Budget and Finance Quarterly Email
You are receiving this message because you are part of the email@example.com group. This email list is used by the LSA Budget & Finance team to provide you with financial related news and updates, which we feel will be useful to all units.
FY14 Budget is Available
The FY14 budget (Red Book) has been released and is available for review in the Management Reporting Syste
Gap Analysis – Fiscal Year 2013
One important component of the LSA Internal Controls process is the completion of the annual gap analyses. The web based application within M-Reports is now available for units to begin completing gap analyses that are applicable to their unit for administrative processes. All units are to have this completed by September 6, 2013. There is one new process for FY13 – Financial Stewardship of Gifts (DART). The attached document provides step by step instructions for completing the on-line forms. Written procedures templates, internal control matrixes, and other useful information are located on the University’s Internal Controls website at http://www.finance.umich.ed
Several improvements and enhancements have been made to the web based process and online resources to make this year’s gap analysis as streamlined as possible for the departments, for example:
● A new feature has been added that allows units with multiple department Id's to select N/A to opt out of completing all gaps for the secondary departments.
● In cases where units do not participate in one or more of the administrative processes, the unit can click N/A on the summary screen to opt out of all of the questions on a specific gap.
● Notes have been added to clarify certain questions and to identify processes handled by LSA Shared Services.
For additional details, please refer to the email sent by Steve Schlecht on May 13, 2013, or contact your analyst with any questions.
New Project Grants Being Established for Bequest
You may have noticed new project grants being established for bequests in your department. This is due to chartfield requirements within the DART system, the new Donor & Alumni Relationship Tool which replaced the Donor, Alumni and Constituent Database (DAC) last year. While the system requires us to establish the project grants, to minimize any undue administrative burden on the managing department, Development and Financial Operations have agreed to inactivate these P/Gs once the bequest is set-up in DART, until funding from the bequest becomes available. Please contact your financial analyst with additional questions about these new project grants.
Celebratory Events (Retirements, Farewells, Birthdays, Showers, etc)
Accounts Payable has recently declined Concur expense reports that include transactions for most celebratory events. While this is not a change in policy, Procurement has been more strictly enforcing the SPG requirement for a strong business purpose to exist for all expenses. In general, while retirements and staff recognition are deemed reasonable University business, other events such as farewells, birthdays, showers, etc. that celebrate an individual are not considered University business and should therefore not be paid for on University funds. We ask that units continue to be good fiscal stewards of University funds in determining if events are appropriate and reasonable, and discuss any questions with your financial analyst. Please remember funding for eligible events should not be on the general fund.
ICRX-Class for Commencement Activities
It is very important when processing transactions to determine if they should be coded as indirect cost recovery excluded (ICRX) to ensure compliance with sponsored activity. The University’s Policy on Indirec
Submission of Expenses within 45 Days
As a reminder, in accordance with SPG 507.10-1, expense reports must be submitted within 45 calendar days from the end of the trip or the hosted event, or within 45 calendar days from the transaction date for purchase of supplies or other out-of-pocket business expenses. Ideally, expense reports should be submitted within 10 days, but the policy allows for submission up to 45 calendar days. Expense reports submitted in excess of 45 calendar days may not be reimbursed.
Best Practices for Managing Payments to Students (NEW)
Attached is a new document created by the LSA Finance Council with the help of Office of Financial Aid which outlines best practices related to payments to students in accordance with SPG 601.30. The document is also available on the LSA Budget & Finance Polic
LSA Immigration Fees Policy (NEW)
As a general framework, the College will provide reimbursement to hiring departments for H-1B and Permanent Residency immigration expenses for all tenure and tenure track faculty when the standard process if followed. Optional or expedited services that are not required will be the responsibility of the individual employee or the hiring department if agreed as part of the job offer. Please work with your financial analysts to request reimbursement for any incurred expenses that meet the guidelines as outlined in the LSA Immigration Fees polic
LSA Child Travel Expense Policy
The LSA Child Travel Expense p
LSA Hosting Policy (Update)
The LSA Hosting Policy aligns with the UM SPG (507-10.2, revised 2009) along with additional guidance issued by the Provost regarding allowable hosting costs. An updated version of the LSA Hosting Policy including a supplemental document specifically for development related hosting events, has been added to the website, providing additional rules and guidance for LSA departments.
Updates to the Real Time Financials (RTF) Toolkit
The University continues to make Real Time Financials (RTF) a priority, providing up-to-date and accessible financial information for project directors and staff. Several updates to the RTF Toolkit have been implemented to increase the effectiveness of the toolkit by making the information more easily navigated and more reflective of up-to-the-minute balances. The College offered a Real Time Financials Best Practices Training Session on August 1st (see attached presentation), which will be followed up by several lab sessions where users can receive hands on assistance and see the enhancements in the systems. This is an opportunity for one-on-one support as LSA units transition to the University’s e-Reconciliation system for financial reconciliation this Fall, with all units fully utilizing e-Reconciliation by.
Any LSA financial staff with job responsibilities related to Real Time Financials are welcome to attend the RTF Lab Sessions, currently scheduled on the following dates:
● August 14th from
● August 20th from
● September 3rd from
The enhancements in the Real Time Financials toolkit include:
● A new Payroll Summary report that shows payroll and benefit information organized by employee, journal date, and account group.
● The ability to create notes at the Project/Grant level.
● Additional Project/Grant header information including PI Name, Project Start/End Dates and Budget Period Start/End Dates
● A-21 Monitored flag for sponsored Project/Grants
● Link from M-Pathways to M-Reports
● A new % Effort report, available from the Project/Grant Budget Status Report (PBSR) as well as the Summary of Project/Grants Report, shows the current level of effort for each employee assigned to a project/grant.
● A new % Expended column on the Summary of Project/Grants Report and the Project/Grant Budget Status Report (PBSR) that shows the percentage of expended funds that have been spent in comparison to the amount budgeted for sponsored Project/Grants.
● Primary investigators can now assign secondary or proxy access to a project/grant.
● The shortcode for a Project/Grant has been added to the Project/Grant Budget Status Reports and the Project/Grant Information reports.
● The ability to create notes at the Project/Grant level.
● New Alternate Title field to allow for a “nickname” to more easily identify the Project/Grant.
Please let your analyst know if you have any questions or needs related to any of these items.
Thank you for all of your efforts.
The Budget and Finance Team
LSA Faculty & Staff
- Academic Affairs
- Budget and Finance
- Chairs and Directors
- Development, Marketing & Communications (DMC)
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- Information Technology (LSAIT)
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- Office of the Dean
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- Standard Practice Guide
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