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CFO Roundtable

CFO Roundtable. December 11, 2012. Mike McKee Assistant Vice President and University Controller. Welcome & Introductions. Stuart Hoskins, Sr . Associate Controller University Bursar & Treasury Management . Credit Card Governance. In June –

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CFO Roundtable

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  1. CFO Roundtable December 11, 2012

  2. Mike McKee Assistant Vice President and University Controller Welcome & Introductions

  3. Stuart Hoskins, Sr. Associate ControllerUniversity Bursar & Treasury Management

  4. Credit Card Governance • 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

  5. Credit Card Governance

  6. Credit Card Governance • 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. 

  7. Credit Card Governance • Policies and standards to be developed should include: • Oversight and Authority • Terms of Use Agreement for Merchants • Credit Card Number Storage/Retention • Processing Methods • E-Commerce • Contracts with Third Parties • Payment 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. 

  8. 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.

  9. Linda Orfield, Associate ControllerPayroll & Tax Services

  10. HR/PR Upgrade Status Prior Year Refunds/Retro’s

  11. University Payroll and Tax Services Brian J. Kuhl, Assistant Controller

  12. Electronic W-2 Consent • 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

  13. Electronic W-2 Consent • Keep your Local and Permanent Home Addresses in myUFLcurrent • My Account>Update My Directory Profile • Inactiveemployees will be mailed their W-2s, since they no longer have security to consent or to retrieve them electronically.

  14. Standard Mileage Rate forMoving Expenses Per mileMove Occurring • 23.0 cents Jan. 1, 2012-Dec. 31, 2012 • 24.0 cents Jan. 1, 2013-Dec. 31, 2013

  15. Social Security Taxable Wage Base for 2013 • 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%).

  16. Additional 0.9% MedicarePayroll Tax • 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%.

  17. FICA Tax RateTo Be Determined • Under current law, the 2012 Social Security (FICA) tax rate is 4.2% for employeesand 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.

  18. University Payroll and Tax Services 33 Tigert Hall PO Box 113201 Phone: (352)392-1231 Fax: (352)846-0166 Thank you!

  19. Brad Staats, Assistant Vice President, Contracts and Grants

  20. myInvestigator, Financial Reporting Tool CAS

  21. Brenda Harrell,Assistant ControllerCost Analysis & Construction Accounting

  22. Developed Reports for the effort system

  23. 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

  24. Reports Developed • There are three folders with reports:

  25. Reports Developed • In the Faculty Assignment Report Folder Contains:

  26. Reports Developed • In the Effort Commitments Folder Contains:

  27. Reports Developed • In the Effort Certification Folder Contains:

  28. 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!

  29. 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.

  30. 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.

  31. Summer 2012 Term Deadlines Friday, December 14th All effort errors corrected and submitted to Employees for Certification. Friday, January 11th Effort Certified by Employees

  32. Open Lab Date Thursday, December 13th – at HR Room 119, From 1:30 – 4:30

  33. Training Courses Available RSH200 – Effort Reporting (Required to Have Access) RSH220 – Effort Fundamentals for RAs RSH230 – Effort Management for RAs

  34. Who To Contact? • 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

  35. Questions and Feedback

  36. Karen Frank, Assistant DirectorPurchasing Services

  37. Managed Print

  38. Randy Staples, Associate ControllerDisbursement Services

  39. AP Automation

  40. Cheryl Bell, Associate ControllerTreasury Management

  41. Research Participant Project Update

  42. Sheela Moudgil,Associate ControllerGeneral Accounting & Financial Reporting

  43. Non-Payroll Operating Expense Account Code Changes 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/

  44. Summary of Updated Account Code Changes Utilities and Communications

  45. Summary of Updated Account Code Changes Materials and Supplies

  46. Summary of Updated Account Code Changes Capital Asset Purchases

  47. Kim SimpsonSr. Associate Controller Operational Controls and Efficiencies

  48. 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

  49. 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)

  50. 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

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