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Fund Consolidation

Fund Consolidation. Budget & Financial Planning Controller’s and Fiscal Operations. Fiscal Strength. Expenditure control Reporting Multi-year planning Analysis. Enrollment Student fees State support Grants (federal, state) Other ( ESS , Auxiliaries). Endowment Investments Reserves

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Fund Consolidation

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  1. Fund Consolidation Budget & Financial Planning Controller’s and Fiscal Operations

  2. Fiscal Strength Expenditure control Reporting Multi-year planning Analysis EnrollmentStudent fees State support Grants (federal, state) Other (ESS, Auxiliaries) EndowmentInvestments Reserves Debt Physical infrastructure Deferred maintenance IT infrastructure

  3. Expense managementdemonstrate effective cost management & long-term planning • Expenditure control Analysis • • actual to budget results • depth of understanding • • growth trends • evidence informs plans • • comparison to peers • linked to outcomes • • inform actions • Reporting • • integrity of data • • systems that support customers • • mgmt reporting that informs decision • Multi-year reporting • • capital plan • breadth of understanding • • enrollment planning • decision horizon • • integrity of modeling

  4. Expense GrowthFY13 = balanced budget

  5. Our life is frittered away by detail. Simplify, simply. Henry David Thoreau (1817-1862)

  6. The Case for Change • Why? • over 80 active, unrestricted trust funds • 1,200 plus chartstrings • Complexity which • challenges fiscal managers • consumes resources • blurs the clarity around issues • compels us to reconcile accounts • isn’t adding value Why not? Amherst providing wealth of lessons learned

  7. All revenue belongs to the Commonwealth. MGL delegates use of revenue to the Board of Trustees. The Board of Trustees delegates use of revenue to the Chancellors of each campus, along with statement of purpose. Massachusetts General Law (MGL) The Chancellor allocates resources through the annual budget process.

  8. CTF • CAPS • Late fees • Lab fees • Hybrid • New Student • Graduate studies • Teach next year • Educational Services • Placement • ID • Yearbook Trust Funds

  9. Trust Fund & Organizational Units

  10. Student Fees GOF1

  11. Cost Center Changes 278 cost centers

  12. Changes Preparing our systems Payroll (PeopleSoft) Finance (PeopleSoft)BuyWays (SciQuest) Budget development (FAST) Student financial system Internal recharges (mail room, phone, copiers) Preparing our customers New speed types Form revisions Reporting

  13. Implementation Timeframe DecDraft list of funds (core team) UITS payroll support Jan-Feb Draft work plan (core team) One-on-one meetings with areas (OBFP) Proposed budget process changes (OBFP) FAST test database (OBFP) MarFinal list of funds Payroll testing FY14 base budget (OBFP) Apr-May VC budget development (you) Jun PeopleSoft changes (Controller’s) blanket POs cancelled (Purchasing) production payroll changes (HR)

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