Dear Colleagues, The Budget and Finance Team would like to provide you with some updates and information that we feel will be useful to all units. Business Objects Open Lab The LSA Finance Team would like to invite you to a Business Objects Open Lab on Thursday, August 16, 2012 from 2pm to 4pm, in room 4260 LSA. The primary focus of the lab is to assist key administrators and/or unit staff in finding/building/modifying reports to meet their needs. Due to the limited number of computer workstations available RSVP’s are required for attendance. For additional details, please refer to the email sent by Jacqueline Garrido on July 25, 2012. Gap Analysis – Fiscal Year 2012-13 One important component of the LSA Internal Controls process is the completion of the annual gap analyses. The web based application within M-Reports is now available for units to begin completing gap analyses that are applicable to their unit for administrative processes. The attached document provides step by step instructions for completing the on-line forms. Written procedures templates, internal control matrixes, and other useful information are located on the University’s Internal Controls website at http://www.finance.umich.edu/controls. Several improvements and enhancements have been made to the web based process and online resources. For additional details, please refer to the email sent by Steve Schlecht’s on June 15, 2012. New Program LDSUP As we continue to prepare for the new Supplementary Instruction Model (officially rolls out in FY14), a new program -LDSUP was created. LDSUP is for departmental supplemental Instruction and should be used for instructional appointments funded by the department or other non-LSA resources. LSA Financial Oversight Document This document was updated in June, 2012. Financial Oversight refers to the supervision of financial practice and policy implementation, as well as the review and monitoring of financial transactions and reports. This process includes budget planning, financial management, reconciliation of Human Resources, Payroll, General Ledger, and Internal Controls. The purpose of this guide is to provide financial oversight information and tools to LSA Key Administrators and staff responsible for managing their unit’s financial resources (financial stewards). Please find the link to the document here. LSA Lab Fees Policy This policy was updated in June, 2012. The document outlines the general guidelines and procedures for establishing lab fees. Please find the link to the document here. Procurement Newsletter Summer 2012 Please find the U-M Procurement quarterly newsletter for the summer at eNewsletter Summer 2012. In this issue, you will find information regarding: 3 Ways to Practice Good Financial Stewardship o Reduce Concur Expense Report Submissions by Using the Department Reference Field o Use Strategic Contracts Instead of the P-Card for Supplies o Avoid Paying Sales Tax New Tech Tools Policy in Effect January 1, 2013 New Strategic Contracts Awarded To start receiving the newsletter, you can log in to the MCommunity Directory and locate the Procurement Services News group, and select join. Office of Cost Reimbursement (CRO) Quick Reference Documents The CRO added a link to their Quick Reference Documents which includes the items below: Summary Table with Class Rollup by Direct/Indirect Costs Table with Examples for Identifying Indirect Cost Recovery Excluded Expenditures and Activities Appendix A – “Policy on ICRX Expenditures” – Charging Expenditures to Funds Table with Commonly Used Account Codes List of Resources and Contacts Please let your analyst know if you have any questions or needs related to any of these items. Thank you for all of your efforts. The Budget and Finance Team Please note: This email group (lsafinstaff) is open to any financial staff that would benefit from hearing about financial updates from LSA. To join this email group, please send Deb Boissoneau (debbo@umich.edu) an email asking to be added to this list. These quarterly emails can also be found on the LSA Budget and Finance website under the News and Events section: http://www.lsa.umich.edu/facstaff/budgetandfinance/newsandevents