University of Michigan Administrative Information Services

1. University of Michigan Administrative Information Services Real Time Financialsand Web ReportingProject Update for Financial Unit Liaisons October 17, 2007

2. Agenda • Real Time Financials (RTF) Project Update • Web Reporting for RTF • Ultimate Vision for RTF • Questions

3. Real Time Financials (RTF) Project Update

4. RTF Project Charge The Real-Time Financials (RTF) team was charged by the Associate Vice Presidents for Finance, Research and MAIS with two primary goals: • Identify ways to better integrate the central accounting system with local supplemental systems in order to reduce redundant efforts • Make financial information more accessible to project directors

5. RTF Phase 1 Scope • Provide estimate information for Payroll, Benefits, and Financial Aid in the central systems and the U-M Data Warehouse • Provide supporting corporate documents in the U-M Data Warehouse to assist with: • Data validation • Decision making • Reconciliation • Enhance the Project Budget Summary Report (PBSR) to include estimate information • Provide data needed for Web Reporting and Faculty Interface initiatives

6. RTF Phase 1 Status Migration of estimate information to the appropriate HE and FIN Data Warehouse data sets and BusinessObjects universes: • Payroll, Benefit, and Financial Aid estimate detail was made available in the appropriate data sets (PY01, SA04) • Summary estimate information for Payroll, Benefit, and Financial Aid estimates was made available in the Financial data set (FN01) • Financial Aid (SA04) and Summary GL (FN01) estimate information will be refreshed weekly • Payroll and Benefit estimate data will be incrementally refreshed daily. Changes made to employee appointments will be available in the U-M Data Warehouse the next day • The U-M Data Warehouse includes one prior fiscal year, the current fiscal year, and one future fiscal year of estimate data Roll out of the enhanced PBSR completed for May 2007 month-end reporting cycle

8. RTF Phase 2 Scope • Include BRD and IDC calculations in the Data Warehouse • Implement Journal Entry (JE) workflow functionality to allow streamlined routing of JEs for approval • Increase the posting frequency of AP vouchers to the General Ledger • Enhance Unit Defined Commitment (UDC) functionality to include the ability to use ShortCodes to post UDC information • Provide for annotations to expenses that are already in the system • Ability to flag financial transactions as reconciled • Improved reporting ledger functionality

9. Web Reporting for Real Time Financials

10. Two Categories of Users/Content Highest Priority: Financial reports for faculty about their research projects • Mandate from Executive Officers: Provide faculty with ready access to timely information about the budget/fiscal status of their research projects Financial reports for financial managers and reconcilers

11. Financial Reporting for Faculty

12. Financial Reports for Financial Managers and Reconcilers • Reports • Source/Use by Fund/ Dept / Program • Statement of Activity by Fund/ Dept / Program • Thresholds / Alerts • Update capability for Annotations, reconciliation flags • Rollout - tbd

13. The Ultimate Vision for Real Time Financials

14. Vision • Make meaningful, easily accessible, financial information available to Principal Investigators and Departmental and Project Administrators • Real Time project balances • Annotations • Reconciliation flags • Provide an end to end reconciliation tool utilizing the central system • Eliminate the need for costly and time consuming supplemental systems • Eliminate duplicate entry of data • Streamline the reconciliation process • Provide for an all funds solution

15. Questions Thanks!