New Gap Analyses Process
You may recall that the Annual Certification of Financial Results was a web based process last year. This
year, the completion of the Gap Analyses will be web based as well. An email will be sent out to
officially announce the FY2011 processes soon.
Change in LSSTF Funding Process in FY12
Starting with FY12, the College is changing the way in which we fund LSSTF. Instead of providing Red
Book allocations at the beginning of the fiscal year and adjustments throughout the year, we will utilize
automatic monthly revenue offset allocations to fund LSSTF. The revenue offset will be processed to
fund the net activity via a general ledger allocation on a monthly basis, similar to how the college funds
LILEC, LISEC, TRM3, and Fringe Benefits for certain program codes. Since the change is related to
funding only, units should continue working with their LSA HR representative regarding staff
appointments, just as you currently are doing.
M-Pathways Updates
ITS will be upgrading the M-Pathways Financials & Physical Resources System to version 9.1 in August
2011. There should be minimal impact to most end users with several potential enhancements. Details
about the upgrade can be found at:
http://www.mais.umich.edu/fin/9.1-upgrade.html
New Endowment Projection Tool
Financial Operations has released a new tool that can be used for endowment projections to estimate
the future market value and distributions amounts. The tool can be found in the Expendable &
Endowed Gifts section on the FinOps website:
http://www.finops.umich.edu/accounting/gifts.
Journal Entry Processing Tips
In order to make the reconciliation process as efficient as possible, we have some simple tips
for journal entry processing.
1. When preparing journal entries, try to be as descriptive as possible with both the
long description and the individual journal line descriptions. The journal line
description can provide information to allow someone viewing the SOA by itself to
understand what expense (or funding) was transferred.
2. The Financial Operations website contains a document that provides excellent
information for preparing journal entries:
http://www.finops.umich.edu/system/files/Journal%20Entry%20Training%20Guid
e.pdf
Other
1. It’s not too late to finish your end of the fiscal year clean-up for items such as funding transfers,
program use clean-up, and cost sharing transfers. You have until midnight on Thursday, June
30th to process journal entries.
2. This email group (lsafinstaff) is open to any financial staff that would benefit from hearing fin
updates from LSA. Please encourage individuals in your unit with financial responsibilities to
add themselves to the distribution list using the self subscribe mechanism in the UM Online
Directory.
This email can also be found on the LSA Budget and Finance website under the news and events
section.
If you have questions regarding any information in this email, feel free to contact your financial analyst.
Thank you.