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Chairs 09 From Andrea Backes
 

Chairs 09 From Andrea Backes

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    Chairs 09 From Andrea Backes Chairs 09 From Andrea Backes Presentation Transcript

    • Presentation toNew Chairs, Heads, and Directors
      Andrea Backes, Director of Finance
      College of Biological Sciences
      November 19th, 2009
    • Fiscal Management from
      the Departmental Point of View
    • Fiscal Management Responsibilities
      Day– to – Day
      Accounting (especially document processing)
      Payroll/HR
      Grants Administration
      Management, Oversight, Planning
      Budgeting
      Management information
      Certified Approver
    • What is the Chair’s Role in Fiscal Management?
    • Overview of a Department Budget
      Fund Accounting
      Transaction System is PeopleSoft Financials
      “Sources and Uses” Example
    • 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
    • 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)
    • 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
    • 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
    • EFS Chartfield StructureFund-DeptID-Program/Project
      1000 - 11264 - 20000, translated, means:
      O&M funds in the department of Accounting, used for general departmental administration.
    • 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
    • Donated Funds
      • U of MN Foundation
      Demand
      Quasi-endowment
      Endowment
      • Asset Management
      Quasi-endowment
      Endowment
      • EFS Chartfields
      • 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.
    • 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.
    • Tuition
      Section size
      Cross listings
    • 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
    • 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