Faculty of Medicine - University of Manitoba

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Faculty of Medicine
Business Manager Meeting
Open Forum
Today’s Agenda
1. Operating Cash Flow – expectations
2. Capital Projects – setting up capital accounts, transferring
funds, time lines
3. MB Health cash flow requirements
4. Predecessor Funds (Source of Funds) – what are they
5. Deposits to expense lines
6.
Open forum discussion
Cash Flow Expectations
• Please make sure your forecast is as accurate
as possible.
• If you are going to have a surplus, the Dean
needs to know.
• If you are going to over expend your FOP, you
need to know.
• Any surplus in the 110000 Fund will be caught
up in carry over. Any deficit will come back to
the department at 100%.
Capital Projects
• Departments must identify Capital Projects early- by
September
• Start with email to SFO listing funding source, project
scope, time line. We will assist in setting up the capital
fund
• Capital funds are carried over at 100% but must be set
up early in the fiscal year.
• If you are contacting Physical Plant, keep all
documentation related to time lines and commitments.
• Jonathan Hyman, Assistant Manager, Capital
Revenue, Capital and General Accounting
– Sets up the capital fund
– Tracks expenses
– Monitors the progress
– Will contact SFO if project goes over budget
• Any transfers from operating require approval
from Joanne Dyer, University Budget Officer
or Tom Hay, University Comptroller.
• Departments are responsible for any projects
that go over budget.
Manitoba Health Reporting
• Why:
• MB Health requirement
• Dean needs to know how you are spending the MB
Health funds
• How:
• Departments will run the Revenue and Expenditure
Statement report in FAST for FUND 12101
• We will require a separate report for each use
of the MB Health Funding.
•
•
•
•
IMG
NP
Increased Enrolment Phase 1 and 2
Other
• Submit your quarterly report to Nashon.
• Due dates are based on the 2009/2010
Monthly Cut-off schedule as set by Financial
Services.
• July 15, Oct 15, Jan 15 and April 20
The University of Manitoba - Faculty of Medicine - Department of XXXXXXXX
Quarterly Reporting
As at June 30, 2009
April to June
July to Sept
Oct to Dec
Total
Outstanding
Jan to Mar
Actuals
Actuals
Actuals
Actuals
Commitments
Projected
Totals
Salary Expenditures
Academic Staff
100,000.00
100,000.00
-
200,000.00
200,000.00
-
400,000.00
Support Staff
50,000.00
50,000.00
-
100,000.00
100,000.00
-
200,000.00
Benefits & Levy
10,000.00
1,000.00
-
11,000.00
4,000.00
-
15,000.00
160,000.00
151,000.00
-
311,000.00
304,000.00
-
615,000.00
10,000.00
5,000.00
-
15,000.00
-
-
15,000.00
Total Salary Expenditures
Non-Salary Expenditures
Travel
Printing and Duplicating
500.00
450.00
-
950.00
-
-
950.00
Other Materials and Supplies
1,000.00
1,000.00
-
2,000.00
-
-
2,000.00
Telecommunications
1,000.00
1,000.00
-
2,000.00
-
-
2,000.00
Other Operational Expenses
1,000.00
1,000.00
-
2,000.00
-
-
2,000.00
Externally Contracted Services
1,000.00
1,000.00
-
2,000.00
-
-
2,000.00
Professional Fees
1,000.00
1,000.00
-
2,000.00
-
22,000.00
Capital Asset Acquisitions
1,000.00
-
1,000.00
-
1,000.00
Repairs and Maintenance
1,000.00
1,000.00
-
2,000.00
5,000.00
-
7,000.00
17,500.00
11,450.00
-
28,950.00
25,000.00
-
53,950.00
Total Non Salary Expenditures
-
20,000.00
-
Total Salary and Non Salary Expenditures
177,500.00
162,450.00
-
339,950.00
329,000.00
-
668,950.00
Fund Accounting
• Method used by non profit organizations and the public
sector
• Accountability is measured rather than profitability
• Main focus is to keep track of resources that are
designated for specific purposes; to avoid mixing up
resources that are intended for diverse purposes
• Ensures management fulfills the stewardship
responsibility for proper disposition of the resources
Fund Accounting Example
• Each fund further segregated for stewardship purposes
– Research Fund Example
Research
Fund
Federal
Government
NSERC Grants
SSHRC Grants
Provincial
Government
Dept of
Agriculture
MB
Conservation
Why Fund Accounting?
• By recording and reporting resources in this manner,
we are better able to:
• Identify and document if resources are being used
properly
• Determine our condition on a fund by fund basis
• Plan, budget and later evaluate if we are
accomplishing objectives
• Communicate financial information to all who need to
know
Why Fund Accounting?
• Answers the following:
• Do we have money to spend?
…. Important information for faculties and units
• Are funds being used appropriately?
… Financial Services needs to know
• Have University guidelines been followed?
… Internal Audit needs to know
• Are funds being used for the defined purpose given?
… Important information to granting agencies
Why Fund Accounting?
• Answers the following questions:
• Has the University utilized public funds (tax dollars) in
an appropriate manner?
…. Important information for federal and provincial
governments
• Did the University provide the goods and or services
expected within budget?
… Industry partners want to know
Why the Separation of Funds?
vs.
Why the Separation of Funds?
• Better manage budgets
• Understand how the University’s operating activities
are funded
• Know what needs to be cut in case of downsizing or a
stop in funding from external sources
• Facilitate accountability to funding providers
Operating Fund Hierarchy
• Comprised of two revenue sources
1. Primary Sources – COPSE & Tuition
2. Secondary Sources (multiple)
• Levels of the Fund Hierarchy represent the 2 main
categories / revenue sources
• Main Levels are called Fund Types
1. Unrestricted Operating Funds (Fund Type 01)
2. Internally Restricted Operating Funds
(Fund Type 11)
Operating Fund Hierarchy
Fund Type 10
General Funds
Fund Type 01
Fund Type 11
Unrestricted Funds
Internally Restricted Funds
(Primary Sources)
(Secondary Sources)
Operating Fund Hierarchy
• Various levels of the hierarchy are called levels or
predecessors
General Funds
Type 10
Fund Type
Unrestricted Funds
Type 01
Predecessor Level
Predecessor Level
Unrestricted Operating Fnds 110
Individual Allocation Funds
1240
Start Up Research
12400
“Startup – Example”
12xxxx
Predecessor Level
Predecessor Level
Data Entry Level
Unrestricted Operating Fund
Fund
Type
10
Fund
Predecessor
Fund Predecessor
Description
Allocation &
Administration
Revenue Source
01
11000
General Operating
Allocation
RCGA, B&G
11100
Tuition
RCGA
COPSE
Operating Revenue (Overhead, Investment,
Miscellaneous)
Tuition Revenue
12400
Start Up Research
Units & Faculties
Operating, COPSE & Tuition Revenue
12500
Overhead
B&G
Reserves (Central Administration – Account
711105)
12600
Other Allocations &
Projects
B&G
Operating, COPSE & Tuition Revenue
12601
Research Matching
B&G
Operating revenue
12650
VP (Acad) Projects
B&G
COPSE, Operating & Tuition Revenue
B&G
COPSE Access
B&G
COPSE
B&G
Reserves (Central Administration – Account
797010)
12103
12107
12700
12900
12970
Targeted COPSE
ACCESS
Targeted COPSE
Projects
Pooled & Individual
Travel & Exp
Operating Research
Grants
Operating Research
Development
VP (Research),
B&G
VP (Research),
B&G
Operating, COPSE & Tuition Revenue
Operating, COPSE & Tuition Revenue
Internally Restricted Operating Fund
Fund
Type
Fund
Predecessor
Fund Predecessor
Description
Allocation &
Administration
12100
Targeted Other Federal
Projects
Units & Faculties
Federal Contract Revenue
567000-567006
12101
Targeted Provincial
Projects
Units & Faculties
Provincial Grant Revenue
Provincial Contract
Revenue
564001-564009
568001-568010
12102
Targeted Industry
Units & Faculties
Other Contracts
569001-569014
12105
Targeted Misc Fnds Assoc's
Grants
Units & Faculties
Other Grants
566001-566998
12104
Targeted Indirect Cost of
Res (IMS - 613)
VP (Research)
12200
Income Funded Projects
Units & Faculties
12300
Transfers from Trust &
Endowment
12800
Gifts for Operating
Revenue Source
Revenue Account
Range
10
11
Trust &
Endowment
Units & Faculties
Social Sciences and
Humanities Research
N/A
Council of Canada (SSHRC)
External Sales & Service
Income
520001-524905
Internal Sales & Service
530001-534951
Income
Transfers in from Trust
820002
Gifts & Contributions
Gifts to Operating
540001-541000
589001
Finding the Predecessor Code
• Utilize the Operating Fund Hierarchy website
available online
– Aurora Finance Chart of Accounts webpage
www.umanitoba.ca/computing/renewal/aurora/finance/aca/coa
• Utilize FTMFUND in Banner
1.
2.
3.
4.
Enter Query
Type Fund code in Fund: field
Execute Query
…Predecessor Fund is listed
Deposits To Expense Lines
• There should be NO deposits to expense lines at all. The reasoning
behind this is that we don’t want to get to the end of the year and
have a credit balance sitting in an expense line account.
• For deposits that would have been reimbursing an expense on a
110000 fund (or any unrestricted fund), this should get deposited to
the specific departments cost recovery fund (we can set new ones
up if each department doesn’t have a cost recovery fund) and the
expense would be transferred from the unrestricted fund to the
cost recovery fund.
• For restricted funds, again nothing is deposited to an expense
account line. Rather it should be deposited to a revenue cost
recovery account line and the expense will be sitting on the
appropriate expense line which in theory nets out to zero.
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