Chairs 09 From Andrea Backes

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Chairs 09 From Andrea Backes

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

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