Presentation at the Inaugural Conference of the Association of Library Financial Management Officers
Susan Sharpless Smith, Z. Smith Reynolds Library, Wake Forest University
Mary C. Horton, University Libraries, University of South Carolina
Arcadia University, Glenside, PA
March 10, 2013
Presentation that I gave at The Alliance for Community Conference on July 8, 2010, which introduces The Public Square Project's citizen journalism platform, The Pittsburgh Citizen.
#socstrat: Leveraging Social and Mobile Technologies in Experiential CoursesSusan Smith
A presentation by Erik Mitchell and Susan Sharpless Smith exploring the social technologies used to enhance the Wake Forest University 2009 sociology class: Social Stratification in the Deep South. Presented at EDUCAUSE Southeast Regional Conference in Atlanta, GA on June 3, 2010.
Data visualization and digital humanities researchSusan Smith
A presentation given at LITA National Forum 2011 in St. Louis. The presentation, by Erik Mitchell & Susan Smith, was about a project that was supported through a Wake Forest U Summer Technology Exploration Grant
Presentation that I gave at The Alliance for Community Conference on July 8, 2010, which introduces The Public Square Project's citizen journalism platform, The Pittsburgh Citizen.
#socstrat: Leveraging Social and Mobile Technologies in Experiential CoursesSusan Smith
A presentation by Erik Mitchell and Susan Sharpless Smith exploring the social technologies used to enhance the Wake Forest University 2009 sociology class: Social Stratification in the Deep South. Presented at EDUCAUSE Southeast Regional Conference in Atlanta, GA on June 3, 2010.
Data visualization and digital humanities researchSusan Smith
A presentation given at LITA National Forum 2011 in St. Louis. The presentation, by Erik Mitchell & Susan Smith, was about a project that was supported through a Wake Forest U Summer Technology Exploration Grant
BUDGET PROCESS OF THE PHILIPPINE NATIONAL GOVERNMENT, Report for PA1-Introduction to Public Administration, College of Public Administration - Tarlac State University
Libraries and Nonprofits: An Easy LiftEveryLibrary
Public libraries of any size can leverage their collections, databases, and resources to help nonprofit organizations and agencies be better at the business-side so they can be more impactful in their mission and work. From ideation to startup to scale, the supports that properly-aligned libraries can provide to founders, boards, and staff should be front-and-center in your e-ship profile.
BUDGET PROCESS OF THE PHILIPPINE NATIONAL GOVERNMENT, Report for PA1-Introduction to Public Administration, College of Public Administration - Tarlac State University
Libraries and Nonprofits: An Easy LiftEveryLibrary
Public libraries of any size can leverage their collections, databases, and resources to help nonprofit organizations and agencies be better at the business-side so they can be more impactful in their mission and work. From ideation to startup to scale, the supports that properly-aligned libraries can provide to founders, boards, and staff should be front-and-center in your e-ship profile.
As each new YNPN chapter emerges to develop programs and resources for the next generation of nonprofit leaders, they are inevitably faced with the decision of whether or not to incorporate formally as a nonprofit. Nonprofit incorporation can require a good deal of time and legal advice; while this may be a viable option for your chapter learning about other models will help chapters make well-informed decisions.
Fiscal sponsorship is a useful alternative to nonprofit incorporation that has strong benefits as well as its challenges for YNPN chapters Its collaborative approach is one that may fit the philosophy of your chapter as well as helping to save time to serve your chapter’s programs.
In this session Emily Davis will explain what fiscal sponsorship is, the pros and cons to fiscal sponsorship as well as elements of a fiscal sponsorship agreement. Learn from her experience in setting up fiscal sponsorship with two YNPN chapters – Denver and San Diego – as well as perspectives from other fiscally sponsored chapters.
Fiscal Sponsorship: An Alternative to Nonprofit Incorporation is useful for any chapter including those with nonprofit incorporation status or those looking into the options for the first time. Join us on Wednesday November 3 at 5:00 p.m. pacific time for this discussion.
Your Data Goldmine: It's Closer Than You ThinkBlackbaud
In this session, we will review the ins and outs of data mining, including best practices for reviewing both internal and external sources. The goal is to provide a comprehensive overview of the information that fundraisers have residing in their constituent database systems while also reviewing external sources that can help in uncovering prospects as well. The session will continue with a skill lab that covers how the information should then be disseminated and managed for both major and annual giving. Lastly, we will cover key metrics that can help direct development staff to areas of success and those needing improvement.
Baker Hill Prosper 2017 - Reporting to Grow Your BusinessBaker Hill
presented by Didi Frohardt and co-presented by Vilma Chavez and Robert Warthen of Alaska USA Federal Credit Union
Financial institutions create and disseminate data through reports every day. Regularly rescheduled or ad-hoc reports that come up periodically can drive you nuts! Learn how you can take advantage of the data you create that can make those month end, quarter end and just whenever needed reports less stressful.
If You Can't Measure It, You Can't Manage It cewillia4
According to a June 2014 survey conducted by The Chronicle of Higher Education, some 35 percent of college and university chief financial officers say that the quality of analytics and benchmarking information used to guide decision-making at their institutions is either "extremely poor" or "below average." This session will explore key performance benchmarks in auxiliary services and the tools and systems used to gather,analyze and report on the data needed to effectively measure performance. Learn how performance measurements can be used to track both financial and operational progress and help you identify where improvements or alternatives may need to be considered.
Compliatric is excited to host a special webinar, “Wrapping Up Grants"!
Watch the webinar here! https://compliatric.com/wrapping-up-grants/
In the final session of the Grants Webinar Series, Elizabeth Burrows will discuss the following:
1. How to finalize your grant proposal and what to do after you submit your application
2. How to properly follow up and follow through to ensure that your funding sources understand your "why" and want to continue working with your organization, and
3. How to understand the "requirements of the grant"
Managing the State Authorization Process: Strategies for SuccessChristina Sax
These slides provide a set of strategies and best practices for managing the state authorization requirements and processes in institutions of higher education.
Managing the State Authorization Process: Strategies for SuccessStefanie Pfister
These slides provide a set of strategies and best practices for managing the state authorization requirements and processes in higher education institutions.
Similar to Similarities & Differences in Financial Management Between a Small Private and A Large Public University (20)
Z. Smith Reynolds Library - The Sutton Years 2004-2015Susan Smith
A retrospective look at the people, events and accomplishments of the Z. Smith Reynolds Library/Wake Forest University, under the leadership of Dean Lynn Sutton.
Digital Forsyth: Through a Social Entrepreneurial LensSusan Smith
Digital Forsyth (DF) was a collaborative effort among 4 institutions to create an online collection of digital photos pertaining to Forsyth County (NC) history. Digital Forsyth was a 3 year project that digitized over 12,000 photographs and made them freely available to the world using an innovative WordPress interface that invites user participation through comments. It includes lesson plans for teachers and themed essays.
Digital Forsyth: A Partnership/Budgeting in a Collaborative GrantSusan Smith
a presentation made at the conference "From Theory to Practice: Accessing and Preserving Electronic Records and Digital Materials." The conference was in Raleigh, NC and was sponsored by the North Carolina State Historical Records Advisory Board (SHRAB) and the North Carolina Department of Cultural Resources State Archives.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
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when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...
Similarities & Differences in Financial Management Between a Small Private and A Large Public University
1. Similarities & Differences
in Financial Management
Between a Small Private and
A Large Public University
Susan Sharpless Smith, Z. Smith Reynolds Library, Wake Forest University
Mary C. Horton, University Libraries, University of South Carolina
ALFMO Conference, March 10, 2013
2. Overview
• Introducing
– University of South Carolina
– Wake Forest and ZSR Library
• Financial Services Organizational Structure
– @ University level
– @ Library level
• Division of Labor
3. Source of Funds
• “State Funds”
• Revenue Funds
• Endowments/Gifts
• Grants
• Other
Similarities & Differencesin Financial Management Between a Small Private andA Large Public UniversitySusan Sharpless Smith, Z. Smith Reynolds Library, Wake Forest UniversityMary C. Horton, University Libraries, University of South CarolinaALFMO Conference, March 10, 2013
OverviewUSCUSCFlagship university of SCCarnegie 1 Research UniversityGovernor/Board of Trustees8 CampusesUSC ColumbiaEnrollment: 31,000In-state tuition: : $10,488Urban campusMission: to establish and maintain excellence in its student population, faculty, academic programs, living and learning environment, technological infrastructure, library resources, research and scholarship, public and private support and endowment; and to enhance the industrial, economic and cultural potential of the state. University LibrariesThomas Cooper Library – 290, 000 sq. feet. 45 miles of shelvingBusinessMusicHollings Special Collections Library – RBSC & SCPCMIRCSCL – oldest free-standing academic libraryAnnex“To provide the best collections, facilities, services, and faculty/staff”Financial Services Organizational StructureState/Governor, Budget & Control BoardChief Financial OfficerDivision of Business and FinanceBusiness AffairsPurchasing OfficeFinance & Accounting ServicesBudget OfficeBursarControllerContract & Grant AccountingPayrollProvostLibraryMeBusiness ManagerAdministrative AssistantBudget sizeFY 12 -- $16,019515$7.8M – salary, wages, and FB$6.5M – materials$1.7M – everything elseWFUIntroductionsIntroducing Wake Forest and ZSR LibraryWho we areprivate, coeducational, not-for-profit liberal arts institution of higher education and research located in Winston-Salem, North Carolina.Describe ourselves as a “collegiate university”Mid-size, under 5,000 undergraduates, total including graduate and medical school: under 7,000Traditional school with a primarily residential student population Tuition and fees for 2013-14: (tuition $40,750 +250 technology fee), room board, utilities $11,700, est for books, personal expenses, transportation, insurance: another $20,205 = $61,205ZSR Library is the 2011 ACRL Excellence in Libraries winner in the university categoryMission: “to help our faculty, students, and staff succeed”Financial Services Organizational Structure@ University levelBoard of TrusteesPresidentVP Finance and Administration (reports to President), AssocVP finance and Controller (reports to VP); BFP (Budget and Financial Planning)Asst. VP for Budget and Financial Planning (reports to VP)This dept’s focus is on budget development and reporting, as well as forecasting (for current and future years) and trend analysis. BFP handles all questions/issues regarding current and future budgets, costing/sizing of new programs, as well as requests for additional funding (i.e. for strategic initiatives). Budget adjustments are also handled through the Budget Office.FASFinancial Accounting Services (FAS)(general accounting, endowment & gifts); Questions regarding posted revenues and expenses, corrections/JEs, and account code issues need to be directed to FAS.@ Library levelDean reports to Provost’s Office; Vice Provost for Budget and PlanningSmall staff, so we don’t have a person dedicated to doing budgeting and financial management. Until a year ago, was managed by the Library Dean. Division of Labor (Resources Services handles the collection budget development and expenditure in consultation with Library Administration)Budget SizeFY14: operating will be approximately $ 8M; personnel $3M+; $4.3M; remainder to other operating costs.
Source of FundsUSC“State” FundsCome from ProvostState money, tuition, fees, etc.90% of budgetPre-2008 VCM model; post-2008 centralizedHave not had any cuts since economic collapseHave had periodicals increase every year3% raise last yearGrants6%Only receive IDC for ‘library grants’Revenue FundsMostly copier & UniprintHollings Room RentFines & lost books2%Endowments and Donations2%Educational FoundationCurrent spending rate set at 4.5%Development Officer – split 50/50 with Univ. Dev.Over 100 funds; only 10 ‘at Dean’s discretion’WFURevenue Funds (Reynolda Campus)Student tuition and fees (less student aid) (45.1%)Planned enrollment growth for 4 years ending in 2011-12Allowed funding for strategic initiativesFY14 second year without significant incremental revenue from enrollment growthGovernment grants and contracts (Federal: 2.8%; State: .4%))Private grants and contracts (27.7%)ContributionsInvestment return designated for current operations (4%)Sales and services of auxiliary enterprises (18%)Endowments and DonationsWhen an endowment is established, the asset funding the endowment (i.e. the gift) will purchase units in an investment pool.A pool is the collection of gifts and their associated appreciation that has been gathered together (“pooled”) for the purpose of investing.At Wake Forest University, the pool is managed by the Office of Investments and holds the pooled endowments for Reynolda Campus, Reynolda House, and the Medical School as well as several funds invested alongside the endowment.The University’s pooled endowment consists of approximately 1,500 individual funds established for a variety of purposes including both donor-restricted endowment funds and funds designated by the Board of Trustees to function as endowmentsThe endowment spending rate for the years ended June 30, 2012 and 2011 was 5.3%, calculated as a percentage of the average of the previous three-year semiannual moving market value per unit and subject to a 10% maximum annual growth or decline in per-unit spending. An average per unit market value is calculated using data points from the previous three June and December closesZSR Library has 17 endowment restricted funds (ranging in annual spendable revenue from a few hundred dollars to over $500K). The largest one of these feeds into the operating budget and is used to purchase materials.13 Restricted contributions (accounts that can only be spent in certain ways) Restricted funds where the donor has designated that 100% of the gift may be used for a specific purpose or over a specific period of time.D FundOne major “designated fund” is the “D Fund” where we receive 10% from all indirect costs for grants on the Reynolda campus “when allowed.” The Dean negotiated for this in 2008, had not existed prior to that. It is now a major source of funding for expanding our collection and to support a variety of other initiatives that are unfunded in the capital/operating budgets.Major benefit of these funds is that they carry over from year to year.GrantsHistorically, this has been a very small source of revenue for ZSR.Mostly digitization grants thus farOtherCapital CampaignIn silent phase until this summerFirst time library is includedFirst time library has had a development officerMany future projects hinge on the success of this (5 year building plan)DonationsWake Forest Fund
TransparencyUSCTransparency at high levelFOIA/State Records“Big Budget” BookBudget & Control Transparency Hubhttp://transparency.sc.gov/BCB/transparency/BCB-transparency-hub.phtmhttp://spend.admin.sc.eduBudget development processNot a lot of overt transparency across departmentsBut can find itSalariesOver $50K – individuals available on B&CB and newspaper databaseUnder $50K – individuals by pay grade listed in “Salary Roster”Generally $4k rangeRaises State legislature mandates (or not) across the board raisesBoT can mandate across the board raises for institutionPfPs – for merit, if money is in budget alreadySome years are given a pot of money for thisWFUTransparency at a high level: annual audited financial statements (http://finance.wfu.edu/audited-financial-statements)Annual Fact Book: http://www.wfu.edu/ir/factbook-2011-2012/index.htmlEffort by FAS to electronically publish more budget financial information on newly designed website http://finance.wfu.edu/Annual Campus Financial Briefing by CFO, Hof Milam (explains budget for the Reynolda Campus for the upcoming fiscal year)Budget development process (no transparency across departments)Salaries (no transparencies)Used to be an announcement of average salary percentage of increase. That is no longer done, there is a merit pool and it is only known by Administration. Not shared publicly.Faculty salaries by group rank shared in Fact Book.Look at the Chronicle of HE to find President’s salary!At Library level, salary is determined by Administration and only shared to the Director level.
Budget DevelopmentUSCAnnual Budget CalendarFall Review -- NovemberSingle spreadsheet from budget analystBlueprint Announcement & instructions December/JanuaryGenerally due late FebruaryBudget frozen February 28thBudget Hearing late March – April5-year spreadsheet due mid-MarchSpring Review responses due late March“A” fund web-based budget due mid-AprilCarryforward estimates due late AprilBoT approves budget in JuneDean hears about special requestsLimbo July/AugustBudget posted in August/SeptemberBudget HearingAttendeesProvost, Senior Vice-Provost, Budget Analyst, Faculty Senate Rep., others from Provost’s officeDean and meReview BlueprintHow Library fits into University’s mission/goalsDashboard Goals 1-yr and 5-yrAdditional resources needed to meet goalsStrengths and weaknessesAdditional resources neededCapital projectsAdditional staffPurchasing CollectionsPeriodicals Inflation5-year spreadsheetWeb-based budgetCan move money around based on February 28th budgetUpload mid-AprilI do this, usually not much changesMoney for special projects is transferred to budget in the FallDeposited into our general fund an then I move it around to appropriate fund and object codeCarryforward estimateEstimate of year end budgetUsed to see if tax will be appliedThe “Dean’s Deals”WFUAnnual Budget CalendarBudget process for next fiscal year begins in Fall (for FY14, Fall 2013)Request for Capital Equipment, construction, Renovation and/or Renewal Services (early November submission) (to Provost Office)One-time funds for capital equipment valued at $5,000 or more, or to construct, renovate, or upgrade campus facilities.October BOT meeting reviews past fiscal year resultsNovember: Preliminary budget assumptions to Reynolda Cabinet (University Senior Administration)Nov-Dec: reviews of construction/renovation requests, tuition/fee budget, and other recommendationsDec-Jan: leadership finalized FY14 in preparation for presentation to BOT in Feb. BOT approves tuition and fees at February meeting. Preliminary budget guidelines presented.Feb: Operating budgets out to departments for completionMarch: Depts submit budgets; Review meetings held with dept heads/deansApril 2: FY14 capital and operating budget presented to Reynolda CabinetApproval for funding for personnel and non-personnel budgets, strategic initiatives, and capital not finalized until April meetingCapital Budgetrefers to goods/equipment that cost $5,000 or more per item and have a useful life more than one year; the cost of the capital asset includes the purchase of the item and all costs associated with putting the asset in place and making it operational (freight, installation, training).Additionally, projects/renovations are capitalized if construction costs and purchases in support of that project cost $50,000 or more, and have a useful life of more than one year; cost of these projects includes labor and materials.Process:Instructions and forms (for capital budgeting) are distributed to VPs and Deans each fall. Depending on the internal structure and resources within their school/unit, that VP/Dean determines the process and team that will review needs and coordinate submissions. WFU leadership then prioritizes the requests and approves based on available funding. All approved capital funding (to be funded centrally by the General University) is held at the central level and released for transfer to a project (p#) by each as deemed appropriate.All approved capital projects for Facilities are then budgeted in a special Facilities Capital Department (overseen by Facilities); all approved capital projects for Academics are budgeted in a special Academic Capital Department (overseen by the Provost);all approved IS capital projects are budgeted in a special IS Capital Department (overseen by IS). Operating BudgetIncludes funding for both salaries (personnel) and supplies, equipment, furniture, printing, travel, memberships, services, utilities, etc (non-personnel) that are required to conduct daily ongoing operations and which are funded from unrestricted operating revenues i.e. tuition, fees, interest income, unrestricted gifts, unrestricted endowment distribution.Bottom-Up vs. Top Down Budgeting. The term “bottom-up” implies that each year budgeting starts from zero and units must justify every dollar requested; “top-down” implies that central leadership sets budgets for all units.At WFU we use a combined approach. In the fall of each year, deans and VPs review salary and program needs (existing and new). These needs are reviewed with WFU leadership to prioritize alignment with the strategic plan and funding availability. Due to funding limitations, multiple iterations of these proposals are required, and final recommendations to the WFU Board of Trustees (BOT) are not completed until spring when the BOT votes on the budget.Professional Schools, Graduate School, Student Health Services, Global Affairs, and Athletics are self-funded (as opposed to the College and central units which are funded via allocations from the General University).Budget Development RolesProxy – access is restricted to the authorization that your Department Head/BO/VP has assigned for you. A proxy can only assist the Department Head/BO/VP in completing the budget.Department Head – Department Head role allows you to access the operating accounts and employee salaries for all departments that you have been authorized to access.Budget Officer – The Budget Officer role allows you to access the operating accounts and employee salaries for all departments that you have been authorized to access. You ‘receive’ budgets, by department, from Department Heads and must adhere to the guidelines in total. You have the ability to exceed guidelines by department and shift funding between departments, but the total budget for all of your departments combined cannot exceed the established guideline.Vice President - The Vice President role (typically senior leadership) allows you to access the operating accounts and employee salaries for all departments that you have been authorized to access. You ‘receive’ budgets, by department, from Budget Officers and must adhere to the established guidelines in total. You have the ability to exceed guidelines by department and/or Budget Officers, by shifting funding between departments, but the total budget for all of your departments combined cannot exceed the set guideline.Internal AllocationsFees charge within WFU (by one department to another) for goods/services provided.Not intended to provide full cost recovery for service unitsPurpose is solely to encourage thoughtful/moderated use of services by department (not sure I agree)TypesVariable allocations (telecom, copy center, stores, auto, maintenance e, mail services, police special, conference center (internal rates set each fall for following year)Utility allocations: this funding resides in Facilities. Allocations made based on usage. Steam and chilled water based on algorithm/modelFixed allocation general: pre-set allocation agreed in advance by service unit and other organization to cover general services.Other Budgeting Activities this year:Five Year Budget Projection: Fall FY13, deans submitted an estimation of needs so that it could be presented to BOT (only figures for FY14 were taken as official recommendation for BOT approval Financial Restructuring (for merger of departments, or other activities requiring re-allocation of budgets). ZSR Library is merging library operations with the School of Business in FY 14Developed Service Level Agreement to cover expenses (personnel, collections, and to ensure a shared understanding of the library services t0 be provided (acquisitions, contract negotiation, circulation, copyright compliance, systems support, etc.)Latitude Budget officers for each unit have complete latitude in establishing budget as long as it stays within the total amount approved by the University Leadership Group. Fine to move funds between salary and operations.May utilize restricted funds (as allowed). Example: we’ve moved all of our offsite storage expenses (operating and personnel) to an endowed fund that is not restricted as far as purpose, and will operate off of the annual revenue. This frees up additional $$ in the operating budget.
Budget ManagementUSCMonthly updatesUse online tools to compare to my spreadsheetLook at object code level, not individual purchases unless something seems offCheck to make sure big categories: telephone, supplies, repairs, etc. are staying in lineMaterials budget managed separatelyAcquisitions and Collection ManagementUse online tools for University Side and III for materials sideOnline ToolsAccounting IntranetData Warehouse (Cognos)IMS/OnDemandMoving to Banner (One Carolina)WFUMonthly updatesOne of my monthly responsibilities. Check expenditures to make sure they have been correctly charged to right accounts. Assistant to Dean actually keeps item-by-item spreadsheet, so checks each and every purchase, while I focus more on the big picture.Materials budget managed separately. Resources Services has staff that manages collection purchases, including an accountant who reconciles invoices between Banner and Voyager (our ILS). These two systems not tied in, so it’s a manual processOnline ToolsCognosEnd of Year Spend-Out process
Internal Accounting ControlsUSCMonthly report from Budget OfficeFall ReviewSpring ReviewBudget hearingBudget Analyst5-year spreadsheetPrevious 5-yearsCurrent spending vs. budgetProject 5 years to the futureCarryforward/bottom lineCarry forward estimateApproval ProceduresPurchasesAll come through meState procurement proceduresUp to $2,500 I can decideCan use Purchase Card$2,500 to $10,000Can provide 3 quotes and indicate preferred vendor to Purchasing Office“No quote” countsAnything over $10,000 (1 item or group) must go through bid processBid, RFQ, RFI, etc.Handled through Purchasing OfficePosted on SCBOSole SourceState ContractsIT Equipment Requires Additional approveUTSState Budget and Control BoardFacilities runs their own bid processWFUMonthly/Mid Year/Annual Closing ProceduresMonthly closing: All subsystems are to close their month by the second business day of the following month. This is also the date when journal entries are due to financial reporting. All journal entries received from campus departments are reviewed by Financial & Accounting Services (FAS) before they are entered.Mid-Year Close:New this yearEnables timelier accurate reporting to BOT for Budget Review in FebruaryProvides a snapshot of the University's financial position, activities, and cash flows on a GAAP basis for the first half of a fiscal year. (generally accepted accounting principles)Unaudited financial statements are prepared and presented to the Board of Trustees at the February meeting reflecting the University's financial performance ahead of the fiscal year-end close at June 30th.Downside: May have to start splitting invoices that have traditionally spanned fiscal years (ie large subscription packages paid a year in advance, not going to be allowed in future)Year-End CloseImportanceAnnual evaluation of financial performance at University and Departmental levelsClose of operating budgetsEvaluation of effectiveness of internal control systems in place and fiduciary responsibilitiesNeeded in preparation of financial statements in accordance with US GAAPSpend Down. Use it or lose it. Process starts in March to project what gap exists in budget and to plan purchases to spend down.Escalates to weekly meetings by June. Usually is salary savings from open positions. Last year, almost $190K to spend.Approval ProceduresLibrary personnel are authorized to approve to a certain level:Dean: $1MAssoc. Dean: $500KDirector of Resource Services: $50K on acquisitions and electronic resource subscriptionsAssistant to Dean: $1KOver $2500 requires a PO. Must have approval for sole source (which many of our things are)ProcurementUnder 5K – no quote needed$5-10K – two informal quotes$10-75K – three formal quotesOver $75K – detailed formal RFPBudget Reviews and Hearings In April before the BOT meeting, we meet with Provost and CFO, Asst. VP of Finance and Budget to review our submitted budget. Purpose: to assist the Administration in understanding our budgets as they will be presented to the Board of TrusteesIssues to cover include:Significant budget assumptions including: enrollment targets, tuition rate increases, discount rate, personnel increases (not person by person, general overall merit & market increases)New Initiatives or expansion of current programs. This could be enrollment growth, personnel growth, etc.Year over Year changes i.e. FY14 budget vs. FY13 budget Review of long term projection (5 year projection)Challenges and/or opportunities to the SchoolProcurementNew Procurement System: DeaconDepot (technology behind it: SciQuest, Cary, NC). deacondepot.wfu.eduStill bringing vendors on board. Focus has been on cross-campus vendors (ie Office Depot, CDW-G).Library collections vendors will not go through this systemDon’t use it for p-card purchasesBenefits (stated by Procurement):Better customer service through a powerful and user-friendly online shopping platform Centralized catalog of supplier products and pricesPaperless procurement environmentImproved price negotiation abilityImproved utilization of sustainable and diverse suppliers
Negotiation of vendor contractsUSCMaterials/Acquisitions & Collection DevelopmentHandle negotiationsGet sent to LegalOffice of Legal CounselReviews all ContractsBOTOnly the BoT Secretary can sign contracts for the UniversityProjects over $250,000 - $750,000 have to get majority Exec. Board BoT approvalOver $750,000 need majority of Exec. Board and majority of BoT approvalProjects over $5m have to get approval by State Budget and Control BoardPurchasing OfficeWFUMaterials/Acquisitions & Collection DevelopmentCollection and subscription negotiations are handled by Resource Services (Director, Head of Collection Management, & Electronic Resources Librarian)Other contracts handled by Administration OfficeOffice of Legal Counsel: does not get involved in our contract negotiation.Purchasing Office: Procurement will assist with negotiations upon request. We used them to negotiate a better lease on one of our microfilm scan units.Contracts over $1M have to be signed by the University President.
Financial Record ManagementUSCPurchase card proceduresLiaisonsI sign off on paper and WorksPO, contracts, facilities and printing bills filingKept in Admin. OfficeContractsOfficial copy is with LegalAuditInternalInternal Audit is separate unit that reports to the BoTExternal auditWFUPurchase card proceduresThe University Purchasing Card (P-Card) is a corporate liability card that is used for travel and entertainment of any dollar amount, as well as purchasing goods and services under $2500.Every FT Library staff/faculty has a pcard and is instructed to use it for all professional purchases (unless available through DeaconDepot)University policy requires each user to reconcile monthly charges, sign and submit, but ZSR asst to dean prefers to handle it. So receipts are turned into her and she reconciles and makes sure all is charged to the correct account codes.PO, contracts, facilities and printing bills filingPurchase Orders are now generated through DeaconDepot, receipt is entered into the system and invoices are issued from the system to vendors.New Contract Project: Procurement is finally getting departments to scan all signed contracts that commit the University to goods and/or services and building a database so that they are maintained centrally. Until now, each department handled its own contracts internally. Internal/external auditWFU has an Internal Audit and Compliance OfficeProvides independent oversight on both campusesAdministratively reports to Drs. Hatch (pres) and McConnell(CIO at Medical campus)Area of focusInternal auditI.T audit, financial audit, operational auditExternal auditPurpose: present fairly the financial position of WFU as of the end of the fiscal year and show it is in accordance with GAAP.KPMG, LLP did the audit last yearDoes preliminary assessment of internal controls in MayReturned mid-August to audit financial statementsAudited materials about internal controls that would be presented to BOT at October meeting