budget and financial reporting overview unit holders and...
TRANSCRIPT
Budget and Financial Reporting
Process & Information –
for Unit Holders Responsible for
Budget and Administrators
Alumni Affairs & Development
September 1, 2020
Budget and Financial Reporting 101 – Who to Contact
• Tina Gianfrancesco, Financial Coordinator,
[email protected] – submitting invoices, general
questions on coding, setting up purchase orders, budget questions,
event processing, etc.
• Jenn Slade, Manager, Financial Reporting – [email protected],
FRS report requests for budget/actual, budget questions, etc.
• Lauren Hanlon, Associate Director, Financial Services –
[email protected] – requests for budget increases/changes
to base budget, notification of any potential budget overrun for your
unit, provide a copy of annual budget details, forecast discussions.
Budget and Financial Reporting 101 – Key Dates
• Monthly – your reports will be provided showing YTD information and
transaction information for each unit. An acknowledgement email is
requested to confirm your review.
• September – Submission of forecast update for this fiscal year **this
is first year – 20/21 this additional forecast has been requested.
• November/December – Financial Review of your unit with Associate
Director, Financial Services, including budget to actual results, and
discussion of forecast for the rest of the fiscal year for Forecast
submission in January/February, and discussion of expenses for next
fiscal year.
• January – Submission of forecast for this fiscal year.
• February/March – Submission of next year’s fiscal plan to the
Central Budget Office. Presentation to Budget Committee in March.
Budget and Financial Reporting – Key Files
• Financial Reporting information can be found in the AA&D T Drive/P
Drive/ AA&D Division Wide Information/Budget Coding folder. We
recommend you save this as a shortcut.
– The Budget Architecture File provides information on coding, units,
common object codes, and project codes for each unit.
– The Budget Reporting/Invoicing folder contains the monthly reports
and transaction listing, and invoice copies for each unit, and the
overall budget information. These files are limited to those who require
access. The list of Administrators and those with access is on the
‘Approved Administrators’ file.
Budget and Financial Reporting – Key Roles
• Unit Holder = person responsible to manage the overall budget of the
Unit, flag and discuss potential overruns and direct the expenses for
their team.
• Administrators = person responsible to work with Unit Holder to
review the transaction listing and monthly reports and investigate any
issues and submit the monthly acknowledgement to
Budget and Financial Reporting 101 - Coding
• Common coding questions and overview is located in the Budget
Architecture File including units, what types of expenses get coded to
units, common object codes, and project codes for each unit.
• Any revenue/expense that is to be booked in the University’s books
through the financial system (FRS) must be booked with a specific
code. This includes FUND, UNIT, GRANT, PROJECT, OBJECT code.
Fund Unit Grant Project Object
100 0XXXXX 000000 XXXXXX XXXXX
Red segments denote areas to change.
All operating expense coding for AA&D has the following pattern:
Fund Unit Grant Project Object
101 039100 000000 XXXXXX XXXXX
*Fund is 101 (not 100)
For PDR ONLY (personal development reimbursement) credits - *P&M* if this applies
to your role, and you allocated to the PDR account vs taxable wellness benefits
Red segments denote areas to change.
Budget and Financial Reporting 101
• Within the Budget Architecture file all of the Units for AA&D are
summarized on the ‘Summary tab’
Budget and Financial Reporting 101
• Summary of Key Information for all Staff:
Budget and Financial Reporting 101
• Some common expenses and information on coding:
Budget and Financial Reporting 101
• Common object codes can be found on the ‘Object Code’ tab
Object Codes
Budget and Financial Reporting 101 – Purchase Order
• Purchase orders are required to be setup for any cost over $5K and
over. Please reach out to [email protected] as EARLY as
possible to start this process during the quote process.
• This process can take time, potentially require non-compliance
justification and approvals from various parties depending on the value.
This process must be complete before an invoice can be paid.
Budget and Financial Reporting 101 – Invoice Refresher
• All invoices are to be sent directly to [email protected] for
payment. The Financial Coordinator will submit them onto Payment
Services for processing.
• Please forward copies of any AA&D internal invoices (such as
hospitality), or P-card expense invoices/receipts to the
Administrator of the Unit to save to their Financial Reporting
‘Invoice’ folder. This is to ensure we have copies of these financial
records as ZERO details of the expense other than the cost are
included in FRS. If it is related to Associations or anything outside of
AA&D units, please send copies to [email protected].
Budget and Financial Reporting 101 – Invoice Refresher
Tips on Sending Invoices to [email protected] :
• If not on the invoice, please add a note either on the invoice or in the
email describing the purchase (event, attendees, etc.)
• When you send the invoice, please provide the coding required,
including at a minimum the unit, project code (if applicable) and object
code. The Financial Coordinator can assist you determine the correct
object code if you are unsure.
• If you are sending an invoice as information, and NOT for
payment, please ensure in the Subject Line and in the email you
let us know that this is only an FYI and NOT for payment. This
will avoid any potential duplicate payments.
Budget and Financial Reporting 101 – Expense Claim
• Employees can utilize ECS system to process expense claims. Please
ensure you know what unit/project code to book these expenses against
before processing your claim.
• Expense Claim System (ECS), Travel & Hospitality Policies and PDR –
https://www.uoguelph.ca/finance/departments-services/treasury-
operations/travel-expense-claims
• Best practice is to submit expense claims promptly – within 30 days of
them being incurred. This ensures accurate financial reporting. If you have
expense claims that are very small, some exceptions can be made to
submit more than 30 days, however ALL expense claims must be
submitted in the fiscal year they occur.
Budget and Financial Reporting 101 – P-Cards
• Some units utilize P-Cards for purchasing.
• It is critical that these costs are reconciled and re-allocated to their
correct object codes and units for accurate financial reporting.
• Otherwise we will see a large bucket of costs in only a few units under the
63356 – Procurement Card Object Code.
• It is preferred to use direct invoice over P-Cards where possible as it
allows for more detail in our financial reporting system.
Budget and Financial Reporting 101 – Overall Budget
• Every November/December, Associate Director, Financial Services will sit
down to review the components of your budget. A high-level copy of the
budget will be provided in the Budget Reporting & Invoicing folder for you
to review at anytime.
• It is expected that you know your annually recurring vendors and costs for
services/goods, so these can be reviewed.
• For any potential budget overruns, and costs that you want to incur
that are outside of your base budget, these must be discussed with
your SLT member, and approved with Director, Advancement Services
and Associate Director, Financial Services.
*2020/21 Savings Identified from Base Budget
• Specific savings on travel and discretionary costs have been identified
off of the base budget due to COVID-19. These have been separately
communicated to SLT members and will be flagged in copies of the
budget in your Budget Reporting folder.
• These will NOT be in the FRS system or shown in the reports off of
the base budget. You will need to manually review to ensure we are
tracking close to the savings identified.
• Professional Development is an area identified across the board,
that we are looking to target a 50% reduction. This should naturally
occur due to reduction in travel and lower training fees (virtually
based). Please ensure when you are reviewing your Object Summary
– Project Reports for Project 800050, that you ensure we are tracking
to that level. If there are special exceptions requested to this, please
review with Director, Advancement Services, and Associate Director,
Financial Services.
Monthly Report Review Process
Monthly Report Overview
• Each Unit Holder with their Administrators support reviews
the monthly YTD results, and the transaction listing to:
– Identify any transactions that do not belong to their unit
(and notify [email protected] immediately if
you notice any).
– Review how they are tracking budget to actual to monitor
their spending. Any potential overruns should be
discussed with Associate Director, Financial Services.
• Monthly reports will be targeted to be updated by the
15th of the following month (with the exceptions of
calendar and fiscal year-end which may be slightly delayed).
Monthly Report Overview – Location of Files
• All monthly reports
are available the
Budget Reporting
and Invoicing folder
• Each unit has its own
folder, with OVC and
OAC having
summary folders.
• Every year will have a
new fiscal year folder
– so copies of
previous years
reports and invoices
will be retained.
Monthly Report Overview
• In each folder, you can
select the fiscal year, and
select the month you are
looking to review.
• For fiscal 2020/21 – the
reports start from July
onwards and include YTD.
• Each monthly folder
includes a Unit YTD high
level summary and a Unit
Project YTD summary.
• Outside of the folders, the
Transaction Summary
Project includes a tab for
each month with every
transaction in the Unit.
• The Invoices folder will include a copy
of all invoices sent to
should include copies of hospitality
invoices and P-Card expenses that
have been forwarded to administrators.
For 2020/21 – the folders will
ONLY contain YTD reports from
July onwards (transaction listing
will show all month May-April)
Monthly Report Overview – Confidentiality Note on Salary
Note for most units, we have left payroll costs included within the reports
(with the exception of OVC/OAC as unit administrators are not responsible
for payroll administration).
Please be mindful that although the high level Unit reports will combine all
individuals in the unit together, if your Unit only has one or two individuals, it
may be transparent as to an individual’s salary. Also, for some units, the
salary costs are isolated in Project Codes (i.e. by College), which can also
allow an individual’s salary to be seen in the Project reports.
Please do not circulate these reports without being very certain that
you are not sending out information that allows someone’s confidential
salary to be visible.
IMPORTANT NOTE ON CONFIDENTIALITY OF THESE
REPORTS – SALARY INFORMATION!
Monthly Report Overview – Object Summary Unit Report
This report is a high-level view of the Unit’s financial state for the fiscal year
and consolidates all project costs by Category and Object code, and shows:
• Month-to-date (MTD) costs
• Year-to-date (YTD) costs
• Any commitments (COMM) which can include committed payroll (TFT
that have started and any RFT) and any purchase orders (POs). (*Note:
COMM will not include any part-time salary costs or any TFTs who have
not began and it will only show the committed length of the TFT contract).
Note if you have MULTI-year PO’s – the entire PO value will be shown,
not just this year – so it might show more commitment than exists).
• The balance or funds available is the amount of budget you have
remaining after taking into account the YTD costs and the COMM costs.
Monthly Report Overview – Object Summary Unit Report
Month-
to-date
Costs
Year-
to-date
Costs
Committed Costs (salary excluding PT, and
TFT not started and POs)
Date
report
is runMonth End
Date of
Report
Unit #
and
Name
Budget
for the
UnitFunds available (Budget less YTD +
Comm)Category
Object Code
Monthly Report Overview – Object Budget Misalignment
• Note that the Object spend may not line up to a Budget amount.
• Sometimes we budget in certain categories, but the spend may end up in
another.
• Sometimes we allocate carryforward to a unit for extra spend for special
activities – and it will show up at the bottom of the report as Budget
Adjustment line item. If you have this line item and you are unsure what
it relates to please reach out to us.
You can see no budget assigned for the 62411 Hospitality Object Code, so
it shows as overbudget, however; there is a $10K general Travel budget
assigned to the unit. As long as you are below budget for the Unit as a
whole you are OK.
Monthly Report Overview – Object Summary Project Report
• If you have created or have costs that should be booked to particular
Project codes in the budget architecture, this report is used to assess the
costs to date for these Projects.
• Note that most projects will NOT have budget assigned to them. We
anticipate that most unit holders will have separately assigned their high-
level budget to projects. You will need to manually assess whether the
costs in these projects are on budget.
• Project Code 800050 is for Professional Development and this
project DOES have budget assigned (note that some units may have
the PD budget centralized for the Director to better decide how these
costs will be allocated). It is expected that leaders ensure they are not
overbudget for PD.
• Each Project Code will have its own page in the pdf document, including
a Non-Project Activity report on the first page. This includes all costs
NOT booked to a project code. So if you have no project costs in your
Unit, this report will be exactly the same as the Object Summary – Unit
report.
Monthly Report Overview – Object Summary Project Report
• Below is the Object Summary Project Report first page report for the
previous example – Unit 039489. The Non-Project Activity Summary.
• In all cases this first page is meaningless, as the Unit Holder will have
decided how this budget should be allocated, but it will not be
represented in these reports. IGNORE the Budget in this report.
This summary is not useful – as the Unit Holder will have manually discussed allocating this
budget into Project Codes, but will not have updated it in the system. The Object Summary
Project report is to primarily view the Costs YTD by active Project code to determine
whether it looks reasonable to what budgets have been discussed.
Monthly Report Overview – Object Summary Project Report
• Project Codes 80001-800020 are only used for salary/benefit information
for certain teams to help segregate College costs.
• Project 800021-onward are used at the discretion of the Unit holder, to
help define buckets of costs that should be tracked.
• For example for 039489 – project codes are used to track the costs of
each Senior Development Manager by College.
You can see no budget assigned for the 800023 Project code. The budget is assigned as
Non-Project Activity for this unit. It is expected that this Unit Holder has provided the person
who is charging costs to this code a budget that they should stay within. This will need to be
compared manually to what has been decided.
Transaction Summary Excel Report
• The Transaction Summary excel spreadsheet has every transaction of
the unit detailed by Month along the tabs at the bottom of the sheet.
The transactions will be grouped by Project code.
– US BANK NATIONAL is from Procurement Card purchases. These are to
be re-coded to their appropriate Object Code to ensure accurate financial
reporting.
– Spreadsheet/Hosp are from Internal Hospitality purchases.
– Payables with an employees’ name are from Expense Claim System
(ECS), but there will be no details on the vendor. The employee will have
submitted the expense claim to their supervisor for approval, so you should
have a copy if you are the supervisor. If you are not the supervisor, we
recommend you reach out to the employee for further details.
• Please review each transaction to ensure it is appropriately
booked to your unit.
Project
Full Coding – If you want to know what the detailed
transactions are for an object code from the Object Summary
report – look for the object code here – last 5 digits.
Monthly Review & Acknowledgement Requirement
• Due by the end of the month (unless otherwise specified),
please send the following email confirmation to
• Subject Line – Budget/Transaction Review Unit #0XXXXX –
Approved OR Action Required (Month/Time Period covered of
approval)
• I have reviewed with the Unit Holder the Object Summary – Unit and
the Detailed Transaction Report for unit #:000000 for [month/fiscal
year] and can confirm that I have reviewed the budget to actual
expenses year-to-date and that all expenses booked to this unit
appear accurate for the period.
• If there are any unexpected costs that you do not recognize,
please work with our team to identify the appropriate unit to re-
book these costs as soon as possible.
• Note that if there are costs above your base budget for your unit
(or costs that are not factored into your budget that will likely
cause an overrun), that these should have been pre-approved
as one-time funding with your SLT/Director Advancement
Services and Associate Director, Financial Services.
Ad hoc/Specialty Reporting
• If you have the need for any reports outside of the standard reporting,
please email [email protected]
Resources
Resources
• Payment/Procurement Information -
https://www.uoguelph.ca/finance/departments-services/purchasing-
services
• Purchase Order Requirements/Thresholds -
https://www.uoguelph.ca/finance/departments-services/purchasing-
services/making-purchases
• Purchasing Detailed Policies -
https://www.uoguelph.ca/finance/policies-procedures/procurement-
payables-policies-procedures including Purchase Policy -
https://www.uoguelph.ca/finance/purchasing-policy
• Expense Claim System (ECS), Travel & Hospitality Policies and PDR
– https://www.uoguelph.ca/finance/departments-services/treasury-
operations/travel-expense-claims
Questions?