FISCAL ADMINISTRATORS MEETING
May 17, 2007
Please note: Meetings are scheduled from 10:00 – 12:00. Please plan to attend the entire meeting.
Steve Kimata – Opening Comments
Clear up suspense reports.
Lynn Mitchell – Director of the University Policy Directory
Explained the University’s Process for developing, submitting, evaluating, and reviewing policies.
Presentation highlights
- Once on the page, find a policy using the Policy Directory. You can search the directory by category, contact office, oversight executive, or keyword.
- View Employment Policies
- News & Updates – shows new policies
- Policy Template – can be downloaded into word so you can plug in your information without having to organize or format it.
- Policies in Process - new policies are sent to President’s cabinet for approval (to ensure no conflicts or overlaps), then sent to the Policy Review Committee
- the representative from the Faculty Senate changes yearly
- Committee reviews all policies going into the directory
- is responsible for getting input from constituents.
Jim Matteo – Director of Treasury
What’s happening with the system and what it means for you
High level – we will be better able to:
- Manage and forecast cash
- Keep track of the University’s Debt and Investments
- Manage our band accounts
- Keep track of internal investments and loans
This means a great deal to the University because starting July 1 we will have the ability to manage and invest our own funds. Being able to track and forecast cash will allow us to maximize our return on this money. Expect the system to be fully functional by May 31.
How might this impact you?
We are enhancing the internal loan and internal investment programs
Internal Investments
We are keeping the imputed interest model but adding two additional investment pools. These pools will earn a higher rate of interest than what’s paid now under imputed interest. There will also be an increased monitoring of balances and terms.
- Pool 1 - $10,000 1-yr return
- Pool 2 - $500,000 2-yr return
- Pool 3 - $1,000,000 3-yr return
The pools have different interest rates. A penalty may be assigned for early withdrawal.
Internal Loans
A. Capital Renewal
B. Internal Loans.
These 2 will consolidate into one. It will change documentation of the loan. Send all budget loan questions to Budget Office.
Q: Will your office be reviewing eligible investments to notify departments or is it incumbent upon the department?
A: Incumbent upon the department.
Q: Can you split funds among the pools?
A: Yes
Barbara Deily – Audit Department
The University implemented its Code of Ethics as of October 2004.
Unveiled a marketing pen to promote the University’s Code of Ethics. Ethics Code scrolls out of the pen.
Asked everyone to please pay attention to the ARMICS project. Everyone should be documenting their procedures as a “best practices” effort.
Shy Hicks – ISDS
Thanks for participating in the survey—908 people responded and 665 participated in the drawing.
In going through the survey results, the suggestions have been very useful, especially regarding the marketplace.
Without names on the surveys, ISDS was not able to get in touch with respondents to answer their questions. Respondents will be encouraged to supply their names on the survey next year.
eVA billing this month - the past 2 months of compliant fees and 4 months of noncompliance will be included. Credits for errors in billing for the State should be in this month’s billing; all fees for this year.
Lisa Shuler – Accounting Services
Reviewed year end schedule
See handout for dates - http://www.virginia.edu/finance/genacct/FY_2007_year_end_cutoff_schedule.pdf
They are State driven and FIRM!
- Manually entered cost transfers for internal provider billings - June 14th @ 5PM
- Automatic upload of internal service provider billings - June 15th
- Discoverer Reports - June 18th
- Cost Transfers (non-billing) and Chemstores - June 21st
- LD Adjustments - June 21st
- Deposits with Cashiers - June 22nd
- Discoverer Reports - June 26th
- Last Deposit and Credit Card Clearing entries - June 26th
- Discoverer Reports - June 27th
* Responsibilities will not be closed, but keyed in amounts will be posted in the next
fiscal year.
Q: Will it be processed on Friday or Sunday?
A: It will not be processed if it is NOT in by Friday. State cutoffs are driving these dates.
Shy Hicks – ISDS
Introduced new employee—Sue Clements.
Terry Butler – Procurement
Cutoff dates will be a little earlier than last year - http://www.procurement.virginia.edu/main/interim/FY2007Schedule.xls
Invoices must be in by noon on June 11th.
Introduced Lisa Atkins, who is responsible for vendor adds/changes, etc.
Hot topic
Changing POs! Working through details, such as when to make changes, why one might change an order. This information should be on website in 2 weeks.
eVA fees are charged on PO amount, not the invoice. Ground rules and guidelines are forthcoming. Remember when doing orders: get the amount as close to the amount you expect to pay as possible.
ISDS will be sending out an email with instructions on when someone goes into the marketplace and makes a requisition and then changes it to a PO. The PO is in-process and needs to be approved. Make change to PO Summary form in Oracle, not in marketplace.
John McHugh
Marketplace
Getting ready to add 30 more vendors. People are not shopping enough, comparing prices. This encourages competition between vendors and will drive down the price of goods. Example: A department used a non-marketplace vendor for a $7,000 transaction, but Procurement saved them $1,000 by going through a SWAM vendor in the marketplace.
John’s Question: Why are people not shopping?
First Answer: Lack of time.
John’s Response: Add vendor to favorites lists to save time.
Second Answer: Lack of descriptions on marketplace goods.
John’s Response: Smaller vendors don’t have the knowledge to properly describe their products. Procurement is working with these vendors to improve their product descriptions. I also encourage you to use wildcard searches.
Third Answer: Familiarity with vendors. If they are in the marketplace, we feel they are compliant with eVA.
Procurement offered to meet with departments about better using the marketplace and make improvements to the interface.
Introduced Manual Diaz—Expeditor
The Contracts Page will be changed to reduce the number of categories, such as computers, to make it easier to find a contract. Adding contracts has resulted in an increase in categories and, therefore, the need to consolidate some categories.
Spring Cleaning
- Announced the need to secure permits for tents.
- There are four moving relocation policies for new employees—one SWAM company.
Eric Denby
Marketplace
Many users of the marketplace are using the same old vendors. Departments can save money by comparing prices and using different vendors. Remember, you are spending state and federal money, which translates to tax payer’s money. Please do not waste it.
Q: If cheaper vendor isn’t responsive to concerns?
A: Ask Procurement to get involved. We are very willing to work with vendors.
People ignoring less expensive vendors will be exposed.
Eric: We must find a balance between wasting time and wasting money. Too many people are driving up US29 to Staples, swiping their card, and purchasing supplies at a higher price than what is available in the marketplace.
A: There are times that I want to see what I am buying. I can’t do that in the marketplace.
There have been concerns about orders not getting through. Some vendors allow their fax numbers to lapse. It is up to the vendor to keep their contact information up to date. This is not a problem with the marketplace software.
Fiscal administrators need to talk to their respective faculty about procurement procedures and policies. Procurement cannot process orders over $50,000. Madison Hall must process these orders.
Procurement is working with vendors to develop electronic invoices in order to reduce costs. The top 10 vendors in the marketplace already have electronic invoicing; Procurement is working with smaller vendors to develop electronic invoicing.
Procurement is looking at a firm to help enter invoice data.
The next Fiscal Administrators meeting is scheduled for June 14, 2007, in the South Meeting Room of Newcomb Hall at 10:00 am.
