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FINANCIAL ASSESSMENT PROCESS

FINANCIAL ASSESSMENT PROCESS. The University of Texas at San Antonio FINANCIAL ASSESSMENT PROCESS. Beginning Fiscal Year 2009, Financial Affairs will perform financial assessments to review and report on the allocation and use of UTSA’s institutional resources. What is a Financial Assessment?.

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FINANCIAL ASSESSMENT PROCESS

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  1. FINANCIAL ASSESSMENT PROCESS

  2. The University of Texas at San Antonio FINANCIAL ASSESSMENT PROCESS • Beginning Fiscal Year 2009, Financial Affairs will perform financial assessments to review and report on the allocation and use of UTSA’s institutional resources.

  3. What is a Financial Assessment? • Periodic and systematic review of • institutional budgets • revenues & expenditures • Internally focused at an organizational-level • Differs from Monthly Financial Report (MFR) which is a higher-level, macro-view required by UT System. 3

  4. Financial Assessment Objectives • Transparency • Cash Flow Analysis • UTSA Compact- Financial Management Plan • UTSA will formalize a … financial assessment program to review divisional/departmental budget-to-actual data, perform variance analysis and evaluate key indicators. • SACS Accreditation Standard - 3.10.4 Control of Finances • The institution exercises appropriate control over all of its financial resources. 4

  5. When will the Financial Assessment be performed? • Recommended 2 to 3 times each fiscal year • Q1 (Nov month end results) Revenue Assessment • Q2 (Feb month end results) Mid Year Assessment • Q3 (May month end results) Carry-forward Planning • Q4 (Year-end results) Year-end Results FY09 5

  6. What will be required by each division, college? • Q1 (Nov month end results) Revenue Assessment • All work will be done by Financial Affairs – eff. FY10 • Q2 (Feb month end results) Mid Year Assessment • Will require assessment work by Divisions, Colleges & Subdivisions • Mid-late March with 2-3 week turnaround • Unencumbered Expenditure Projections • Revenue Projections • We will perform our first Q2 FA this year…… 6

  7. What will be required by each division, college? • Q3 (May month end results) Carry-forward Planning • Will require carryforward plans by Division • Reserve transfers for affected fee areas authorized • We may forego and include carryforward plans in the Q2 assessment……tbd • Q4 (Year-end results) Year-end Results • All work will be done by Financial Affairs • Dependent on workload & staffing; priority is Annual Financial Report, Budget Submittal & CAFR Audit needed for SACS Accreditation. 7

  8. Next Steps • Presentation to CMO in January • Obtain buy-in / support • Complete Cognos Report Development(ongoing) • Distribution requirements • Assign Roles & Responsibilities (Feb – early March) • Hire Financial Assessment Analyst (position posted this week) • Discuss requirements with each division financial rep to assess potential issues and answer questions • Document / communicate process and requirements 8

  9. QUESTIONS? 9

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