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Chairs 09 From Andrea Backes
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Chairs 09 From Andrea Backes

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Transcript

  • 1. Presentation toNew Chairs, Heads, and Directors
    Andrea Backes, Director of Finance
    College of Biological Sciences
    November 19th, 2009
  • 2. Fiscal Management from
    the Departmental Point of View
  • 3. Fiscal Management Responsibilities
    Day– to – Day
    Accounting (especially document processing)
    Payroll/HR
    Grants Administration
    Management, Oversight, Planning
    Budgeting
    Management information
    Certified Approver
  • 4. What is the Chair’s Role in Fiscal Management?
  • 5.
  • 6. Overview of a Department Budget
    Fund Accounting
    Transaction System is PeopleSoft Financials
    “Sources and Uses” Example
  • 7. EFS ChartfieldStructureFund-DeptID-Program/Project
    Fund: A 4-digit number that answers the question, “What broad restrictions or reporting requirements have been imposed on these funds?” It is the first four digits of a chartfield.
    Examples: 1000 General Operations and Maintenance
    1701 U of MN Foundation
  • 8. Fund Groups
    Restricted (external constraints)
    Gifts
    Endowment Income
    Sponsored Projects
    • Unrestricted (internal constraints)
    O&M (General Operations and Maintenance)
    Indirect Cost Recovery (ICR)
    Internal Service Organizations (ISO)
  • 9. EFS Chartfield Structure Fund-DeptID-Program/Project
    Deptid: A 5-digit number that tells us the level of responsibility activity resides at. It is the second part of a chartfield.
    Examples: 11264 Accounting
    11278 Accounting Research Center
  • 10. EFS Chartfield Structure Fund-DeptID-Program/Project
    Program/Project: A 5 to 8-digit number that identifies the sponsored project or the activity funds are spent on
    Examples: 20524 Credit Field Trips
    56768559 Regulation of Deep Geological Systems
  • 11. EFS Chartfield StructureFund-DeptID-Program/Project
    1000 - 11264 - 20000, translated, means:
    O&M funds in the department of Accounting, used for general departmental administration.
  • 12.
  • 13. What to Expect from Your Financial Staff
    Regular reports on the status of departmental finances
    Projections for the next fiscal year
    Preparation of annual budget in the spring for the next fiscal year
    Assistance with locating and interpreting financial policies
    Knowledge of all departmental accounts and foundation fund accounts
    Pro-active approach in bringing issues of concern to your attention
    Avoid deficits, but be clear what resources are available
    Any sponsored project issues
  • 14. Donated Funds
    • U of MN Foundation
    Demand
    Quasi-endowment
    Endowment
    • Asset Management
    Quasi-endowment
    Endowment
    • EFS Chartfields
    • 15. Stewardship Responsibilities
  • Grants Management
    Role of Department Head in Approval Process
    the applicant is eligible to be a principal investigator,
    the categorical budget is adequate relative to project scope and its justification is appropriate,
    on-campus space is available or off-campus space is available if necessary,
    cost sharing is appropriate or matching is available, and
    conflict on interest issues have been addressed.
  • 16. Grants Management
    Certified Approver
    Someone who, based on their proven understanding of the complexity of sponsored funding regulations and University policies and procedures, has the expertise and authority to review and approve a wide variety of financial transactions on sponsored accounts.
  • 17. Tuition
    Section size
    Cross listings
  • 18. Tools and Resources
    Financial Oversight Reports for Grants
    PeopleSoft Financials
    Management Reports for Budgets, HR, Enrollment Data
    www.umreports.umn.edu
    Data
    www.irr.umn.edu
  • 19. A Few Final Suggestions
    Build relationships
    Create a departmental fact sheet
    Student Profile
    Undergrads/Masters/PhD
    Credit Hours in your courses
    Financial Profile
    Sponsored Grant Activity
    Gift Income

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