chartfields/Reporting/Security) • Budget Manager III (Grants) • Pro-Card • Mobius / Reports

  36. Resources Office of the Secretary - Policies and Procedures http://policies.depaul.edu Office of Institutional Compliance http://compliance.depaul.edu Office of Sponsored Programs and Research (OSPR) http://ospr.depaul.edu Advancement http://giving.depaul.edu

  37. Resources Financial Affairs http://www.depaul.edu/~faffairs/ • Training schedule and documents • Staff directory Procurement Services and Accounts Payable http://www.depaul.edu/~procure/ • Purchasing and payment guidelines • Online training courses • Personal discounts

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