UNC FIT David J. Price, CPA Financial Director of State Funds, Financial Reporting and Transactions [email protected]
Dec 28, 2015
UNC FIT
David J. Price, CPA
Financial Director of State Funds,
Financial Reporting and Transactions
What Does UNC FIT Address?
• What does UNC FIT stand for? The University of North Carolina: Finance Improvement and
Transformation• UNC General Administration initiative
to improve financial processes.• Applies to all 16 universities
Why UNC FIT?
• Main Goals:– Identify and implement best practices
within the UNC System.– Desired outcomes:
•Improve internal controls•Encourage consistency between universities•Minimize audit findings•Increase efficiency of processes
What Does UNC FIT Address?
• Five categories of standards are in place:– General Accounting– Grants and Contracts– Financial Aid– Student Accounts– Capital Assets
How Does UNC FIT Work?
• Standards developed and implemented
• Universities must comply with standards
• Report Key Performance Indicators (KPIs) to UNC GA: – Green – Compliant – Yellow – Caution – Red – Non-compliant
How Does UNC FIT Work?
• KPI information is summarized for all campuses and reported to the UNC Board of Governors annually
• Monitoring visits – Annually, UNC GA sends representatives to campuses to verify compliance with standards
• Documentation is available for examination by Internal and State Audit
How Does UNC FIT Work?
• Action plan development, if needed• Impact on funding – part of the
Performance Funding Model • UNC FIT results reported to:
– Chancellor– ECU BOT– UNC BOG
General Accounting
• Journal entries• ACH and ProCard usage• Bank reconciliations – errors and
timing• Fund authorities – approval and
spending• Banner Finance security access
reviews
General Accounting
• Monthly review of account activity– Duplicate transactions– Keying errors– Review validity of transactions– Maintain documentation
• Contracts, agreements, e-mails, invoices and receipts
– Sign up for future training classes via OneStop (April 24th and May 22nd)
– Website for guidelines: http://www.ecu.edu/cs-admin/financial_serv/accountg/index.cfm
Grants and Contracts
• Timely financial reports• Management of receivables• Time and effort reporting
(reallocations)• Federal compliance
Financial Aid
• Satisfactory academic progress• Eligibility requirements• Reconciliation of expenses
Student Accounts
• Timely billing• Timely collections• Schedule cancellations• Percentage of refunds via direct
deposit• Management of receivables
Capital Assets
• Tagging timely – departmental assistance
• Annual inventory• Accurate useful lives• Lists of missing assets to Vice
Chancellors
Other UNC FIT Initiatives
• Payroll KPI’s – Standards to come later– Percentage of employees paid via direct
deposit– Percentage of new hires in a given month
not paid (EPAF submission and follow up)– Dollar value of employee overpayments– Collection of receivables
Other UNC FIT Initiatives
• E-Commerce focus– Prevalence in KPI’s
• General Accounting• Student• Payroll
– What are we doing at ECU?• Employee non-travel reimbursements via ACH• Encourage expanded use of ProCard• Expansion of ACH to AP vendors?• Added an e-commerce manager position –
Robin Owens who reports to Dee Bowling
UNC FIT Takeaways
• Timely, accurate financial reporting• Expanded use of e-commerce• Federal and State compliance• Billing and collection of receivables• Review and approval of transactions• Results are reported to the Chancellor,
ECU BOT and UNC BOG
Other Noteworthy Items
• Cash management– Daily deposit act– Pay invoices on time
• Timely receiving in PORT• Prompt delivery of direct payment invoices to AP
– Non-student accounts receivable and collections
• Banking – cannot use ECU’s FID to open private bank accounts
• Review encumbrances using query in SSB