CFO Roundtable
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CFO Roundtable
December 11, 2012
Welcome & Introductions
Mike McKee Assistant Vice President and University Controller
Stuart Hoskins, Sr. Associate Controller
University Bursar & Treasury Management
In June –
A committee was created to “recommend enterprise wide payment card policies, standards, and priorities that ensure privacy and security”.
This committee’s findings would be reported to the Information Security and Compliance Advisory Committee .
I was appointed Chair the Committee. Members included
representatives from:• UF Chief Information Security Officer• Privacy Officer• University of Florida Physicians • UF&Shands Jacksonville• Continued Education• Office of the General Counsel • Office of Internal Audit Control• IFAS Extension Bookstore• University Athletic Association• University of Florida Foundation
Credit Card Governance
Credit Card Governance
UF Area Dollars (millions) Transactions (thousands)
UF Core Offices $65.6 466UF Athletic Association $50.6 66UF Foundation $5.0 33UF Physicians - Gainesville $7.8 114UF Physicians - Jacksonville $4.7 97
Total FY12 $133.7 776
Committee Findings and Recommendations to the ISCAC included: Payment card environment at UF is growing and becoming increasingly complex as electronic payment systems grow. Currently there are no enterprise wide policies and standards at UF for the payment card environment. Additionally, each of the areas establishes their own business relationships with third party vendors. The Committee recommended the creation of an enterprise wide Payment Card Acceptance Committee. Responsible for providing recommendations and information to the University Chief Fiscal Officer (CFO) for establishing and maintaining payment card policies and standards. The scope of this committee should be the entire UF enterprise as it is defined in the UF Annual Report.
Credit Card Governance
Policies and standards to be developed should include:Oversight and AuthorityTerms of Use Agreement for MerchantsCredit Card Number Storage/RetentionProcessing MethodsE-CommerceContracts with Third PartiesPayment Card Industry Data Security Standards (PCI DSS)
• The Payment Card Governance committee will be the official body to
discuss UF’s payment card requirements and to create enterprise wide payment card policies and standards.
Credit Card Governance
The Committee should include permanent representatives from:• Treasury Management • The Privacy Office• The Office of Information Security and Compliance• The Office of Audit and Compliance Review (ex-officio)• The Office of the VP and General Counsel (ex-officio)
The Committee should include rotating representatives from:
• Three large UF merchants (e.g. UAA, UFF, Shands)• Two smaller UF merchants (e.g. Stephen C. O’Connell Center,
Performing Arts Center, J. Wayne Reitz Union, Harn Museum Store) Currently we are waiting on the ISCAC to finalize our recommendations.
Credit Card Governance
Linda Orfield, Associate Controller
Payroll & Tax Services
HR/PR Upgrade StatusPrior Year Refunds/Retro’s
University Payroll and Tax Services
Brian J. Kuhl, Assistant Controller
• Provide your consent to retrieve your W-2 electronically in myUFL• My Self Service > Payroll and Compensation > W-
2/W-2c Consent
• Receive your electronic W-2 earlier in January• Access previous W-2s dating back to 2005• View and print your W-2 from any computer with
myUFL access• Support UF’s sustainability efforts
Electronic W-2 Consent
• Keep your Local and Permanent Home Addresses in myUFL current• My Account>Update My Directory Profile
• Inactive employees will be mailed their W-2s, since they no longer have security to consent or to retrieve them electronically.
Electronic W-2 Consent
Per mile Move Occurring• 23.0 cents Jan. 1, 2012-Dec. 31, 2012• 24.0 cents Jan. 1, 2013-Dec. 31, 2013
Standard Mileage Rate forMoving Expenses
• The 2013 Social Security (FICA) wage base will increase to $113,700
• Represents a $3,600 increase over the 2012 wage base of $110,100.
• The maximum Social Security tax employees and employers will each pay in 2013 is $7,049.40
($113,700 x 6.2%).
Social Security Taxable Wage Base for 2013
• For 2013, wages paid in excess of $200,000 will be subject to an extra 0.9% Medicare payroll tax that will be withheld only from the employee’s wages.
• The employer portion of the Medicare tax will remain unchanged at 1.45%.
Additional 0.9% MedicarePayroll Tax
• Under current law, the 2012 Social Security (FICA) tax rate is 4.2% for employees and 6.2% for employers.
• Unless the federal government acts to extend or change the rate, it is scheduled to return to 6.2% for both employees and employers for 2013.
FICA Tax RateTo Be Determined
33 Tigert HallPO Box 113201
Phone: (352)392-1231Fax: (352)846-0166
Thank you!
University Payroll and Tax Services
Brad Staats, Assistant Vice President,
Contracts and Grants
myInvestigator, Financial Reporting Tool
CAS
Brenda Harrell,Assistant Controller
Cost Analysis & Construction Accounting
Developed Reports for the effort system
Reports Developed There have been many helpful reports developed
for your convenience. From the myUFL menu, navigate to:
Enterprise Reporting > Access Reporting A pop up window will appear. Then navigate to:
Human Resources Information > Workforce Information > Effort Reporting
Reports Developed There are three folders with reports:
Reports Developed In the Faculty Assignment Report Folder Contains:
Reports Developed In the Effort Commitments Folder Contains:
Reports Developed In the Effort Certification Folder Contains:
Reports Developed Reports to Point Out
The Max Effort Percentage Reports These reports will give you how much effort is the max
amount that is expected or would be reported to the state. However, always report actual effort!
Reports Developed Reports to Point Out
Certified Audit Report by UFID Need a report for your tenure packages, or response to
audits? This report was designed to give the effort allocated
without doing a screen shot, who certified the report, and when it was certified.
Reports Developed Reports to Point Out
Outstanding Certifications Want to know what is outstanding for your department
and who still needs to certify? When there is more than one certifier, report only lists
those who have not completed the process.
Summer 2012 Term Deadlines
Friday, December 14th All effort errors corrected and submitted to Employees for Certification.
Friday, January 11th
Effort Certified by Employees
Open Lab Date
Thursday, December 13th – at HR Room 119, From 1:30 – 4:30
Training Courses Available
RSH200 – Effort Reporting (Required to Have Access)
RSH220 – Effort Fundamentals for RAs
RSH230 – Effort Management for RAs
Contracts and Grants• Commitment Entry and Adjustments• Your Research Administrator for C&G• Or, Email: cg-commitments@ufl.edu
Office of Institutional Planning and Research• Instruction/Course Related Questions• Email: aramire@ufl.edu and acaspary@aa.ufl.edu
Cost Analysis• All Other Effort Questions• Email: effort@admin.ufl.edu
Who To Contact?
Questions and Feedback
Karen Frank, Assistant Director
Purchasing Services
Managed Print
Randy Staples, Associate Controller
Disbursement Services
AP Automation
Cheryl Bell, Associate Controller
Treasury Management
Research Participant Project Update
Sheela Moudgil,Associate Controller
General Accounting & Financial Reporting
Account Code descriptions and definitions have been updated to reflect the $5,000 capitalization threshold
Additional Account Codes added to CAS tree
Updated Account Code definitions can be found at: http://www.fa.ufl.edu/departments/general-accounting/chartfields/
Non-Payroll Operating Expense Account Code Changes
Account Old Description New Description Added to CAS Tree
722200CELLULAR CELLULAR PHONES & SERVICE PLAN
722300PAGERS PAGERS Yes
722400FAX MACHINES INACTIVATED IN myUF MARKET
729900ATTRACT - COMM FAX/PHONE<1,000 FAX/PHONE EQUIPMENT <5000 Yes
Summary of Updated Account Code Changes
Utilities and Communications
Account Old Description New Description Added to CAS Tree731200 ANIMAL FOR RESEARCH ANIMAL FOR RESEARCH <5000731300 AUDIO/VISUAL EQUIPMENT AUDIO/VISUAL SUPPLIES Yes731700 MEDICAL EQUIPMENT <1000 MEDICAL EQUIPMENT <5000731800 ATTRACT - AUD/VIS EQUIP <1 000 AUDIO/VISUAL EQUIPMENT <5000 Yes731900 ATTRACT - LAB EQUIP <1 000 LAB EQUIPMENT <5000732900 ATTRACT-OFFICE EQUIP (NOT CAP) OFFICE EQUIPMENT <5000 Yes734200 COMPUTER SOFTWARE COMP SOFTWARE GENERAL734250 COMPUTER SOFTWARE TECH COMP SOFTWARE SPECIALIZED734800 ATTRACT-COMP EQUIP (NOT CAP) COMPUTER EQUIPMENT <5000 Yes734900 ATTRACT - COMP PERIPHERAL<1000 COMPUTER PERIPHERALS <5000 Yes739400 EQUIPMENT > 1000 & < 5000 INACTIVATED IN myUF MARKET739700 ATTRACT - SMALL HANDTOOLS<1000 SMALL HANDTOOLS <5000739800 ATTRACT - MUSICAL EQUIP <1 000 MUSICAL EQUIPMENT <5000739900 ATTRACT - FIREARMS <1 000 FIREARMS <5000
Summary of Updated Account Code Changes
Materials and Supplies
Account Old Description New Description Added to CAS Tree781100 EQUIPMENT – GENERAL FURNITURE & EQUIPMENT >4999782400 COMPUTER SOFTWARE – GENERAL COMPUTER SOFTWARE =>4,000,000784000 VEHICLES AND TRANSPORTATION VEHICL & TRANSP >4999789100 ARTWORK AND MUSEUM ARTIFACTS ART & MUSEUM ARTIFACTS >4999789400 LIVESTOCK LIVESTOCK >4999
Summary of Updated Account Code Changes
Capital Asset Purchases
Kim SimpsonSr. Associate Controller Operational Controls and
Efficiencies
Office of Internal Audit Control Environment Review
Audit conducted by Office of Internal Audit (formerly OACR)
Self assessment sent out to campus departments in March, 2012 (94% response rate)
Follow-up site visits with 40 departments to validate survey responses
Office of Internal Audit Control Environment Review
Areas of review: Control Environment Budgeting, Accounting and Financial Reporting Asset Management Payroll HR Management Purchasing and Disbursements Research Management and Support (covered
elsewhere) Information Technology (covered elsewhere)
Office of Internal Audit Control Environment Review
Control Environment establishes the foundation for the internal control system by providing fundamental discipline and structure. Documentation of operating procedures was lacking in
45% of units Mission statements/goals were not documented in 20% of
units Benchmarking not conducted in 30% of units Formal risk assessments not conducted in 73% of units Business continuity plans were not documented in 78% of
units
Office of Internal Audit Control Environment Review
Budgeting, Accounting and Financial Reporting Timely and appropriate reconciliation of ledgers was
not in place in 28% of the units. Sometimes ledgers were reviewed for unusual entries but not compared to supporting documentation for accuracy
In 48% of units the employee who had the ability to enter vouchers also reconciled the ledgers
In 55% of the units, Management did not review the reconciled ledgers or, when reviewed, didn’t document the review.
Office of Internal Audit Control Environment Review
Collections, Deposits and Cash Funds In 15% of the units, employees who collected
moneys or prepared deposits also performed the reconciliation functions
Checks were not always restrictively endorsed upon receipt in 20% of the units
Collections were not reconciled to the general ledger or supporting documents in 18% of the units
Deposits were not deposited in the timeframe required by University directives in 20% of the units.
Office of Internal Audit Control Environment Review
Payroll 28% of the units did not review the final
paylists 25% of the units did not have procedures to
document advanced approval of overtime or compensatory time
18% of the units did not have procedures in place to ensure that leave taken was properly approved and recorded against time records
Office of Internal Audit Control Environment Review
Purchasing and Disbursements When purchases are made through
unencumbered vouchers or pre-approved myUF Market vendors, 25% of units didn’t have compensating controls in place.
68% of units did not periodically review purchasing card limits and document such review.
Office of Internal Audit Control Environment Review
Summary It is difficult to accomplish all the “ideal” internal
controls in the real world given limited staff sizes, budget cuts, etc.
Just try to do your best and consider the control issues mentioned here and in general
Controller’s Office will be working with the OIA to give some general guidance on risk assessment and business continuity plans.
Contact Kim Simpson in the Controller’s Office is you have any questions – simpsonk@ufl.edu, 294-7237.
Kathleen Tillett, Sr. Associate Controller
Payroll & Tax Services, General Accounting & Financial Reporting
Financial Audit Update
Mike McKeeAssistant Vice President and University Controller
Finance & Accounting
Florida Polytechnic University GBAS Update Shared Service Center Update
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