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2014 UFE Day 1 - Millman University (AO#6 - A - WIR (Incomplete capital…
2014 UFE Day 1 - Millman University
AO#1 - GSR - Evaluates how MU's objectives will satisfy strategic performance outcomes and suggests how the objectives could be improved
Strategic Performance Outcome - A. Provide Greater Choice of Program
Each Faculty develop at least two new e-learning courses
Secure funding commitments for various initiatives (Acadian Music Degree)
Strategic Performance Outcome - B. Provide high-quality and affordable education
Increase Participation in current e-learning courses by 10%
Increase research publication requirements of faculty members
Improve student retention and program completion rates
Secure funding commitments for various initiatives (new Music Degree)
Increase student scholarships
Eliminate Deficits
Optimize use of classroom space
Limit annual tuition increases to 2%
Strategic Performance Outcome - C. Create a climate of innovation, creativity, and collaboration (both internally and externally)
Increase participation in current e-learning courses by 10%
Have each faculty develop at least two new e-learning courses
Increase research publication requirements of faculty members
Secure funding commitments for various initiatives, including $6M for the new Arts and Communications Building and $500K for the new Bachelor of Acadian Music Degree
Increase Student Scholarships
Maximize use of the ERP functionality to integrate and optimize access to information throughout MU
Optimize use of classroom space
D. Foster integrity and accountability through an appropriate governance structure
Provide timely and accurate reporting of financial and non-financial results
Increase number of board committees to enhance governance - Consider board member expertise in committee composition
Enhance diversification and number of individuals (from 10 to 15) who serve on board
AO#2 - MA - Describe actions to satisfy MU's financial and operating objectives and suggests key performance indicators to evaluate achievement of those objectives
Financial Objectives
Secure funding for initiatives ($6M and $500K)
Increase student scholarships
Limit Annual Tuition increases to 2%
Eliminate Deficits
Operating Objectives
Optimize use of classroom space
Maximize use of the ERP functionality to integrate and optimize access to information throughout MU
Provide Timely and accurate reporting of financial and non-financial results
Improve budgeting process
Impact of Financial and Operating Objectives on Academic Objectives
AO#3 - MA - Analyzes Variances on financial results and suggests ways to improve financial performance
Adjusted Draft
Results of Financial Analysis
Grant Revenue - Operating
Grant Revenue - Capital
Tuition Fees
Other Revenue
Salaries and Benefits
Other Operating Expenses
Total Operating Expenses
Other Non-Operating Expenses
Deficit
Qualitative Discussion
Suggestions for Optimizing Sources of Revenue or Taking Advantage of Cost Reductions
Optimize Revenue
Optimize Expense
AO#4 - MA - ERP WIR
ERP System Tracking of Information
ERP System Tracks Financial Info only for the university as a whole
Professors cannot track alumni so that they can be contacted and invited to participate in mentoring and fundraising events.
Each faculty has a different way of interpreting definitions for student enrollment
Enrollment information not available in ERP system, resulting in different report-writing tools and formats used by each faculty
Enrollment FTE calculation is done outside the ERP system using spreadsheet software
Finance Staff have to reconcile enrollment information provided by faculties to ensure that information is not double counted
Number of applicants not available in ERP system
Number of successful applications and other application information is not tracked
Number of e-learning courses is not tracked separately from regular courses
At the end of fiscal 2013, unreconciled differences from the transfer of information from the old system to the ERP financial modules remained
Budgeting is done using spreadsheet software, basing current year's budget on least year's budget since final results and not in before budget must be approved
AO#5 - F - Alternative Financing Methods
Qualitative
Quantitative
AO#6 - A - WIR
Incomplete capital asset working papers
Payroll and accounts payable accruals not completed
Incomplete Instructor Accruals
Rev Rec policies are applied inconsistently
Limited Controls around Vendor selection and Set-up
AR can prepare deposits and W/O AR (SOD)
Data entry restrictions are inadequate (Access Auth)
Training and JD are inadequate
Financial statements not reviewed by MGMT on monthly basis
AO#7 - FR
Pension (IAS19)
Capital Asset (IAS16)
Joint Arrangement
Revenue (IAS20)
Expense Accruals
Lease
AO#8 - Enabling - Questions Jerry Decker's Competency as VP Finanace
Controlling Costs
Accounting Adjustments
Auditor General Recommendations
Finance Department
Vision Management
Funding Implications
AO#9 - T - Instructors/Consultants (Employee vs. Self-Employed)