Faculty of Medicine Business Manager Meeting Open Forum.
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Transcript of Faculty of Medicine Business Manager Meeting Open Forum.
1. Operating Cash Flow – expectations
2. Capital Projects – setting up capital accounts, transferring funds, time lines
3. MB Health cash flow requirements
4. Predecessor Funds (Source of Funds) – what are they
5. Deposits to expense lines
6. Open forum discussion
Today’s Agenda
Cash Flow Expectations• Please make sure your forecast is as accurate
as possible. • If you are going to have a surplus, the Dean
needs to know.• If you are going to over expend your FOP, you
need to know.• Any surplus in the 110000 Fund will be caught
up in carry over. Any deficit will come back to the department at 100%.
Capital Projects• Departments must identify Capital Projects early- by
September
• Start with email to SFO listing funding source, project scope, time line. We will assist in setting up the capital fund
• Capital funds are carried over at 100% but must be set up early in the fiscal year.
• If you are contacting Physical Plant, keep all documentation related to time lines and commitments.
• Jonathan Hyman, Assistant Manager, Capital Revenue, Capital and General Accounting– Sets up the capital fund– Tracks expenses– Monitors the progress– Will contact SFO if project goes over budget
• Any transfers from operating require approval from Joanne Dyer, University Budget Officer or Tom Hay, University Comptroller.
• Departments are responsible for any projects that go over budget.
Manitoba Health Reporting
• Why:• MB Health requirement • Dean needs to know how you are spending the MB
Health funds
• How:• Departments will run the Revenue and Expenditure
Statement report in FAST for FUND 12101
• We will require a separate report for each use of the MB Health Funding.
• IMG• NP• Increased Enrolment Phase 1 and 2• Other
• Submit your quarterly report to Nashon.• Due dates are based on the 2009/2010
Monthly Cut-off schedule as set by Financial Services.
• July 15, Oct 15, Jan 15 and April 20
The University of Manitoba - Faculty of Medicine - Department of XXXXXXXX
Quarterly Reporting
As at June 30, 2009
April to June July to Sept Oct to Dec Total Outstanding Jan to Mar Totals
Actuals Actuals Actuals Actuals Commitments Projected
Salary Expenditures
Academic Staff 100,000.00 100,000.00 - 200,000.00 200,000.00 - 400,000.00
Support Staff 50,000.00 50,000.00 - 100,000.00 100,000.00 - 200,000.00
Benefits & Levy 10,000.00 1,000.00 - 11,000.00 4,000.00 - 15,000.00
Total Salary Expenditures 160,000.00 151,000.00 - 311,000.00 304,000.00 - 615,000.00
Non-Salary Expenditures
Travel 10,000.00 5,000.00 - 15,000.00 - - 15,000.00
Printing and Duplicating 500.00 450.00 - 950.00 - - 950.00
Other Materials and Supplies 1,000.00 1,000.00 - 2,000.00 - - 2,000.00
Telecommunications 1,000.00 1,000.00 - 2,000.00 - - 2,000.00
Other Operational Expenses 1,000.00 1,000.00 - 2,000.00 - - 2,000.00
Externally Contracted Services 1,000.00 1,000.00 - 2,000.00 - - 2,000.00
Professional Fees 1,000.00 1,000.00 - 2,000.00 20,000.00 - 22,000.00
Capital Asset Acquisitions 1,000.00 - - 1,000.00 - - 1,000.00
Repairs and Maintenance 1,000.00 1,000.00 - 2,000.00 5,000.00 - 7,000.00
Total Non Salary Expenditures 17,500.00 11,450.00 - 28,950.00 25,000.00 - 53,950.00
- -
Total Salary and Non Salary Expenditures 177,500.00 162,450.00 - 339,950.00 329,000.00 - 668,950.00
• Method used by non profit organizations and the public sector
• Accountability is measured rather than profitability
• Main focus is to keep track of resources that are designated for specific purposes; to avoid mixing up resources that are intended for diverse purposes
• Ensures management fulfills the stewardship responsibility for proper disposition of the resources
Fund Accounting
Fund Accounting Example
• Each fund further segregated for stewardship purposes– Research Fund Example
Why Fund Accounting?
• By recording and reporting resources in this manner, we are better able to:• Identify and document if resources are being used
properly• Determine our condition on a fund by fund basis• Plan, budget and later evaluate if we are
accomplishing objectives• Communicate financial information to all who need to
know
Why Fund Accounting?
• Answers the following:• Do we have money to spend?
…. Important information for faculties and units
• Are funds being used appropriately?… Financial Services needs to know
• Have University guidelines been followed?… Internal Audit needs to know
• Are funds being used for the defined purpose given?… Important information to granting agencies
Why Fund Accounting?
• Answers the following questions:
• Did the University provide the goods and or services expected within budget?
… Industry partners want to know
• Has the University utilized public funds (tax dollars) in an appropriate manner?
…. Important information for federal and provincial governments
Why the Separation of Funds?
• Better manage budgets• Understand how the University’s operating activities
are funded• Know what needs to be cut in case of downsizing or
a stop in funding from external sources• Facilitate accountability to funding providers
Operating Fund Hierarchy
• Comprised of two revenue sources1. Primary Sources – COPSE & Tuition2. Secondary Sources (multiple)
• Levels of the Fund Hierarchy represent the 2 main categories / revenue sources
• Main Levels are called Fund Types1. Unrestricted Operating Funds (Fund Type 01)2. Internally Restricted Operating Funds
(Fund Type 11)
Operating Fund Hierarchy
• Various levels of the hierarchy are called levels or predecessors
General FundsType 10
Unrestricted FundsType 01
Unrestricted Operating Fnds 110
Individual Allocation Funds1240
Start Up Research12400
“Startup – Example”12xxxx
Fund Type
Predecessor Level
Predecessor Level
Predecessor Level
Predecessor Level
Data Entry Level
Unrestricted Operating FundFund Type
Fund Predecessor
Fund Predecessor Description
Allocation & Administration
Revenue Source
10
01
11000General Operating Allocation
RCGA, B&GCOPSEOperating Revenue (Overhead, Investment, Miscellaneous)
11100 Tuition RCGA Tuition Revenue
12400 Start Up Research Units & Faculties Operating, COPSE & Tuition Revenue
12500 Overhead B&GReserves (Central Administration – Account 711105)
12600Other Allocations & Projects
B&G Operating, COPSE & Tuition Revenue
12601 Research Matching B&G Operating revenue
12650 VP (Acad) Projects B&G COPSE, Operating & Tuition Revenue
12103Targeted COPSE ACCESS
B&G COPSE Access
12107Targeted COPSE Projects
B&G COPSE
12700Pooled & Individual Travel & Exp
B&GReserves (Central Administration – Account 797010)
12900Operating Research Grants
VP (Research), B&G
Operating, COPSE & Tuition Revenue
12970Operating Research Development
VP (Research), B&G
Operating, COPSE & Tuition Revenue
Internally Restricted Operating Fund
Fund Type
Fund Predecessor
Fund Predecessor Description
Allocation & Administration
Revenue SourceRevenue Account
Range
10
11
12100Targeted Other Federal Projects
Units & Faculties Federal Contract Revenue 567000-567006
12101Targeted Provincial Projects
Units & FacultiesProvincial Grant RevenueProvincial Contract Revenue
564001-564009568001-568010
12102 Targeted Industry Units & Faculties Other Contracts 569001-569014
12105Targeted Misc Fnds Assoc's Grants
Units & Faculties Other Grants 566001-566998
12104Targeted Indirect Cost of Res (IMS - 613)
VP (Research)Social Sciences and Humanities Research Council of Canada (SSHRC)
N/A
12200 Income Funded Projects Units & Faculties
External Sales & Service IncomeInternal Sales & Service Income
520001-524905530001-534951
12300Transfers from Trust & Endowment
Trust & Endowment
Transfers in from Trust 820002
12800 Gifts for Operating Units & FacultiesGifts & ContributionsGifts to Operating
540001-541000589001
Finding the Predecessor Code
• Utilize the Operating Fund Hierarchy website available online– Aurora Finance Chart of Accounts webpage
www.umanitoba.ca/computing/renewal/aurora/finance/aca/coa
• Utilize FTMFUND in Banner1. Enter Query2. Type Fund code in Fund: field3. Execute Query4. …Predecessor Fund is listed
Deposits To Expense Lines• There should be NO deposits to expense lines at all. The reasoning
behind this is that we don’t want to get to the end of the year and have a credit balance sitting in an expense line account.
• For deposits that would have been reimbursing an expense on a 110000 fund (or any unrestricted fund), this should get deposited to the specific departments cost recovery fund (we can set new ones up if each department doesn’t have a cost recovery fund) and the expense would be transferred from the unrestricted fund to the cost recovery fund.
• For restricted funds, again nothing is deposited to an expense account line. Rather it should be deposited to a revenue cost recovery account line and the expense will be sitting on the appropriate expense line which in theory nets out to zero.