cco fiscal news january 2016 edition
DESCRIPTION
CU-Boulder Campus Controller's Office e-newsletterTRANSCRIPT
In This Issue
CA
M
PUS CONTROLLER’S OFFICE presen
ts FI$CAL NEWS
Area Accounting | Sponsored Projects Accounting | Central Operations Cost Accounting | Technical Operations
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Properly Manage Sponsored Project Cost Transfers (Fund 30,
31)
December Month-End Close Extended to Friday, January 8,
2016
Journal Entry and Cash Transfer Create and Approval Deadline
Concur Training Videos from the OUC
New Mileage Rate Takes Effect January 1
Administrative Policy Statements under Review
2016 Procurement Service
Center “No Agenda” Forums
CPE for CPAs
CCO CU-Boulder Campus Training
Meet the Team: CCO Cost Accounting
Staff Interview: Jiao Hemphill, CCO Effort
and Compliance Accountant
JANUARY 2016
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CU Campus Controller’s Office www.colorado.edu/controller2 3
. INSTRUCTIONS .Click here to access full descriptions
and to add an event to your personal calendar.
DECEMBER - JANUARY Monday Tuesday Wednesday Thursday Friday
FEBRUARY 2016
• Finance System campus close for Dec 2015 – 6:00 PM
• Gift Expenditure cut-off to make the Jan 8 CUF wire transfer
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29• Deadline for fully approved expense
reports to ensure upload for Dec
• All Unposted Dec Journals will be deleted starting at 10:00 AM
• Dec. Allocations Run and Finance System Closes
• CIW is now updated with month-end closing entries. Dec statements are ready for review and reconciliation
• Gift Expenditure cut-off to make the Jan 15 CUF wire transfer
• Gift Expenditure cut-off to make the Jan 22 CUF wire transfer
• Allocation changes and creates due for Jan business. Email [email protected]
• Check for unposted Jan journals to correct, approve or delete
• CIW is now updated with month-end closing entries. Jan statements are ready for review and reconciliation • Reminder: please do not create,
validate or approve Jan JEs and PETs after 6:00 PM
• Jan allocations run and Finance System closes, so please do not create, validate or approve any Jan journals today
• All unposted Jan journals will be deleted starting at 10:00 AM. Departments have until 10:00 AM to copy them into the next period
• Creation/validation/departmental approval of JEs for Fund 30/31 projects, Fund 34 gift funds and all Cash Transfers are due for Jan, 5 PM
• Gift Expenditure cut-off to make the end-of-month CUF wire transfer
• Reminder: please do not create, validate or approve Dec JEs after 6:00 PM
• Check for Unposted Dec. Journals to Correct, Approve or Delete
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• Finance System campus close for Jan 2016 – 6:00 PM
• Happy New Year from CCO!
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• Creation/validation/departmental approval of JEs for Fund 30/31 projects, Fund 34 gift funds and all Cash Transfers are due for Dec, 5 PM
• CU-Boulder Campus Closed
• Sales tax documentation for the previous month’s sales tax due to: [email protected]
Please note: due to the FIN 9.2 upgrade, December close dates may be subject to change.
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CU Campus Controller’s Office4 www.colorado.edu/controller 5
CCO UPDATES Properly Manage Sponsored
Project Cost Transfers
A cost transfer involves the recording of an expense in a sponsored
project FOPPS which was previously charged under a different account code or FOPPS. Cost transfers for sponsored projects is most often a correction to an error and as such an exception, not the rule. Timely communication between PIs and departmental administrators can reduce the need for cost transfers/journal entries (JEs) by appropriately assigning costs from the onset. A thorough review of financial reports can help quickly identify any expenses that may have been incorrectly assigned and ensure the expenses are moved and appropriately allocated.
The Campus Controller’s Office (CCO) has a monthly deadline by which journal entries need to be created and approved within the department before we will provide secondary approval. JEs created after the deadline may not receive secondary approval in time for month-end close. These dates vary slightly by month due to weekends, holidays, etc. and are available in this newsletter and on our website at: http://www.colorado.edu/controller/calendar.
The time limits listed here pertain to the number of days after the end of the month in which the transaction(s) appears on the financial statement:
Transfers made within 30 days are generally considered acceptable. When creating your correcting journal, be sure to include a thorough explanation in the JE header description and upload helpful attachments. This should provide
sufficient justification. In many cases, no further documentation will be required by CCO/SPA.
Transfers made between 30 and 90 days – please attach to the journal written justification and relevant back-up documentation.
The explanation in the JE header description should also include:
• Benefit to the project receiving the expense
• Reason this project did not receive the original charge
• Justification for the length of time before the transfer was initiated
Transfers made after 90 days may violate CU policies or Uniform Guidance and could potentially result in expenses that are unbillable.
Due to the complexity and time required to launch Elevate PeopleSoft FIN 9.2, the Office of University Controller (OUC) has extended the Finance System Close date. The CU-Boulder December 2015 Month-End Campus Close is scheduled for Friday, January 8, 2016 at 6:00 PM.
System Close for December (FY2016) is anticipated to
December Month-End Close Extended to Friday, January 8, 2015(Funds 30, 31)
These transfers require the same documentation as transfers less than 90 days; however, the written statements must be provided by the PI.
If you have questions about cost transfers, please contact SPA’s Compliance Manager, Kathy Loudermilk at 303.492.1679.
If you have questions regarding Fund 30/31 Journal Entries, please email Jim Sheppard at [email protected].
Concur Learning Resources offer audio-visual snippets of common Concur processes from Official Function expenses, to lodging, mileage, per diem and more.
Visit: http://www.cu.edu/psc/new-concur-training-videos
As you know, if a journal entry involves a Fund 34 gift fund, secondary approval from the Campus Controller’s Office (CCO) is required. This secondary approval also applies to Fund 30/31 sponsored projects. This is to ensure that either donor restrictions are adhered to on gift funds or sponsor requirements are met on projects.
New with FIN 9.2: Cash Transfers must be approved through CCO. This is to ensure appropriate transfers are being made between funds. To be certain your cash transfers are following appropriate rules, please refer to the cash transfer matrix on our website: Cash & Fund Balance Transfer Table (see A to Z Resources > C > Cash Topics). The CCO has a monthly deadline for these secondary approvals. Simply put, journal entries need to be created
and given departmental approval by this deadline, which is typically five business days prior to month-end campus close or earlier if a holiday or weekend falls within that timeframe. Any journal entries created after that date may not receive secondary approval in time for campus close. Each month, CCO provides secondary approval for a large volume of journal entries. Adhering to this deadline allows us time to adequately review and approve these types of JEs.
Contact Liz Spencer at [email protected] or 303.492.1071, if you have Fund 34 or Cash Transfer questions.
Check with Jim Sheppard at [email protected], if you have Fund 30/31 questions.
Journal Entry and Cash Transfer Create and Approval Deadline
Concur Training Videos from the OUC
be completed on Monday, January 11.
December statements are anticipated to be ready for review and reconciliation in Cognos beginning Tuesday, January 12.
Please contact your Area Accountant if you have questions.
CCO Fiscal News is available in multiple formats. For an ADA screen reader accessible version, please visit our website at www.Colorado.EDU/Controller/News.
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CU Campus Controller’s Office www.colorado.edu/controller6 7
New Mileage Rate Takes Effect January 1 &TrainingEvEnTsThe mileage reimbursement rates are changing effective January 1, 2016:
• For allowable miles driven beginning January 1, 2016, the standard reimbursement rate is $0.49/mile.
• If the nature of the trip and road conditions require the use of a four-wheel drive vehicle, the 4WD rate beginning January 1, 2016, is $0.51/mile.
Keep in mind that for allowable miles driven during the period January 1 through December 31, 2015, the standard reimbursement rate remains $0.52/mile (4WD rate $0.53/mile).
Allowable miles are those driven in excess of the normal round-trip commute to the individual’s primary work location – regardless of the type of transportation used for the normal commute.
The CU Continuing Professional Education (CPE) program for Certified Public Accountants (CPAs) is designed to help CU CPAs stay current with CPA credits.
It is also a great resource for those of us who deal with financial administration on behalf of CU, but who are not CPAs. In these courses, attendees will learn best practices for financial stewardship on behalf of the university.
Several courses are available between January and April 2016. If you are unable to attend a course on your campus, please note that it may be offered at another campus within the CU system. Please register to ensure availability.
Register for each course individually at: http://www.cu.edu/controller/schedule-and-registration
Thursday, January 12
• Learning Activity Exchange - 9:30 - 10:20 AM
• More than Numbers: CU’s Financial Report and Illustrated Guide - 10:30 - 11:20 AM
• Budgeting Basics - 12:30 - 2:20 PM
• Understanding University Liabilities: Tax Exempt Status & Sales Tax, Unrelated Business Income Tax & Handling Sponsorship Activities - 2:30 - 3:20 PM
• Identifying Fraudulent Transactions - 3:30 - 4:20 PM
Thursday, January 21
• Cash Controls - 8:30 - 11:20 AM
• Avoiding Death by PowerPoint - 12:30 - 1:20 PM
• Month-End Financial Close - 1:30 - 2:20 PM
• Amplifying Your Armor: Creating Controls - 2:30 - 4:20 PM
The following four courses are offered individually at each campus.
Registration is not yet available for these courses. Please check the CPE for CPAs website often.
Class dates: Monday, February 8 - Anschutz Medical CampusWednesday, February 10 - Colorado Springs Campus, and Thursday, February 11 - Boulder Campus
Courses:• Audits and Risks to CU: What You Need to Know - 10:00 - 10:50 AM
• Introduction to Forensic Accounting - 11:00 - 11:50 AM
• Identifying Theft: Risks and Opportunities - 1:00 - 1:50 PM
• PeopleSoft Query: Running Queries in FIN 9.2 -- 2:00 - 2:50 PM
Contact: Lisa Vallad, CPE Program [email protected]
To Register, visit: http://www.cu.edu/controller/schedule-and-registration
CPE for CPAS
CCO will work with the OUC to determine which Finance System courses will be available online and which will be hosted in a classroom setting. Look for upcoming training sessions specific to the Boulder campus. Details on upcoming courses should be available beginning in the February issue of CCO Fiscal News.
CCO CU-Boulder Campus FIN Training
2016 Procurement Service Center “No Agenda” Forums
Join the PSC for a “No Agenda” Forum on the CU-Boulder Campus January 21, 2016 from 1:00 - 3:00 PM in the UMC, Room 235. These events will allow you to meet the PSC staff and bring any procurement-related questions you may have to a roundtable discussion. Table topics include:
• Procurement Systems (Marketplace, Concur)• Strategic Procurement• Purchasing Services• Contracts• Small Business• Travel• Commercial Card, and • Payable Services
Registration for the forums is available online
Administrative Policy Statements Under ReviewThe following Administrative Policy Statements are Under Review. Policy changes where presented at the December 10, 2015 meeting and approved by President Benson. These policies will go into effect January 1, 2016.
There were no Fiscal Policies modified in the December 10, 2015 meeting.
Revisions• 1016 - Procedures for Allocating Sponsored Project Funding on More than One Campus• 2025 - University Brand Identity and Logo Usage (Previously, University Brand Identity and Trademarks)
New• 2026 - University Trademarks, Trade Names and Service Marks
For more information, please visit the OPE website at: https://www.cu.edu/ope/policy/aps-under-review.
CU Campus Controller’s Office www.colorado.edu/controller8 9
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MEET ThE TEaM
In the General Accounting unit of the Campus Controller’s Office, Cost Accounting is charged with promoting an environment that facilitates the university’s commitment to its financial mission. We effectively manage the funds under our stewardship in accordance with generally accepted accounting principles (GAAP), state and federal regulations.
Cost accounting is responsible for performing a broad spectrum of accounting processes to capture, analyze, summarize and evaluate overall operational costs on the Boulder campus. These accounting processes serve as cost analysis and projection tools to aid in management’s decision making. This team assists departments and performs a variety of complex duties that include, but are not limited to, the following key functions:
• Facilities & Administrative (F&A) rate calculation, proposal & negotiation - actual F&A expenditures incurred when research, education or outreach projects are performed at the University. These costs include administration, utilities, building and grounds operations and maintenance, library costs, etc. F&A rates are calculated every fiscal year and F&A rates are negotiated and approved by our cognizant audit agency, the Department of Health and Human Services (DHHS), after the completion of each base year.
• Fringe Benefit rate calculation, proposal, and negotiation - fringe benefit rate calculation is an estimate of the projected benefit costs to be incurred, based on actual costs experienced in a prior year and adjusted for known changes in benefit costs. These rates are negotiated and approved by DHHS annually.
• General Administrative Recharge (GAR) & General Infrastructure Recharge (GIR) rate calculation - GAR & GIR costs represent the actual costs necessary to provide and maintain administrative and infrastructure support to auxiliary and agency operations as a whole. These rates are calculated on an annual basis.
• Departmental Administration Indirect Cost Recovery (DAICR) calculation and distribution - DAICR is a program in which the campus returns a portion of the F&A revenue to research departments or units to recover some of their research-related administrative expenses. These funds are returned annually to a department’s general fund.
• Partnership with Facilities Management to perform on-going Capital Assets & Space Planning (CASP) space survey - This assessment is to establish the baseline knowledge and documentation of our current space utilization. An accurate space inventory enables the Boulder campus to optimize space utilization, assist in the F&A cost recovery and improve space management and planning for future growth.
• Serving as cost experts who provide subject matter expertise to departmental fiscal personnel and appropriately interpret cost principles that are included in the OMB Uniform Guidance.
• Distribution of unemployment compensation claims and workers’ compensation insurance. We perform special cost studies and trend analysis as applicable. We reconcile fringe benefit expenditures and revenue and other financial activities.
To accomplish our goals, the Cost Accounting team collaborates with the faculty and staff who direct and manage departmental funding, as well as external auditors, to ensure that the University’s financial activities continuously comply with all applicable regulations.
To learn more about what we do or locate rate history information, contact Tzuyea Yu or Stefanie Furman or visit our website at: http://www.colorado.edu/controller/about-us/cost-accounting.
Staff Interview: Jiao Hemphill
Jiao Hemphill joined the Campus Controller’s Office as our Effort and
Compliance Accountant. We asked about her prior employment experience, what she has enjoyed most from each opportunity and what she likes to do outside of CCO.
Get to know her a little better in our brief interview below:
Q. Would you please tell us about your prior experience?
A. Since starting pursuing my accounting degree, I have always wanted to work in a large organization as part of a team. After receiving my accounting degree at the University of Wyoming I worked for an environmental resource consulting firm as a general accountant. This position gave me the necessary experience and foun-dation to apply for and receive my CPA license in Wyoming. Given the declining energy market, I moved to a newly creat-ed position at the University of Wyoming (UW) organizing and managing grants in the College of Arts and Sciences. At UW, I gained valuable experience and insight into the accounting practices and proce-dures of educational institutions and in particular the attributes of grant manage-ment.
Q: What do you find most interesting in your current work as CCO’s Effort and Compliance Accountant?
A: My new position on the CCO team has presented me with opportunities to take on new challenges and explore new
areas in terms of accounting regulations and compliance, customer service and problem solving in a team environment. I can work in a team as well as work individually. But focusing on working in a team is probably one of the most import-ant and interesting aspects of my new position, especially in terms of working together to develop procedures that improve efficiency and accuracy. While it is important to streamline procedures and practices, developing these practices as a team will be one of the most important challenges that I look forward to working on.
Q: What do you view as the greatest opportunity in this new role?
A: Besides learning the complexities and nuances of grant accounting, accounting regulations, and accounting procedures, two of the most important opportunities I see here at CU are being able to work as a team and to simplify and communicate complex accounting procedures to oth-ers in the university community.
Q: What best practices would you share with Departments?
A: The best practices I will share with other departments is adopt the ability to keep an open mind, a positive attitude, flexibility, integrity and the ability to work well with others. Maintaining a harmonious work environment is contingent on not just trying to keep everyone happy, but on setting goals and working together to obtain those goals.
Q: On a personal note, what do you enjoy doing outside of CCO?
A: Outside of the workplace, I keep busy biking, hiking, camping, going to plays, concerts, movies, and theaters, cooking, playing tennis, playing the piano and working in my flower garden. I also enjoy spending time with friends especially when it involves one of the above activities. I have discovered that one of the greatest benefits and joys of living and working in the Rocky Mountain region is the number of outdoor activities available to the people who live here. I look forward to exploring more of this area and being involved in new activities available in this region.
Campus Controller’s Office Cost Accounting
Campus Controller’s Office3100 Marine Street, 4th Floor, 579 UCB
Boulder, CO 80309-0579
phone 303.492.3166
e-mail [email protected]
web http://www.colorado.edu/controller
editor [email protected]