financial reporting for sponsored projects at the university of tennessee
TRANSCRIPT
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
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Questions?
Laurie Rees
Barbara Piskur
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