Financial Reporting for Sponsored Projects at the University of Tennessee.

Financial Reporting for Sponsored Projects at the University of Tennessee

Presentation Agenda

Sponsored Projects Ledgers Overview of the New Ledgers

The Development Committee Departmental Business Managers and

Researchers (UTK and UTHSC) Controller’s Office Sponsored Projects Accounting (UTK,

UTHSC, and UTC) IRIS Project Team

Group decided on new ledger Tailored for Principal Investigators Sponsored Projects only Replace old ledger – signed, auditable Easy to understand terminology Clean, visual design – readable Combine existing Financial and HR

reports under one cover

Five-part report

Sources & Uses of Funds Expenditure Budget vs Actuals

Summary Expenses & Income Posted this Month Commitments for Future Payment Sponsor Payment/Invoicing History

Sources & Uses of Funds

Sponsored Projects Ledgers

Part 1

Expenditure Budget vs Actuals Summary

Sponsored Projects Ledgers

Part 2

Expenses & Income Posted This Month

Sponsored Projects Ledgers

Part 3

Expenses & Income Posted This Month

Sponsored Projects Ledgers

Part 3, continued

Expenses & Income Posted This Month

Sponsored Projects Ledgers

Part 3, continued

Commitments for Future Payment

Sponsored Projects Ledgers

Part 4

Commitments for Future Payment

Sponsored Projects Ledgers

Part 4, continued

Sponsor Payment/Invoicing History

Sponsored Projects Ledgers

Part 5

Selection Screen

Sponsored Projects Ledgers

Run Summary

Sponsored Projects Ledgers

Cool Things About It• Five reports in one• Less “noise” than old ledgers• General selection omits inactive

projects• Easy to understand: simplified data,

layman’s language• More detail on critical information –

payroll• Immediate view of The Big Number• Saves paper: smaller page headers,

skip page if no relevant data• E-mail delivery directly to the PI• PDF format• Scheduled for automatic running• Signable ledger in place of current• Available to the same users who

run ledgers now

When will it be available?

Monday Tuesday Wednesday Thursday Friday Saturday Sunday

1 2 3

4 5 6 7 8 9 10

11 12 13 14 15 16 17

18 19 20

X21

22 23 24

25 26 27 28 29 30 31

Questions?

Laurie Rees

[email protected]

Barbara Piskur

[email protected]

Overview of the New LedgersSponsored Projects Ledgers present a simplified overview of what principal investigators need to

know and want to know for effective fiscal management of their projects. The report is designed specifically for sponsored projects [note, not restricted funds in general, but sponsored projects specifically] as these Funds have characteristics in common that can be well served with a report tailored to their specific requirements.

  The report consists of from two to five ‘pages’ or sections.

Required:

Part 1 – Sources & Uses of Funds, a very summarized statement of costs and receipts

Part 2 – Expenditure Budget vs Actuals Summary, a breakout of the expense side, by budget-level object codes

Supplemental:

Part 3 – Expenses & Income Posted This Month (omitted if nothing posted in the requested month), an itemization of specific employees or documents paid and posted during the report month, as well as receipts posted during the month

Part 4 – Commitments for Future Payment (omitted if the Fund has no unpaid commitments), an itemization of specific employees, purchase requisitions, purchase orders, business trips, or departmental funds reservations committed on the Fund

Part 5 – Sponsor Payment / Invoicing History (omitted if the project does not invoice or use UT billing), an overview of invoiced versus collected, plus an itemization of any uncollected invoices.

  1

Overview of the New Ledgers

Note that a project never has less than two pages, but may have more than five pages; for example in a month with numerous postings, the report will go as long as it needs to, to print all the lines.

 When there is a need to know more than is presented in this general overview, there are numerous powerful reports which PIs (or more likely, their delegates) can run to analyze specific types of data, using alternate sorts, filters, drill-down, more detail, and download features.

The target audience is principal investigators (PIs). It is assumed that the typical PI does not have access to IRIS; therefore, the main user of this report deals with it in the paper version. This guides a decision not to offer sophisticated options such as drill-down-to-the-source-document, or even download-to-Excel. In addition, the typical PI is not an expert about accounting. So, look for plain English used in place of accounting terms (say commitment for future payment rather than encumbrance) and code text used instead of code numbers (say Supplies rather than 439100).

Overview of the New Ledgers