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Divisions Recordkeeping …..Currently…..

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Divisions Recordkeeping …..Currently…..

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  1. Divisions Recordkeeping…..Currently…..

  2. Division’s Recordkeeping…. ….The Future …….

  3. Card & Check Transactions Document Storage & Retrieval Check Issuance & Deposits Budget Information Financial Reporting Division 3 Division 2 Division 4 Division 1 Division 5 PEF Headquarters

  4. How Do We Get There? • PEF’s New Services Provided To Divisions • Banking Changes • Purchase Card Use • Check Issuance • Deposit service • Reconciliation of Divisional Account Balances • Allow Interest To Be Earned on All Idle Funds • Financial Reporting • Web Reports replace the need for Journal Registers • Document Storage & Retrieval

  5. Banking Changes

  6. Past: Amalgamated PEF HQ accounts Divisions accounts SEFCU Other PEF accounts Checking Savings Various banks Divisions 2nd Accounts Future: Bank Of America All PEF Headquarters accounts All Divisions accounts Purchase Cards OR Checking+Savings Accounts Banking Changes

  7. Banking Change Goals • Earn Interest • 12/31/06 • $40,000 was in interest bearing accounts • Earning between 1.6% to 1.95% • Future – Using the PEF Purchase Card Program • All Divisions will earn interest (currently approx 4.6%) • Interest will be added to you Purchase Card balance during the year • Note: Divisions who choose to have a checking account cannot earn this higher level of interest. • Local bank accessibility • Eliminates need for 2nd Accounts .

  8. Bank Of America Coverage Areas

  9. Purchase Cards

  10. How Does a Purchasing Card Work? 1 Place order Receive goods 2 Supplier Division Cardholder Merchant paid within 2 days of transaction General ledger Request for authorization Payment 4 3 Create entries One consolidated payment to bank Payment Scheduled electronic data Post-purchase, PEF receives a data transmission of transaction detail where default cost allocation is applied electronically and moved via an interface into PEF’s G/L . PEF HQ Accounting BANK OF AMERICA

  11. The New Divisions’ Approval Process Bank of America Web Based Approval Software PEF’s New Web Reporting System Purchase Card System

  12. Online Review and Approval • Easy Web Access • Electronic review and approval • Email notifications

  13. Purchase Card Online System

  14. Check Processing Service

  15. Remote Deposit Service

  16. ARC IRD Bank of America Image Exchange Payor Bank PEF Bank How Remote Deposit Service works Step 1 Step 2 Step 3

  17. Benefits • Convenience • Faster check deposit processing • Faster access to funds • Faster notification of returned items • Less work for Divisions to do !!!

  18. Information Access - Online Reporting • Goals: • Eliminate the need for the Quarterly Journal Register • Enable Divisions to manage effectively against their budgets • Deliver instant access to up to date information • Allow online access to scanned supporting documentation • Solutions • Purchase Card Dashboard • PEFS Secure Web Based Reporting • www.PEFReports.com .

  19. Purchase Card Dashboard

  20. Online Access To Reports • www.PEFReports.com

  21. Let’s Recap….

  22. Recap of New Services: • Use Purchase Cards • Instead of writing checks • Earn Interest • On unspent monies • PEF deposits checks for you • Through our new Remote Deposit service • PEF does your Financial Reporting • You won’t need to fill out Journal Registers any more • PEF reconciles your Divisional Account Balances • We will do all your account reconciliations for you • PEF issues paper checks for you • PEF handles your document storage • We ensure your compliance with Federal and State record retention requirements .

  23. Rollout Schedule • PEF HQ Bank account changes • May 2007 - completed • Purchase Card Pilot Program • October – December 2007 • Internal Staff • Selected Regional Coordinators • January – March 2008 • Volunteer Divisions • Divisions Conversion to Purchase Cards • April 1 2008 – Open to all Divisions