Finance

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Finance: 

Finance www.yale.edu/finance

Finance Division: 

Finance Division

Guiding Principles for Business and Financial Administration Policy 1101http://www.yale.edu/ppdev/policy/1101/1101.html: 

Policy Statement Yale University has been entrusted with funds to fulfill its mission of education and research, and is committed to conducting its business under the highest ethical standards. All University faculty and staff, under the leadership of its officers, are obligated to ensure that University funds are used for mission-related purposes, and are expected to exercise their responsibilities with integrity, following ethical business practices. Guiding Principles for Business and Financial Administration Policy 1101 http://www.yale.edu/ppdev/policy/1101/1101.html

Internal Control Concepts: 

Internal Control Concepts Programs and Resources focus on the University’s Mission Management Objectives support the pursuit of the mission Review processes help to assess risks Control Activities help mitigate risks Visit the Policy and Procedure web site at: www.yale.edu/ppdev

Accounting Structure: 

Accounting Structure www.yale.edu/coa

Fund Accounting: 

Fund Accounting Fiduciary responsibility for many sources of income or fund Separate awards for each fund

Types of Funds: 

Types of Funds Sponsored Agreement funding Gift and Endowment Accounts General Appropriation funded operating budget accounts Capital funded projects Other Types of Sources Clinical Income Consulting Fees from Outside Organizations

Financial and HR System: 

General Ledger Chart of Accounts: Assets, Liabilities and Fund Balances All Revenue Recognition And Expenditures Organized by: Project.Task.Award.Exptype.Org Web Report Tools Web BuyPay Tools Oracle Applic. Icon OFA/ Custom Commts Online Statements andamp; Reports WIP, SWAP Web Req. andamp; Query Apps. Budgets, Spending Plans andamp; Commitments VIP Account Maintenance Faculty Appointments and updates. Non-Faculty Appointments and updates Payroll Hourly Time Entries Labor Charges Schedules and Adjustments Cash Receipts Entry (RIF) Journal Entry Preparation andamp; Approvals Automated Interfaces (44) Purchasing / AP Module HR/Payroll Module Labor Distribution Journal Staging Area YAMS (Yale Administrative Menu System) Invoice Import Sources Financial and HR System

Chart of Accounts Segments: 

Chart of Accounts Segments Project Task Award Expenditure Type Organization

Project & Task: 

Project andamp; Task What is the business objective of the work? Primary Group Code Class Code Project Task

Award: 

Award How is the work funded? Source Type Source Group Source Award

Expenditure Type: 

Expenditure Type Where is the transaction classified within the Chart of Accounts? Account Type Master Object Code Major Object Code Minor Object Code Expenditure Type

Organization: 

Organization Who is fiscally responsible? Officer Division Subdivision 1 Subdivision 2 Department Sub-department Organization

Mechanisms for Recording Revenue: 

Mechanisms for Recording Revenue Treasury Services Cash via Receipt Identification Form (RIF) Credit Card Receipts Other income may be recorded through Journal Staging Area (JSA)

Mechanisms for Recording Expenses: 

Accounts Payable payments for vendors and employee reimbursements Labor Payroll for paychecks Labor Distribution (Labor Schedules) for charges Interdepartmental expenses charged by Internal Service Providers (ISPs) through JSA Mechanisms for Recording Expenses

Mechanisms for Recording Corrections to Transactions: 

Labor Distribution (Distribution Adjustments) for corrections to labor charges Journal Staging Area (JSA) for non-labor corrections and other accounting transactions Mechanisms for Recording Corrections to Transactions

Budgets: 

Budgets http://www.yale.edu/finance/budgetOffice/index.html

Budget Applications: 

Budget Applications Corporation Budget and MP0 Grant Budgets Dept Management Plans andamp; Operating Budgets Developed once per year Created and updated as needed Available in data warehouse Available in data warehouse (Application under development) Monthly variance rpts. and quarterly monitoring Monthly account review andamp; faculty reporting Online management of department financial plans 'The Official Budget' Online Financial Management Budget Type Update Frequency Location Uses

Budget Development: 

Budget Development Target budget Unit budget Corporation budget approved Management Plan 0 (MP0) approved

Budget Monitoring: 

Budget Monitoring Quarterly monitoring – Management Plans 1, 2 and 3 (MP1, MP2, MP3) Year end closing procedures

Budget Process Time Line: 

Budget Process Time Line Target Budget Developed (Fall) Unit Budget Submitted (January) Corporation Budget Approved (April) Management Plan Zero Approved (July) 1st Quarter Monitoring; MP1 (October) 2nd Quarter Monitoring; MP2 (January) 3rd Quarter Monitoring; MP3 (April) Year End Closing Activities (Summer) Year 1: Year 2 Budget Development Year 2: Budget Monitoring Target Budget Developed (Fall) Unit Budget Submitted (January) Corporation Budget Approved (April) Management Plan Zero Approved (July) Budget Development for Year 3

Financial Management: 

Financial Management

Financial Management: 

Financial Management Daily Transaction Processing --------------------- Internal control activities Documentation Future financial management tool --------------------- Approved budgets Current spending plans Detailed assumptions Statements and Reports --------------- Business office review Account owner (PI) reports Data Warehouse ---------------------- Actual transaction information Approved budget and spending plans Commitments

Business Office Review Process: 

Business Office Review Process Transaction Exceptions Labor and Accounts Payables Transactions in Higher Risk Categories Large dollar amount, unknown authorizer, certain expenditure types, casual labor Review Balances Review activity by source and with respect to budget or plan Review current spending activity compared to prior trends

Department Reporting Options: 

Department Reporting Options University-written Fixed Format Reports Reporting tools for creating ad-hoc reports Web Statements and Reports BUG reports web site Brio web site, OFA Monthly financial and HR reporting Special reporting needs University-approved Brio Reports Where to find Primary Use Training is available. Log in through www.yale.edu/start for class registration. Financial and HR reporting

Record Retention: 

Record Retention Separate records that are no longer active Determine which inactive records must be retained Arrange for storage Destroy obsolete records Detailed information and procedures: Manuscripts and Archives record retention web site Policy 1105 Retention of University Financial Records

Grant Administration: 

Grant Administration www.yale.edu/finance/gcadmin/index.html

Typical Timeline of a Grant: 

Typical Timeline of a Grant Post-award Pre-award

End of Segment 4: 

End of Segment 4 Please Be Sure to View These Additional Segments (Available Via the Welcome Page): General Overview Human Resources and Payroll Procurement Administrative Tools

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