December, 2010
1.
LSA Finance Team – The financial analyst assigned to your unit should be your first point of
contact for budget and finance related questions. The most recent addition to our team is Holy
Rose, who started in November. Holly started her career at the University as an Accountant in
Financial Operations, and more recently worked as a Business Systems Analyst for ITS/MAIS. We
are certainly thrilled to have Holly on our team! You can find which financial analyst is assigned
to your unit by using the Financial Analyst Lookup File on the Finance Staff List webpage
http://lsa.umich.edu/facstaff/finance/staff.
2. Several policies and procedures have been added to the LSA Budget and Finance website.
Please visit the website for a complete list of updated policies
http://lsa.umich.edu/facstaff/finance/budfin_policies.
a. Updated Policies – Just to name a few
i. LSA Professorship Policy (Revised March 2010)
ii. Faculty Fellowship Policy (Revised May 2010)
iii. LSA Hosting Policy (Revised August 2010)
iv. Concur Expense Approval Policy for Chairs, Directors, and Key Ads (New)
v. Michigan Society of Fellows (Revised November 2010)
3. A question regarding the reports being used for the units quarterly financial analysis was
brought up in the November Key Ad meeting. The LSA Finance Team created a business objects
reporting package to assist units with financial review and analysis. The path to this directory is
as follows: Wolverine Access > Faculty & Staff > Reporting > U-M Data Warehouse (Business
Objects) > Public Folders> Interim Unit-Maintained>LSA/Qtrly Review(Fin Mgmt) and Annual
Reports.
4. Management Reporting System (MRS) – Reminder that the supporting reports for Lecturers
(LILEC), Research Incentives (RESIN), and Faculty Computer (CUIF) Allocation (LRCFC) are
available in MRS.
a. MRS > Budget > Supporting Documents
i. FY11 Authorized LILEC FTEs FY11
ii. FY11 RESIN
iii. LSA IT Website: CUIF Information
Procurement Related Items
1. Concur Update – You can log on to the Procurement website to learn about updates to the
Concur Travel and Expense System (http://www.procurement.umich.edu/travelexpense.html).
2. New Business Objects reports available for procurement travel and expense reporting. These
reports may be useful in monitoring workflow, profiles, roles, and expense reports. The path to
this directory is as follows: Wolverine Access > Faculty & Staff > Reporting > U-M Data
Warehouse (Business Objects) > Public Folders > UM-Maintained > Financials > FN06
Procurement
a. The following Business Objects reports are available.
i. FN06 Procurement Travel & Expense Workflow Audit Report
ii. FN06 Procurement Travel & Expense Employee Profile
iii. FN06 Procurement Travel & Expense Employee Roles
iv. FN06 Procurement Travel & Expense Approved Expense Reports
v. FN06 Procurement Travel & Expense PCard Transaction Personal Expense
Adjustments
M-Reports Updates
1.
Financial Management Reports
a.
2.
New links on the Rev/Exp Trends provide journal detail. The detail helps identify what
transactions make up the dollar amount for the ChartField combination. Where
available, the Revenue/Expense Journal view provides links to imaged journal
documentation.
New Reports
a. Reporting Budget Ledger - This report is designed to help Departments complete their
monthly reconciliation activities for non-Sponsored funds using a single, comprehensive
report that includes Budget Summary detail (budget to actuals using the Reporting
Budget Ledger).
b. Summary of Rev/Exp Activity – This report is designed to provide a summary of revenue
and expense activity for departments at the fund, department, program, or project
grant level.
3. New Dropdown Menus! Hover over any M-Reports tab to see your choices. Then go directly to
the report you want with a single click!
Internal Controls
There were some units that indicated that they do not have written procedures for processes related to
the Internal Controls gap analyses documents that were completed in FY10. The Internal Controls
website has procedures templates available for all units to use to comply to this portion of the annual
financial certification and gap analysis process: http://www.umich.edu/~avpf/InternalControls.htm. If
you received an email from your financial analyst indicating that your unit had missing written
procedures for processes (as documented in your gap analysis), please visit the website to access the
procedures templates. Also, keep in mind that all written procedures should be in place by January 7,
2011.