CONFIDENTIAL
Financial Forum
April 21, 11:00-12:00PM
Agenda:
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Introduction (James Walsh)
Fiscal 2015 Year-End Close (Cherie Sadeli)
Procurement Services (John Storti)
Financial Operations (Phil Kourmanopoulos)
Budget (Kris McKeigue)
Questions and Answers
Fiscal 2015 Year End Close:
Year End Memo
http://www.brandeis.edu/financialaffairs/
Year End Checklist:
Review financial reports
Clean up transactions
PCard
Journal entries
Payroll
Submit invoices and deposits
For questions, please contact
generalaccounting@brandeis.edu or a member of
our team
Procurement:
 Purchase Orders and Vendor Payments
 Travel Policy
Financial Operations:
 Accounts Payable FY15
 Products delivered by 6/30/15
 Services completed by 6/30/15
 Consulting services completed by 6/30/15
•
(C015xxxxx end at 6/30/15)
 Travel completed by 6/30/15
 Payment requests must be received by us by 7/6/15
 Payroll
 RLDCNs - by 7/16/15 for pay period 6/30/15
 Cashier
 Cash and checks by 6/25/15
FY2015 Budget vs. Forecast: Revenue
OPERATING REVENUES
FY 15 March
Forecast
FY 15 Budget
FY15 Forecast vs. FY15 FY15 Forecast vs. FY15
Budget
Budget
(In Thousands)
$ Variance
Undergraduate tuition & fees
Graduate tuition & fees
Continuing program tuition & fees
Gross tuition and fees
$
% Variance
172,266
175,546
3,280
1.9%
62,286
58,915
(3,371)
-5.4%
6,351
5,417
(934)
-14.7%
(1,025)
-0.4%
240,903
$
239,878
$
Undergraduate financial aid
(62,995)
(65,074)
(2,079)
3.3%
Graduate financial aid
(29,716)
(28,835)
881
-3.0%
(1,179)
(558)
621
-52.7%
Continuing program financial aid
Financial aid and scholarships
$
(93,890)
$
(94,467)
$
(577)
0.6%
Net tuition and fees
$
147,013
$
145,411
$
(1,602)
-1.1%
653
1.8%
(949)
-0.5%
Auxiliary Revenues
Net tuition, fees, room and dining
35,403
$
182,416
36,056
$
181,467
$
Sponsored research - direct
47,979
47,386
(594)
-1.2%
Sponsored research - indirect
13,179
13,836
657
5.0%
Endowment used for operations
43,202
42,482
(720)
-1.7%
Contributions & other gifts
27,956
28,854
898
3.2%
Other Sources
13,979
14,378
399
2.9%
(309)
-0.1%
OPERATING REVENUES
$
328,711
$
328,403
$
FY2015 Budget vs. Forecast: Expense
FY 15 March
Forecast
FY 15 Budget
FY15 Forecast vs. FY15 FY15 Forecast vs. FY15
Budget
Budget
(In Thousands)
$ Variance
% Variance
OPERATING EXPENSES
Faculty salaries
$
Staff salaries
46,392
$
44,576
$
(1,816)
-3.9%
72,684
71,755
(929)
-1.3%
119,077
116,331
(2,746)
-2.3%
12,970
12,558
(412)
-3.2%
132,046
128,889
(3,157)
-2.4%
31,794
30,894
(900)
-2.8%
Total salaries and benefits
163,840
159,783
(4,057)
-2.5%
Sponsored research - direct
45,179
45,487
308
0.7%
Supply, General & Other Expenses
83,838
83,432
(406)
-0.5%
Depreciation
27,168
26,532
(636)
-2.3%
Interest expense
10,177
10,504
327
3.2%
Faculty and staff salaries
Student wages and support
Total salaries
Fringe benefits
OPERATING EXPENSES
$
NET OPERATING DEFICIT
$
330,203
(1,491)
$
325,738
$
(4,465)
-1.4%
$
2,665
$
4,156
-278.7%
FY2016 Approved Budget: Revenues
OPERATING REVENUES
FY 15 Budget
FY 16 Budget
(In Thousands)
Undergraduate tuition & fees
Graduate tuition & fees
Continuing program tuition & fees
Gross tuition and fees
$
FY16 Budget vs.
FY15 Budget
FY16 Budget vs.
FY15 Budget
$ Variance
% Variance
172,266
179,614
7,348
4.3%
62,286
61,839
(447)
-0.7%
6,351
6,068
(283)
-4.5%
6,618
2.7%
240,903
$
247,521
$
Undergraduate financial aid
(62,995)
(66,212)
(3,217)
5.1%
Graduate financial aid
(29,716)
(29,290)
426
-1.4%
(1,179)
(1,035)
144
-12.2%
Continuing program financial aid
Financial aid and scholarships
$
(93,890)
$
(96,537)
$
(2,647)
2.8%
Net tuition and fees
$
147,013
$
150,984
$
3,971
2.7%
2,695
7.6%
6,666
3.7%
Auxiliary Revenues
Net tuition, fees, room and dining
35,403
$
182,416
38,098
$
189,082
$
Sponsored research - direct
47,979
47,222
(757)
-1.6%
Sponsored research - indirect
13,179
13,795
616
4.7%
Endowment used for operations
43,202
46,144
2,942
6.8%
Contributions & other gifts
27,956
28,351
395
1.4%
Other Sources
13,979
15,052
1,073
7.7%
10,935
3.3%
OPERATING REVENUES
$
328,711
$
339,646
$
FY2016 Approved Budget: Expenses
OPERATING EXPENSES
FY 15 Budget
FY 16 Budget
(In Thousands)
Faculty salaries
$
Staff salaries
46,392
$
47,775
$
FY16 Budget vs.
FY15 Budget
FY16 Budget vs.
FY15 Budget
$ Variance
% Variance
1,383
3.0%
72,684
75,138
2,454
3.4%
119,077
122,913
3,836
3.2%
12,970
13,803
833
6.4%
132,046
136,716
4,670
3.5%
31,794
31,766
(28)
-0.1%
Total salaries and benefits
163,840
168,482
4,641
2.8%
Sponsored research - direct
45,179
44,544
(636)
-1.4%
Supply, General & Other Expenses
83,838
86,170
2,332
2.8%
Depreciation
27,168
28,831
1,663
6.1%
Interest expense
10,177
11,618
1,441
14.2%
Faculty and staff salaries
Student wages and support
Total salaries
Fringe benefits
OPERATING EXPENSES
$
NET OPERATING DEFICIT
$
330,203
(1,491)
$
339,644
$
9,442
2.9%
$
2
$
1,493
-100.1%
Budget Maestro:
 Next steps for FY16 Budget Load
 Upcoming Training
Refresher on general usage
New Tools
Q&A