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How to Develop a Financial Summary

Learn how to develop a comprehensive financial summary that answers key questions, considers historical trends, current status, and future projections. Gain insights into reporting options and considerations for a successful financial narrative.

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How to Develop a Financial Summary

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  1. How to Develop a Financial Summary Session One November 2018

  2. How to Develop a Financial Summary Agenda • Introductions (5 min) • Goals of the Seminar Sessions (5 min) • Context for a Financial Narrative (10 min) • Sample Questions and Reporting Options (50 min) • Considerations for a Financial Narrative (10 min) • Discussion (10 min)

  3. How to Develop a Financial SummaryContext for a Financial Narrative • Who is my audience ? • What question(s) do I need to answer ? • Should I be looking at historical trends, current status, and/or a future projection ?

  4. How to Develop a Financial SummaryContext for a Financial Narrative Who is my audience ? What question(s) do I need to answer ? • Determines scope • Department/Program controlled or Faculty controlled accounts • Operations, Graduate Student Support, Projects • Past, Present, or Future

  5. How to Develop a Financial SummaryContext for a Financial Narrative Who is my audience ? What question(s) do I need to answer ? • Determines level of detail • Funding • project, award, source • Expenditures • project, task, award, expenditure classification, itemization • Transfers • source, destination, itemization • Commitments • Funding, expenditure, itemization • Month, Fiscal Year, Project to Date

  6. How to Develop a Financial SummaryContext for a Financial Narrative Should I be looking at historical trends, current status, and/or a future projection ? • Determines reporting options (data sources)

  7. How to Develop a Financial SummarySample Questions and Reporting Options • What’s my typical annual operating budget volume? How is it typically funded? • BPS Budget Summary • Are we doing okay this year? • FFIT • YEC OB and Non-OB Report • Are we running out of money? What is our balance over time? • H&S Financial Dashboard - Department Reserve Reports • RFM Fund Trend Report (with customization of high level object code description view) • Have our faculty been spending their money? • Fund Trend Report (with customization to narrow down to faculty)

  8. How to Develop a Financial SummaryConsiderations for a Financial Narrative • Historical Trends • Are increases more or less than cost rise ? • What are the drivers impacting increases or decreases ? • Are we using ongoing or one-time funds? • Are there funding restrictions ?

  9. How to Develop a Financial SummaryConsiderations for a Financial Narrative • Current Status • Are we using more or less than ongoing inflow ? • Is the funding identified in the budget still available ? • Are we projecting a year-end surplus or deficit ? • What are the reasons for budget to actual variances ?

  10. How to Develop a Financial SummaryConsiderations for a Financial Narrative • Future Projections • Are we sustainable over time ? • What are the risks associated with our projections ? • What can we do to mitigate the risks ? • Are we projecting a structural surplus or deficit ? • Are there opportunities for new initiatives ? • How do we optimize our financial resources ? • Use restricted funds • Capitalize accumulated balances • Do we need to reduce expenditures ? • Do we need to seek additional funding ?

  11. How to Develop a Financial Summary • Discussion • Are we heading the right direction? • Future topics • Deeper dive into these reports and systems? • Show more OBI reports? • Multi-year projection? • Other suggestions? • Sharing Reports and Tips - Questions?

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