Administrative and Academic Support Units
Assessment Report Form for Year: FY 2012-2013
Finance Division
Unit Mission Statement
The Finance Division supports and advances Fairleigh Dickinson University's mission by developing
and maintaining accounting, financial management and reporting procedures and systems that ensure
fiscal integrity and provide financial stewardship over University resources.
1
Departmental
Objective
Provide additional
meaningful
University data to
stakeholders for
planning. Expand
dashboard indicators
to include the
composite financial
index.
Means of
Assessment
Expand ratios used,
including calculation
of Composite
Financial Index.
Summary of data
collected
Added CFI to the
September/October
dashboard indicators
provided to the
Finance, Audit and
Budget Committee
and the full Board of
Trustees.
Use of data (closing
the loop)
A future full
presentation and
discussion of CFI is
planned for the
Finance, Audit and
Budget Committee.
Administrative and Academic Support Units
Assessment Report Form for Year: 2012-2013
Finance-Office of Resource Allocation & Planning
Unit Mission Statement
The Resource Allocation and Planning offices’ mission is providing, gathering and analyzing financial
data as it pertains to the University’s Budget Process, Cost Analysis and Fixed Asset/Inventory
Management. This data is used by various constituencies throughout the University to make
decisions that support the overall mission of the Institution in preparing students as global citizens. It
is to this end that the Office of Resource Allocation and Planning strives to meet the needs of
management in providing accurate and timely reports and analyses.
Departmental
Objective
Eiminate hard copy
report distribution
(XLSA/XLBS) at year
end. Move
responsibility of
running and printing
reports to the end
users.
Means of
Assessment
To provide training
and assistance so
that all end users
can run and print
their own reports,
not only at year
end but also on an
as needed basis.
2.
To redesign Fixed
Assets Excel worksheet
to facilitate the use of
the upload feature of
the network version of
FAS. To begin using the
upload feature of the
software as well as
using more of the
exporting component.
To measure the
time saved and the
increase in
accuracy due to
data not having to
be re-keyed.
3.
To redesign Budget
Summary Report to
have sub-totals break
on type of expense.
Elimination of the
need to run
summary report
three times to get
1.
Summary of data
collected
Considerable time
was taken to put
together a very
detailed procedure
booklet. In addition
to distributing
booklets to over
200+ end users , one
on one training was
provided on an as
needed basis
throughout the
university
community.
Initial steps were
taken to look at how
the worksheet would
be changed and time
was spent speaking
with a representative
at Sage. Due to
other high priority
work within the
department this goal
was not completed
this year.
With each end user
now doing their own
reporting and less
need for hard copies
Use of data (closing
the loop)
Approximately
18,000 sheets of
green bar paper were
saved. To further
save on paper Users
were also given
instructions on how
to save their files to
the hard drive or
other electronic
medium.
This Goal will be
moved to Fiscal Year
2013-2014 for
further
implementation.
Will monitor how the
end users are doing
over the next year
with running and
the required subtotal breaks
needed. This
would all be
accomplished by
running one
report.
the need for this
change seems to be
less important.
printing their own
reports. If there is a
need for this change
in the reports it will
be pursued at that
time.
Administrative and Academic Support Units
Assessment Report Form for Year: 2012-2013
Finance - Accounting Department
Unit Mission Statement: The Accounting Department supports the University mission of global
education by providing University constituents with timely and accurate financial information by
ensuring the financial records are maintained in accordance with generally accepted accounting
principles and the guidelines set forth by State and Federal government agencies.
The Accounting department gathers, records, reports and analyzes financial data. This information is
provided to and relied upon vy various University constituencies. Decision makers consider this
information when making determinations or to substantiate determinations made to support the
University’s mission, strategic drivers and goals.
1
2.
Departmental
Objective
Maintain financial
systems in
accordance with
GAAP, Federal, State
and Industry
standards. On an
annual basis this will
be the number one
administrative
objective of the
Accounting
department.
Means of
Assessment
Unqualified Audit
opinion from
external auditors.
Accounting
Department
personnel will
participate in
continuing education
events such as
webinars, workshops
and seminars in as
much as they are
available.
Summary of data
collected
In September of 2013
Fairleigh Dickinson
University received
an unqualified
opinion from Price
WaterhouseCoopers
on the fiscal year
ended June 30, 2013
financial statements.
See log on continuing
education activities
that members of the
Finance department
participated in . In
can be found on the
N-drive.
Use of data (closing
the loop)
Results of current
and past year audits
have established a
benchmark of what is
expected going
forward. The
Accounting
department will
continue to
participate in
continuing education
opportunities as they
present themselves
to stay abreast of
changes in financial
reporting and other
related areas.
Explore the
possibilities, uses and
implementation of
the Image Now
software for the
Accounting
department.
To be successful the
objective will take
place in several parts,
or phases and
depending on
workloads and
staffing may take
place over multiple
fiscal years. Phase
one will include
identifying possible
areas that would
Finance department
has successfully
identified hardware
and software
requirements needed
to implement and
several areas that
would benefit from
electronically storing
information.
Hardware setup and
software set up were
Implementing the
electronic storage of
and access to journal
entries has proven to
be very beneficial to
the accounting
department. It saves
time in several ways.
1) by not having to
access the binders
and make copies of
the je and backup.
3.
Update the existing
University policy and
procedures.
Objective to take
place in two phases.
Phase one to include
revising the highly
visible policy and
procedures such as
the expense report.
Phase two includes
revisiting the
procedures of
reconciliation and
interdepartmental
procedures by the
end of the fiscal year.
Continuation from
prior year.
benefit from
electronically storing
information, which
would be most
beneficial and why.
Phase two would
involve exploring
hardware and
software
requirements and
costs needed to
implement. Phase
three would primarily
involve
implementation.
Substantial
percentage are
updated and in place
by fiscal year end.
Phase one,
specifically the
“Request for Travel
Advance” , and
“Faculty and Staff
Travel and business
Expense Report”
have both been
updated and
uploaded onto the
Finance office
Website. The
mileage
reimbursement
portion has been
added to the Finance
calendar to be
reviewed in June of
every fiscal year.
Part A of phase two
(Revising the
interdepartmental
procedures) has been
completed. Part B of
phase two is
approximately 50%
complete. Anticipate
completing the
review at or around
12/2012-1/2013.
completed. One of
the areas identified
to potentially benefit
from the Image Now
implementation is
the electronic
storage and access of
journal entries. Over
the course of this
past year, all fiscal
year 2013 journal
entries have been
stored electronically.
Infor can be screen
shot directly to the
network printer. 2)
being able to view
the journal entries
and backup support.
Accounting will
continue to identify
and implement
additional areas to
electronically store
information as time
allows to streamline
processes.
Mileage
reimbursement rate
has been reviewed,
and it was decided
that FDU will
maintain the same
rate for the current
fiscal year, 2014. The
highly visible policies
and procedures will
need to be reviewed,
and if necessary,
updated on a regular
basis should there be
changes in other
policies and
procedures. For
example any change
in the mileage
reimbursement rate
would affect the
travel and business
expense report.
Policies and
procedures are
located on the
network drives in the
Accounting Office.
Policies and
procedures will
continue to be
reviewed on a
regular basis, to
document changes in
the way we currently
complete specific
tasks. Accounting
will pursue
electronically storing
these procedures on
Image Now, a
storage area
separate from the
departments
network drive.
Administrative and Academic Support Units
Assessment Report Form for Year: 2012-2013
Finance – Office of Treasury
Unit Mission Statement
The Office of Treasury manages the University’s cash, investments, and long term debt. In support of
the University’s mission, the Office of Treasury establishes secure pathways that facilitate global
payments and receipts in connection with the protection of University financial resources. This office
also reports investment results to various university constituencies.
1
Departmental
Objective
Ensure FDU
compliance with
Payment Card
Industry-Data
Security Standards
(PCI-DSS) regulations.
(Annual Review)
Means of
Assessment
FDU currently has
seven payment card
merchant accounts
operating under its
corporate domain
which are serviced by
four merchant
providers. We will
assess each account
individually to
determine if its
operating processes
are in compliance
with current
regulations. And, we
will file self
assessment
questionnaires with
service providers that
require such
documentation.
Summary of data
collected
It has been
determined that the
existing merchant
accounts are in
compliance with PCIDSS regulations. We
will continue to
monitor the
merchant accounts
as future changes are
expected.
Use of data (closing
the loop)
After final review, it
has been determined
that FDU currently
has sixteen payment
card merchant
accounts operating
under its corporate
domain. They are
serviced by five
merchant providers.
All accounts are in
compliance with PCIDSS regulations. We
will continue to
monitor the
merchant account
activity as future
changes are
expected.
Administrative and Academic Support Units
Assessment Report Form for Year: 2012-2013
Finance - Purchasing Department
Unit Mission Statement:
The Mission of the Purchasing Department of Fairleigh Dickinson University is to obtain all goods and
services necessary for students, faculty, and staff in a cost effective and efficient manner. We strive
to provide value added service to the academic and administrative community in support of the
University’s global mission.
The Purchasing Department maintains a commitment to excellence through professional ethics and
practices. We abide by the Universities Purchasing Policies and Procedures while aiming to develop
and implement operational procedures that provide the highest level of service.
1
2.
Departmental
Objective
Compile data to
determine the
business status of
current vendors.
Means of
Assessment
Create a form letter
to send to University
vendors requesting
they complete or
update their business
status information.
This will allow the
Purchasing
Department to
categorize various
data. Responses will
be recorded into a
master spread sheet
for evaluation.
Summary of data
collected
The collected data
provided the
Purchasing
Department the
ability to categorize
the different
business statuses of
our vendors.
Use of data (closing
the loop)
The compilation of
this data can provide
the University a
quantified
percentage of the
types of business
statues. This
objective supports
the University’s
commitment to the
principals of
affirmative action,
and assists in the
process when
applying for grants,
etc. The business
form is a living
document that will
be maintained and
routinely updated by
the Purchasing
Department.
Revisit previous
assessment goal of
the feasibility of on-
Through the
University’s IT
Department, contact
The Purchasing
Department
reviewed the
After reviewing the
information obtained
in the session, the
line requisitioning
through the Datatel
module.
Datatel to see if any
updates have been
made the module.
Review obstacles
that prevented us
from moving forward
with implementation
previously.
updated Datatel
manual and
presented an
overview of pertinent
questions and
concerns to the
Datatel
representative. This
question and answer
session provided
valuable information
for the Finance dept
to evaluate the
feasibility of a move
forward plan to
implement the online system.
Purchasing and
Finance Departments
determined that
there were too many
obstacles to
overcome in order to
utilize the on line
process.
Requirements of
using the module are
not conducive in the
manner in which we
do business,
therefore it has been
decided at his time
that the University
cannot implement
this system.
Administrative and Academic Support Units
Assessment Report Form for Year: 2012-2013
Finance - Accounts Payable
Unit Mission Statement
The office of Accounts Payable supports the University’s mission by providing professional, courteous
and reliable service to its students, faculty, staff and vendors while maintaining high standards of
quality to promote the University’s goals and objectives. Through efficient, timely and accurate
payment processing and reporting, the office of Accounts Payable assists in controlling the
University’s expenditures and maximizing resources.
1
Departmental
Objective
To change the check
writing process for
U.S. vendors/student
refunds from the
current method (line
printing) to laser
printing.
Means of Assessment
1. Identify steps
needed to
change the
print software,
printer and
forms and
create a
timeline in
order to allow
sample
testing.
2. Coordinate
with the MIS
department,
the print
vendor and TD
Bank to
determine
support,
security/risks,
enhancements
and costs.
Summary of data
collected
Standard Register
was identified as the
vendor who will
setup the software
and maintain the
hardware for the
laser check writing
process. MIS has
submitted the
Datatel software
information to
Standard Register in
order to setup the
program to print
laser checks.
Standard Register
has been contacted
by Accounts Payable
in order to determine
document
specification needed
to print laser checks.
Items needed include
blank check stock
with security
background that
must meet bank
specifications, a new
or enhanced laser
printer with added
trays, toner, window
Use of data (closing
the loop)
Standard Register
has been sent a
Purchase Order to
convert the
hardware and
software data from
the current PC
application to the
FDU server. In
addition, the print
linkup is in the
process of an
upgrade to a new
version. Once this is
completed, Accounts
Payable will order
check stock, supplies
and added printer
trays so that testing
can take place.
2.
To record the time
(in days) it takes for a
student refund
request to be
vouchered to the
actual check mailing
date.
Maintain a
spreadsheet log of a
sample of vouchers
received from
Enrollment Services
listed by Student
Name, Student ID#,
Voucher Date, Refund
Received Date, and
Check Mail Date. The
refund received date
will be the actual date
received by Accounts
Payable after the
voucher has been
received, verified and
checked for accuracy
by Finance.
envelopes and
colored paper for
non-negotiable check
copies. It should be
noted that Standard
Register already has
the signature
template of
President Sheldon
Drucker on file to
incorporate into the
software laser check
print program.
A sample of ten
vouchers were
chosen each week
and recorded on a
spreadsheet. The
sample dates ranged
from the period
7/1/12 to 6/30/13.
The average time for
a student refund
request to be
vouchered by
Enrollment Services
to the actual time
received by Accounts
Payable was 3.8 days.
Accounts Payable
then mailed the
check within 1 day of
receiving the
approved voucher
resulting in a average
total between 4-5
days from the
voucher entry date to
the check mailing
date.
The time it takes a
student refund
voucher to be
entered in Datatel to
the time it takes the
check to be mailed is
necessary
information because
student refunds must
be issued and
disbursed on a timely
basis in order to
meet strict Federal
government and
Financial Aid
regulations and audit
compliance.