georgia institute of technology fiscal year 2011 year end town hall meeting april 12, 2011 1:00pm...
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Georgia Institute of TechnologyGeorgia Institute of Technology
Fiscal Year 2011 Fiscal Year 2011 Year End Town Hall MeetingYear End Town Hall Meeting
April 12, 2011April 12, 20111:00pm – 3:30pm1:00pm – 3:30pm
Student Center TheaterStudent Center Theater
AgendaAgenda
Opening RemarksOpening Remarks Dr. Amir Rahnamay-Azar Dr. Amir Rahnamay-Azar
Closeout Review & GL Update Carol GibsonCloseout Review & GL Update Carol Gibson
Institutional Research and Planning Update Sandi BramblettInstitutional Research and Planning Update Sandi Bramblett
Business Services Update Judy Whitfield, Sharon JacksonBusiness Services Update Judy Whitfield, Sharon Jackson & Tammy Freeman & Tammy Freeman
Payroll Update Celestine English & Jerry JobePayroll Update Celestine English & Jerry Jobe
Salary Planning & Distribution Update Robert EllingtonSalary Planning & Distribution Update Robert Ellington
Grants & Contracts UpdateGrants & Contracts Update Sandy Mason Sandy Mason
Budget Office UpdateBudget Office Update Cheryl Rankin Cheryl Rankin
Questions from the AudienceQuestions from the Audience
Opening RemarksOpening Remarks
Dr. Amir Rahnamay-AzarDr. Amir Rahnamay-AzarSenior Vice President for Administration & FinanceSenior Vice President for Administration & Finance
Financial Statement Financial Statement Audit OutcomesAudit Outcomes
Audit FindingAudit Finding Control Deficiency that does not allow mgmt to prevent or detect Control Deficiency that does not allow mgmt to prevent or detect
misstatements timely, through the normal course of businessmisstatements timely, through the normal course of business
2 Types – (1) Significant Deficiency or (2) Material Weakness2 Types – (1) Significant Deficiency or (2) Material Weakness
Published in the audited financial statementsPublished in the audited financial statements
Most SevereMost Severe
Management Letter CommentManagement Letter Comment Comments on other matters that do not rise to the level of a Comments on other matters that do not rise to the level of a
significant deficiency or material weaknesssignificant deficiency or material weakness
Communicated to the President and BOR in a letterCommunicated to the President and BOR in a letter
Not published in financial statementsNot published in financial statements
Financial Statement Financial Statement Audit OutcomesAudit Outcomes
MisstatementMisstatement Error, omission or misrepresentation of information within the Error, omission or misrepresentation of information within the
financial statementsfinancial statements
Two Forms - (1) Known or (2) LikelyTwo Forms - (1) Known or (2) Likely
Not published in mgmt letter or financial statementsNot published in mgmt letter or financial statements
Misstatements are commonMisstatements are common
Exit Conference CommentExit Conference Comment Comments on other matters for discussion only at exit conferenceComments on other matters for discussion only at exit conference
Not published in mgmt letter or financial statementsNot published in mgmt letter or financial statements
Least SevereLeast Severe
Closeout Review & Closeout Review & General Ledger UpdateGeneral Ledger Update
Carol GibsonCarol GibsonController, Controller’s OfficeController, Controller’s Office
All changes from prior year listed in All changes from prior year listed in “bold text”“bold text”
Follow all deadlines for timely closeoutFollow all deadlines for timely closeout
PSoft Financials downtime, July 12, 13 & 14PSoft Financials downtime, July 12, 13 & 14
BuzzMart available during Financials downtimeBuzzMart available during Financials downtime
Financials open for FY 2012 on Friday, July 15Financials open for FY 2012 on Friday, July 15
Annual Financial Report due August 8Annual Financial Report due August 8
Closeout Review Closeout Review
Closeout Memo/Schedule/Calendar posted on:Closeout Memo/Schedule/Calendar posted on:– Controller’s Office Website - Controller’s Office Website - www.controller.gatech.eduwww.controller.gatech.edu
– Business Services Website - Business Services Website - www.procurement.gatech.eduwww.procurement.gatech.edu
– TechWorks – Login > Admin & Finance News PageletTechWorks – Login > Admin & Finance News Pagelet
PowerPoint Slides & Recorded Session posted on:PowerPoint Slides & Recorded Session posted on:– Controller’s Office Website - Controller’s Office Website - www.controller.gatech.eduwww.controller.gatech.edu
– TechWorks – Login > Admin & Finance News PageletTechWorks – Login > Admin & Finance News Pagelet
Closeout Resources Closeout Resources
Travel and Expenses ImplementationTravel and Expenses Implementation– BOR Mandate - expanded expense account list for travelBOR Mandate - expanded expense account list for travel
Lodging, Meals, Airfare, Ground Transportation, Parking, Mileage, Lodging, Meals, Airfare, Ground Transportation, Parking, Mileage, Rental Car, MiscRental Car, Misc
BuzzMart ImplementationBuzzMart Implementation– Invoices for items formerly purchased via PCardInvoices for items formerly purchased via PCard
Both implementations result in an increased number Both implementations result in an increased number of transactions on Expense Ledger (38)of transactions on Expense Ledger (38)
Review ledgers, GL team will request feedbackReview ledgers, GL team will request feedback
General Ledger UpdateGeneral Ledger Update
Sandi BramblettSandi BramblettExecutive Director, Executive Director,
Institutional Research and Planning/Institutional Research and Planning/Decision Support ServicesDecision Support Services
Institutional Research & Institutional Research & Planning UpdatePlanning Update
Is Georgia Tech (still) one of the Is Georgia Tech (still) one of the “Great Colleges “Great Colleges
To Work For”?To Work For”?
Survey Specifics:Survey Specifics:– Random sample of faculty/staffRandom sample of faculty/staff
– Web-basedWeb-based
– Questions pertain to workplace experience, job satisfaction, Questions pertain to workplace experience, job satisfaction, benefitsbenefits
– 20 minutes to complete20 minutes to complete
Timeline:Timeline:– Invitation and instructions to participate sent to sample on Invitation and instructions to participate sent to sample on
March 21March 21stst . Survey closes April 15 . Survey closes April 15thth..
– Sample participants will receive two communications from Sample participants will receive two communications from President Peterson before and during the survey.President Peterson before and during the survey.
– Results shared this summer.Results shared this summer.
Georgia Tech has elected to participate in The Chronicle of Higher Education’s “Great Colleges To Work For” survey!
Business Services UpdateBusiness Services Update
Judy WhitfieldJudy WhitfieldDirector of PurchasingDirector of Purchasing
Tammy FreemanTammy FreemanDirector of Business Systems and AnalysisDirector of Business Systems and Analysis
Sharon JacksonSharon JacksonDirector of Accounts Payable and TravelDirector of Accounts Payable and Travel
Important Purchasing Important Purchasing DeadlinesDeadlines
Follow chronological close out dates -posted on Follow chronological close out dates -posted on Business Services and TechWorks web sites. Business Services and TechWorks web sites.
All requisitions must have required All requisitions must have required documentation attached prior to processing. documentation attached prior to processing. Requisitions missing documentation will be Requisitions missing documentation will be returned to Requester.returned to Requester.
Open Encumbrances at Open Encumbrances at Year-EndYear-End
Friday, June 17Friday, June 17thth
– Deadline to request a new vendor in BuzzMart for Requisitions that do Deadline to request a new vendor in BuzzMart for Requisitions that do not go through Purchasingnot go through Purchasing
– Use P-Card if vendor is not in BuzzMart until new fiscal year opens on Use P-Card if vendor is not in BuzzMart until new fiscal year opens on July 5July 5thth
Thursday, June 23Thursday, June 23rdrd
– Deadline to submit Change Request FormsDeadline to submit Change Request Forms– For PeopleSoft POs, use the PeopleSoft Change Request form. For PeopleSoft POs, use the PeopleSoft Change Request form. – For BuzzMart POs, use the BuzzMart Change Request form.For BuzzMart POs, use the BuzzMart Change Request form.
Friday, June 24Friday, June 24thth
– Deadline for Approvers to Approve or Return all open Requisitions in Deadline for Approvers to Approve or Return all open Requisitions in BuzzMartBuzzMart
– BuzzMart will be closed for processing at close of businessBuzzMart will be closed for processing at close of business
– All unapproved Requisitions in BuzzMart will be returnedAll unapproved Requisitions in BuzzMart will be returned
Open Encumbrances at Open Encumbrances at Year-EndYear-End
Wednesday, June 29thWednesday, June 29th– The Open Encumbrance Report (GTPOR262) will be available The Open Encumbrance Report (GTPOR262) will be available
exclusively on TechWorksexclusively on TechWorks– Run/Print/ReviewRun/Print/Review
Thursday, June 30Thursday, June 30thth – Return with request to close encumbrance by Noon Return with request to close encumbrance by Noon – No accounting changes or increases.No accounting changes or increases.– No Open Encumbrance Reports will be processed to effect FY No Open Encumbrance Reports will be processed to effect FY
2010 or FY 2011 PO’s/budgets, if received after JUNE 302010 or FY 2011 PO’s/budgets, if received after JUNE 30 thth..
FY 2012 Purchase OrdersFY 2012 Purchase Orders
FY 2012 requisitions cannot be entered until FY 2012 requisitions cannot be entered until Tuesday, July 5Tuesday, July 5thth
Notice of Intent to Issue Purchase OrderNotice of Intent to Issue Purchase Order form form located on the Purchasing forms bank located on the Purchasing forms bank
FY 2012 transactions will not be available on any FY 2012 transactions will not be available on any financial reports until Friday, July 15financial reports until Friday, July 15 thth
PSoft Purchase OrdersPSoft Purchase Orders
Purchase Orders that were created before the rollout Purchase Orders that were created before the rollout of BuzzMart and originated in PeopleSoft will be of BuzzMart and originated in PeopleSoft will be cancelled or converted to BuzzMartcancelled or converted to BuzzMart
– FY2011 open purchase orders < $500 that originated in FY2011 open purchase orders < $500 that originated in PeopleSoft will be cancelled on June 24PeopleSoft will be cancelled on June 24 thth
– FY 2011 open purchase orders > $499 will be closed in FY 2011 open purchase orders > $499 will be closed in PeopleSoft and re-keyed in BuzzMart after June 24PeopleSoft and re-keyed in BuzzMart after June 24 thth
Re-keyed POs will have a new PO number that will not be Re-keyed POs will have a new PO number that will not be similar to the old PO number (no letters at the end)similar to the old PO number (no letters at the end)
Business Services will provide a crosswalk of the old PO Business Services will provide a crosswalk of the old PO numbers to the new PO numbersnumbers to the new PO numbers
Customer Service SupportCustomer Service Support
PeopleSoft PO questions:PeopleSoft PO questions:– [email protected]@business.gatech.edu
BuzzMart Requisition/PO questions:BuzzMart Requisition/PO questions:– [email protected]@gatech.edu
Vendor questions:Vendor questions:– [email protected] [email protected]
PCard UpdatePCard Update
The PCard is still a great procurement tool for small The PCard is still a great procurement tool for small dollar purchases from non-contract vendors and all dollar purchases from non-contract vendors and all registration payments.registration payments.
BuzzMart is theBuzzMart is the
procurement tool forprocurement tool for
Catalog vendors Catalog vendors
PCard DeadlinesPCard Deadlines Transactions Transactions posted by bankposted by bank by Monday, June by Monday, June
27th will be recorded in FY 2011.27th will be recorded in FY 2011.
Transaction information available on Tuesday, Transaction information available on Tuesday, June 28th, after 3pm. June 28th, after 3pm.
Redistribution via Works must be completed by Redistribution via Works must be completed by 4:00 pm on Friday, July 1st4:00 pm on Friday, July 1st
Redistribution via the Campus PCard (CPC) Redistribution via the Campus PCard (CPC) journal entry pagejournal entry page must be completed by 6pm must be completed by 6pm Friday, July 1Friday, July 1stst
Accounts PayableAccounts PayableWhat has Changed?What has Changed? If you receive an invoice that did not originate with a If you receive an invoice that did not originate with a
PeopleSoft or BuzzMart PO, use a Confirming Order e-Form PeopleSoft or BuzzMart PO, use a Confirming Order e-Form to get a BuzzMart PO# that will be used to approve invoiceto get a BuzzMart PO# that will be used to approve invoice
AP enters vendor invoices that reference a BuzzMart PO AP enters vendor invoices that reference a BuzzMart PO without additional departmental approvalwithout additional departmental approval
Match exceptions approved in BuzzMart, based on system Match exceptions approved in BuzzMart, based on system tolerances (5% up to $500 per PO)tolerances (5% up to $500 per PO)
Receiving required in BuzzMart for release of payment for all Receiving required in BuzzMart for release of payment for all orders over $2999orders over $2999
e-Payment Request Form used for catering, utilities, e-Payment Request Form used for catering, utilities, registrations, memberships (limited payment types)registrations, memberships (limited payment types)
Accounts PayableAccounts PayableWhat Hasn’t Changed?What Hasn’t Changed? Still approve invoices in WebNow—Do not attach to a Still approve invoices in WebNow—Do not attach to a
requisition!requisition!
Paper invoices go to AP to be scanned into WebNowPaper invoices go to AP to be scanned into WebNow
The Check Request FormThe Check Request Form
The Wire Transfer Request FormThe Wire Transfer Request Form
The AP Recurring Payment Request FormThe AP Recurring Payment Request Form
The Vendor Profile Form is still required for all new The Vendor Profile Form is still required for all new vendor set-upsvendor set-ups
Accounts Payable Accounts Payable DeadlinesDeadlines
Monday, June 1stMonday, June 1st– Deadline for approved invoices and Check Deadline for approved invoices and Check
Request Forms that reference a PeopleSoft PORequest Forms that reference a PeopleSoft PO Monday, June 20thMonday, June 20th
– Deadline for approved invoices that reference a Deadline for approved invoices that reference a BuzzMart PO and all BuzzMart PO and all other AP Formsother AP Forms
Properly approved on correct formProperly approved on correct form Valid account informationValid account information Supporting documentationSupporting documentation Sufficient encumbranceSufficient encumbrance Receiving completedReceiving completed Match exceptions resolvedMatch exceptions resolved
Accounts Payable Accounts Payable Year-End AccrualsYear-End Accruals
All invoices dated 6/30 and prior that are not paid this All invoices dated 6/30 and prior that are not paid this fiscal year must be accrued. fiscal year must be accrued.
Whenever possible, approve invoices in WebNow and Whenever possible, approve invoices in WebNow and submit to AP by year end deadlinessubmit to AP by year end deadlines
Do not “hold” paper invoices. Please submit all invoices Do not “hold” paper invoices. Please submit all invoices to [email protected] to be scanned to [email protected] to be scanned
into the invoice work queue and accrued, eveninto the invoice work queue and accrued, even if the invoice is not approved for payment.if the invoice is not approved for payment.
Pre-Paid ExpensesPre-Paid Expenses What are they?What are they?
– Payments that must be madePayments that must be made this this fiscal year for an expense fiscal year for an expense for a for a futurefuture fiscal year. Examples include registrations and fiscal year. Examples include registrations and airfare purchases paid prior to 6/30 for a FY12 airfare purchases paid prior to 6/30 for a FY12 conference/trip.conference/trip.
How do we make payments this FY?How do we make payments this FY?– Directly bill airfare through Travel Inc. Directly bill airfare through Travel Inc. – Use the CRF and check ‘Pre-paid Expense’ (include next Use the CRF and check ‘Pre-paid Expense’ (include next
FY’s expense account). FY’s expense account).
How are they posted?How are they posted?– Expenses will post to the FY12Expenses will post to the FY12
project ID/expense account in Julyproject ID/expense account in July
FY 2012 AP TransactionsFY 2012 AP Transactions
– First check run for FY12: July 5thFirst check run for FY12: July 5th
– Expenses will not post to ledgers or the GT Data Expenses will not post to ledgers or the GT Data Warehouse (web payment look-up tool) until Warehouse (web payment look-up tool) until July 15th, but July 15th, but TRUST USTRUST US,,
“ “The check is in the mail” The check is in the mail”
oror
““The EFT has been transferred”The EFT has been transferred”
T&E System HighlightsT&E System Highlights
Go-live date: Monday 4/11Go-live date: Monday 4/11
Only for Active GT EmployeesOnly for Active GT Employees
Navigate through TechWorks: T&ENavigate through TechWorks: T&E
Department T&E Administrator manages access Department T&E Administrator manages access for supervisors, preparers, and approversfor supervisors, preparers, and approvers
Transition to T&E SystemTransition to T&E System
All paper TESs for employees must be received All paper TESs for employees must be received in Accounts Payable by Friday, 4/15in Accounts Payable by Friday, 4/15
After this time, all Travel Authorization and After this time, all Travel Authorization and employee Expense Reimbursement must be employee Expense Reimbursement must be initiated through the T&E Systeminitiated through the T&E System
Transition to T&E SystemTransition to T&E System
Continue to include the paper TA for all Continue to include the paper TA for all reimbursements that did not initiate with a TA reimbursements that did not initiate with a TA from the electronic T&E Systemfrom the electronic T&E System
For reimbursements that initiated with a TA in For reimbursements that initiated with a TA in T&E, no need to include a copy with the scanned T&E, no need to include a copy with the scanned receiptsreceipts
Transition to T&E SystemTransition to T&E System
Employee Payment Request Form RevisedEmployee Payment Request Form Revised Use only for:Use only for:
– Reimbursements from STRAP, ParkingReimbursements from STRAP, Parking– Program advances for participant supportProgram advances for participant support– Program advances for study abroadProgram advances for study abroad– Reimbursement for group mealsReimbursement for group meals
Transition to T&E SystemTransition to T&E System
Travel EncumbrancesTravel Encumbrances
Any open travel encumbrances will be closed by Any open travel encumbrances will be closed by April 30April 30th. th. A TechWorks Change Request is not A TechWorks Change Request is not required.required.
The TechWorks T&E System does not encumber The TechWorks T&E System does not encumber funds funds
FY 2011 Non-Employee FY 2011 Non-Employee TravelTravel
This process will remain a paper-based TES processThis process will remain a paper-based TES process
5/135/13 - Last day for submission non-employee TES - Last day for submission non-employee TES for 4/30 and priorfor 4/30 and prior
6/206/20 - Final deadline for non-employee TESs - Final deadline for non-employee TESs
6/20-6/306/20-6/30 Trip end dates will be processed Trip end dates will be processed on a first-in, first-processed basis most likelyon a first-in, first-processed basis most likely after 7/5 using FY12 fundsafter 7/5 using FY12 funds
FY 2011 Employee FY 2011 Employee ReimbursementsReimbursements
All will be processed via the T&E System*All will be processed via the T&E System*
6/206/20 - Final deadline for T&E System approved - Final deadline for T&E System approved expense reimbursement reports to be submitted expense reimbursement reports to be submitted to the Travel Team.to the Travel Team.
Travel Authorizations can be entered through Travel Authorizations can be entered through 6/306/30
* Other than those on the Employee Payment Request Form* Other than those on the Employee Payment Request Form
Travel: Direct Airfare Travel: Direct Airfare BillingBilling
Airline tickets will be paid against FY11 funds if Airline tickets will be paid against FY11 funds if posted to the Institute account by June 8posted to the Institute account by June 8 thth..
Airfare for July 1 and later departure dates will be Airfare for July 1 and later departure dates will be posted to a pre-paid expense account if state funds posted to a pre-paid expense account if state funds are used. Provide valid FY12 project ID at time of are used. Provide valid FY12 project ID at time of reservation.reservation.
Customer Service SupportCustomer Service Support
For all T&E and travel questions:For all T&E and travel questions:
[email protected]@business.gatech.edu
For all Accounts Payable questions:For all Accounts Payable questions:
[email protected]@business.gatech.edu
For submission of electronic invoices:For submission of electronic invoices:
[email protected]@gatech.edu
Payroll UpdatePayroll Update
CelestineCelestine EnglishEnglish
Assistant Director, PayrollAssistant Director, Payroll
Payroll UpdatePayroll Update
PSF’S PSF’S
Completed ePSF By:Completed ePSF By:
May 13 May 13 For May Payroll/Summer PayFor May Payroll/Summer Pay
June 15 June 15 For June Payroll/Summer PayFor June Payroll/Summer Pay
Payroll UpdatePayroll Update
TIME DOCUMENTS: TIME DOCUMENTS:
TIME EDITOR WILL BE AVAILABLE FROMTIME EDITOR WILL BE AVAILABLE FROM
8 AM8 AM June 2June 2 Through 5PMThrough 5PM June 3June 3
8 AM8 AM June 16June 16 Through 5PMThrough 5PM June 17June 17
OFF CYCLE CHECK REQUESTSOFF CYCLE CHECK REQUESTS
Due in Payroll Friday, June 10 by 12:00 NoonDue in Payroll Friday, June 10 by 12:00 Noon
Overlap Accrual - Overlap Accrual - CorrectionCorrection
The accrual for biweekly wages earned in June but The accrual for biweekly wages earned in June but not paid until July will include 11 days.not paid until July will include 11 days.
Period Ending 06/29/2011 – 10 daysPeriod Ending 06/29/2011 – 10 days
Period Ending 07/13/2011 – 1 day (June 30)Period Ending 07/13/2011 – 1 day (June 30)
Summer Pay Summer Pay Processing CalendarProcessing Calendar
Period Begin Date End DateNew Hire PSFs Due in Payroll
Enter Summer Pay for this Pay Period By: Pay Date
1 May 16 May 31 May 13 May 20 May 31
2 Jun 1 Jun 30 June 15 June 21 June 20
3 Jul 1 Jul 31 July 15 July 19 July 29
4 Aug 1 Aug 15 August 15 August 22 Aug 31
Academic Contract PayAcademic Contract Pay
All other months start or end pays are All other months start or end pays are prorated based on days worked divided by prorated based on days worked divided by the total work days in that month.the total work days in that month.
August & May are ½ month pay regardless of the start August & May are ½ month pay regardless of the start or end dateor end date..
Full months are paid September through April.Full months are paid September through April.
Robert EllingtonRobert EllingtonDirector, SPD CenterDirector, SPD Center
Salary Planning & Salary Planning & Distribution (SPD) UpdateDistribution (SPD) Update
Early Annual Statement of Reasonableness (ASR) Form: Early Annual Statement of Reasonableness (ASR) Form: For Plan Confirmation System employees terminating in May :For Plan Confirmation System employees terminating in May :
Mon, April 18, the SPD Center will query Payroll Database for Mon, April 18, the SPD Center will query Payroll Database for Terminating employees and email list to Depts.Terminating employees and email list to Depts. (Please have PSF (Please have PSF Term actions processed)Term actions processed)
Departments will have a week timeframe to review and return list Departments will have a week timeframe to review and return list indicating who needs an early ASR.indicating who needs an early ASR.
SPD Center will print early ASRs indicated by each Department and mail by end of April for employee and Unit Financial Manager (UFM) certification signatures and date to be returned to the SPD Center.
No changes to the distribution on the early ASR can occur after they are printed or the certification is void and we will have to recertify.
SPD UpdateSPD Update
**Electronic**Electronic ****Annual Statement of Reasonableness (eASR):Annual Statement of Reasonableness (eASR):
• Email eASR link to Plan Confirmation employees (similar to Email eASR link to Plan Confirmation employees (similar to monthly eWAF notification)monthly eWAF notification)
• Online electronic certification by employee (intuitive process Online electronic certification by employee (intuitive process with instructions)with instructions)
• Online electronic approval by Unit Financial ManagersOnline electronic approval by Unit Financial Managers
• Manual ASRs backupManual ASRs backup
• Certified and Approved ASRs deadline - August 31Certified and Approved ASRs deadline - August 31
• Confirm Proposed/Committed Levels of Effort for PIs, Co-PIs, Confirm Proposed/Committed Levels of Effort for PIs, Co-PIs, and other Key Research Personnel prior to YR end close.and other Key Research Personnel prior to YR end close.
SPD UpdateSPD Update
Year End Close Dates: Year End Close Dates:
June 24 – June 24 – Deadline for 120 Day Late cost transfer requestsDeadline for 120 Day Late cost transfer requests to externally funded sponsored projectsto externally funded sponsored projects
June 30 - June 30 - Last Day for Paper SPD’sLast Day for Paper SPD’s
July 1July 1 - Last Day for Campus Online SPD Redistributions - Last Day for Campus Online SPD Redistributions
July 8 - July 8 - Email FY 2011 eASR’sEmail FY 2011 eASR’s
July 15July 15 - SPD Open for FY 2012 - SPD Open for FY 2012
August 31 – August 31 – Certified and Approved eASRs & manual ASRsCertified and Approved eASRs & manual ASRs Deadline.Deadline.
SPD UpdateSPD Update
Grants & Contracts Grants & Contracts Accounting UpdateAccounting Update
Sandy MasonSandy MasonAssociate Director, Grants & ContractsAssociate Director, Grants & Contracts
Grants & Contracts Grants & Contracts Accounting UpdateAccounting Update
G&C Cost Transfer Deadline – June 30G&C Cost Transfer Deadline – June 30– Paper and ECTPaper and ECT
– >120 days require additional approval>120 days require additional approval
Sponsored Project Exceptions Deadline – June 30Sponsored Project Exceptions Deadline – June 30– Over budget and/or Past TermOver budget and/or Past Term
– Undocumented exceptions must be clearedUndocumented exceptions must be cleared
Grants & Contracts Grants & Contracts Accounting UpdateAccounting Update
American Recovery and Reinvestment Act American Recovery and Reinvestment Act
(aka Stimulus Funding or ARRA)(aka Stimulus Funding or ARRA)
– TRANSPARENCYTRANSPARENCY = >Scrutiny = >Audits = >Scrutiny = >Audits
– Quarterly narrative updates of the activity performed Quarterly narrative updates of the activity performed during the reporting period provided by PIs should be during the reporting period provided by PIs should be properly edited and consistent with expense postingsproperly edited and consistent with expense postings
– Post all appropriate salary expenses within reporting Post all appropriate salary expenses within reporting quarterquarter
Grants & Contracts Grants & Contracts Accounting UpdateAccounting Update
Cost SharingCost Sharing
– Ongoing effort to record cost sharing expenses and Ongoing effort to record cost sharing expenses and “link” projects in GM database“link” projects in GM database
– Increased scrutiny by sponsorsIncreased scrutiny by sponsors Impact on invoicing/collectionsImpact on invoicing/collections Impact on financial reportingImpact on financial reporting
Cheryl RankinCheryl RankinDirector of Budget Management,Director of Budget Management,
Institutional Budget Planning & AdministrationInstitutional Budget Planning & Administration
Budget UpdateBudget Update
Two new policies recently posted on the Institute’s Two new policies recently posted on the Institute’s Budget Planning & Administration websiteBudget Planning & Administration website
Both focus mainly on General Operations fundingBoth focus mainly on General Operations funding Carry-forward requests Carry-forward requests
– Must be requested by Must be requested by DivisionDivision financial financial administrators by April 15administrators by April 15
Lapsed EncumbrancesLapsed Encumbrances– Departments no longer held harmlessDepartments no longer held harmless
http://budnet.pbf.gatech.edu/Policy/ http://budnet.pbf.gatech.edu/Policy/
Budget UpdateBudget Update
Sponsored AdjustmentsSponsored Adjustments– Complete sponsored adjustments as early as possible, especially Complete sponsored adjustments as early as possible, especially
any personal service adjustments. any personal service adjustments.
– Personal Services adjustments not only impact General Personal Services adjustments not only impact General Operation (Gen Ops) balances, but also the actual centrally-Operation (Gen Ops) balances, but also the actual centrally-budgeted fringe benefits the Institute pays.budgeted fringe benefits the Institute pays.
Cleanup of FundsCleanup of Funds– Clean up Department Sales and Services (DSS), Research Clean up Department Sales and Services (DSS), Research
Consortium, and Technology Fee balances.Consortium, and Technology Fee balances.
– DO NOT leave a deficit in Gen Ops and a balance in Research DO NOT leave a deficit in Gen Ops and a balance in Research Consortium. Consortium.
They will not offset one another.They will not offset one another.
Budget UpdateBudget Update
Budget UpdateBudget Update Align Personal Services and Non-Personal Align Personal Services and Non-Personal
Services budget to actual expenses.Services budget to actual expenses.– NPS by category should also be alignedNPS by category should also be aligned
999
Project / Description Budget Current Encumbrances Expenditures Current Balance
State AppropriationsPersonal Services
Wages & Salaries 125,000.00 18,750.00 106,750.00 (500.00) Fringe Benefits
Subtotal Personal Services 125,000.00 18,750.00 106,750.00 (500.00) Non-Personal Services
Travel 500.00 325.00 175.00 Operating Supplies 8,000.00 3,500.00 2,000.00 2,500.00 Equipment 2,000.00 2,500.00 1,000.00 (1,500.00)
Total Non-Personal Services 10,500.00 6,000.00 3,325.00 1,175.00
TOTAL 135,500.00 24,750.00 110,075.00 675.00
Summary of Budget Unit
Institute Hopes and Dreams
Georgia Institute of TechnologyBUD907 - Schedule of Fund Balance - by ORG without Fringes
March 29, 2011
Budget UpdateBudget Update
Please make sure all full-time employees’ @ Please make sure all full-time employees’ @ rates are correctrates are correct
The annual pay must not be more than the @ The annual pay must not be more than the @ raterate
Since there are no raises for FY12, the @ rate Since there are no raises for FY12, the @ rate and annual pay should be the same amount as and annual pay should be the same amount as of July 1, 2011of July 1, 2011
Contact your assigned budget analyst with any Contact your assigned budget analyst with any questionsquestions
Questions from Questions from AudienceAudience
• Budget OfficeBudget Office
• Bursar’s OfficeBursar’s Office
• Business ServicesBusiness Services
• Controller’s OfficeController’s Office
• Salary Planning & DistributionSalary Planning & Distribution
• Grants & Contracts AccountingGrants & Contracts Accounting
• PayrollPayroll