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Financial ServicesNewsletterISSUE 05AprIl 2011
The University Strategic Plan 2011-2015 was issued in August 2010, and full scale
implementation commenced from January 2011. Financial Services will have a major role in the implementation, with key initiatives such as service reform and the University Economic Model (UEM) having a central place in the plan.
As you are aware, Financial Services commenced a restructuring process in 2010, with the creation of two new departments; Financial Management and Analysis (FMA), and Financial Control and Treasury (FCT). Ian Ford was appointed Director of FMA, with Kubra Gul appointed as Financial Controller, FCT. The reporting lines of Financial Support Service staff were also realigned to the faculty finance groups. This has positioned us for a final restructuring process in 2011, with the intention to be fully implemented by the end of the year.
Financial Services is currently working with other service portfolios, under the direction of the Services reform Steering Committee, as these changes are part of wider organisational changes. Our objective is to align our services in the most effective manner to support the University’s core activities of learning, teaching and research.
We are now developing a change management plan, and I will be conducting a finance staff forum within a few weeks to present the changes and the planned future vision for Financial Services.
One of our key initiatives supporting the Strategic plan is the development of portfolio analysis, which will calculate revenues and costs for each unit of study (UoS) and course. results from portfolio analysis will be used to assist the
newly formed divisions (faculty clusters) to assess their current activities as part of the strategic planning process.
A value outlined in the Strategic plan is “mutual accountability” for the performance of the University. A key prerequisite to support this value is that staff must have access to high quality analysis and advice if they are to be accountable for their performance. Financial Services has a central role in providing this analysis.
Using the lessons learnt from the 2010 budget process and feedback from key stakeholders, we will be commencing the budget process in 2011 earlier than usual. This allows us to sequence the central units first, followed by the faculties. This will enable more scrutiny of the service unit costs that the UEM will pass onto the faculties. This should also allow us to better share resources and balance workloads within Financial Services.
Much was achieved in 2010 with the implementation of the UEM, and new budget and reporting processes. These enhancements have had a direct and positive impact on the financial performance of the University in 2010. The audit process for 2010 is now complete, with the University achieving an unqualified opinion within the targeted time frame. The official financial results will be released to State parliament in May, and they will show a significant improvement. This year will also be challenging and I again ask for your support as we continue to build a stronger Financial Services department and implement the University’s strategic plan.
MArK EASSON, Chief Financial Officer, Office of the Chief Financial Officer
MESSAgE FrOM ThE cFO
IN ThIS ISSUE01 MESSAgE FrOM ThE cFO
02 INvESTMENT ANd cAPITAl MANAgEMENT UPdATE
03 SPENdvISION UPdATE
03-04 PrOcUrEMENT SErvIcES UPdATE
05 PrOcUrE TO PAy UPdATE
05 rESOUrcES
06 OrdEr TO cASh UPdATE
07 hyPErION UPdATE
07 STAFF cArd BENEFITS PrOgrAM
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UNITISATION PrOJEcT lAUNchINg IN APrIl/MAy
INvESTMENT ANd cAPITAl MANAgEMENT (IcM) UPdATE
IcM, in conjunction with Financial control & Treasury (FcT) will commence an investment accounting project in April/May to unitise the long term endowment (lTE) portfolio and a newly created medium term funds (MTF) portfolio.
The project plan and scope is for the lTE and MTF portfolios to be fully unitised and operational by March/April 2012.
The ‘unitisation’ methodology is an entirely different means of accounting for holdings in investment assets than the current ‘investment pools’ approach.
In summary, unitisation methodology is analogous to a ‘locked box.’ The starting point asset holdings and ownership stakes are locked in at a start date. All cash-flows in and out of the box thereafter result in either the creation of additional units, or the cancellation of existing units of equivalent value to each cash flow.
This database of unit holdings and cash flow movements is known as a ‘unit register,’ and it is a critical component of the project to be put in place.
Market movements are reflected in the valuation of each unit, which rise and fall accordingly. All new money cash-flows will need to be advised by way of an application or redemption form, for which simple templates will be developed. Distributions of income and spending allocations, however, will not require any such record, as they will be as per each investment product specification. For example, 5 percent spending allocations will continue for the lTE and most likely a 3 percent income distribution will apply for the MTF.
Given the underlying framework, unitisation methodology will significantly enhance the tracking of investment cash flows, and the asset allocation monitoring of funds placed into the unitised investment portfolios. Investment performance will also be more meaningful in that it will be directly related to an underlying asset sector portfolio.
It is relatively straightforward to calculate the value of any holding once the number of units and the value of each unit is known, by multiplying the two quantities together. The holding of assets and their valuation will be undertaken by National Asset Services (our custodian), as is the case presently. rather than deriving the asset holdings in each portfolio from the current investment pools, the framework of asset holdings will be broken down into separate asset sectors and asset manager portfolios.
There are many aspects of current investment accounting practices that will be impacted by the project. To ensure the project runs smoothly, the University will be engaging specialist resources from Mercer Sentinel and National Asset Services to assist with design and implementation.
For any questions or further information, please contact:
grEg FErNANcE Head of Investment & Capital Management T 02 9351 2215 E [email protected]
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procurement Services has introduced a new online system for obtaining quote waivers for purchases to help you simplify business processes and allow for local decision-making.
Amendments to the procurement policy (formerly the purchasing policy) now allows quotation waivers for orders or agreements up to $200,000 to be approved by the following:
– faculty/department finance directors – associate directors, finance – procurement services managers.
download the policy at sydney.edu.au/finance/docs/procurement_policy.pdf
The new online system allows you to submit applications for quote waivers online, including supporting documentation, for action by your finance director or associate director finance. It is also possible to track the progress of an application.
The change means that procurement Services will no longer be required to approve quote waivers. This will result in paper forms and central mailboxes being phased out.
PrOcUrEMENT SErvIcES UPdATENEw SySTEM FOr OBTAININg qUOTE wAIvErS FOr PUrchASINg
In the first instance please visit the Procurement Services website for further information at sydney.edu.au/procurement_services/buying/quote_waiver
For technical support contact:IcT hElPdESKT 02 9351 6000 | E [email protected]
For any further questions, please contact:
cONOr hEFFErON Business Analyst Financial Operations & Systems T 02 9036 5390 E [email protected]
SUJEE MAMPITIyArAchchI Acting procurement Specialist procurement Services T 02 9114 1291 E [email protected]
SPENdvISION UPdATEcOrPOrATE cArd PINInternational travel is now more secure and convenient with the introduction of PINs for University corporate cards.
The National Australia Bank has recommended that all cardholders who travel overseas have a pIN for their corporate card. This saves any potential issues for the cardholder, as some countries may require a pIN, rather than a signature, for credit card transactions.
Please note that a PIN does not entitle cardholders to withdraw cash using the corporate card.
To apply for a pIN on your card, please contact [email protected], stating your name as it appears on the card and the last four digits of your card number.
Once you apply for a pIN it generally takes seven to ten working days for the bank to process your request. When your pIN is ready for collection, you will receive an email from the University Corporate Card Helpdesk.
For all questions or further information, please contact:
NAvNEET KAUr Spendvision and Corporate Card Supervisor Corporate Card Helpdesk Financial Operations & Systems T 02 9351 8005 E [email protected]
JATINdEr KAUr Corporate Card Coordinator, Corporate Card Helpdesk Financial Operations & Systems T 02 9351 3480 E [email protected]
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In 2010, Procurement Services completed a comprehensive review of sections in the Finance and Accounting Manual (FAM) relating to the procurement of goods and services.
The review included a lengthy consultation phase, which focused on the results of client feedback and various frequently asked questions.
As a result, more effective tools have been put in place to support University staff managing buying activity on behalf of their school, faculty or business unit. The University’s wider financial objective, to reduce operational expenditure, has also been considered.
All changes were effective as of Monday 14 February 2011.
OUTlINE OF KEy chANgESrEvIEw OF ThE PUrchASINg POlIcy
The structure and wording of the Procurement Policy (previously Purchasing Policy) has now been revised. policy requirements are clearer and are better aligned to the overall objectives of the University. Improved controls associated with the University’s procurement activities have been introduced.
The Tendering Procedures and Purchase Order Procedures documents have also been modified to support the revised Procurement Policy.
rEvISEd PrEFErrEd SUPPlIEr lIST
An improved ‘preferred supplier’ list has been created on the procurement Services website. The list includes practical information on what product/service is available, supplier contact details and how staff can access the product/service.
In using these preferred suppliers, staff will be supporting the University’s wider operating plans and financial budgets established for 2011.
Other benefits of using these suppliers include:
– They are not subject to quotation and tender requirements, including reporting to the Tender Board, (normal delegation approval and limits do apply)
– Improved supplier relationships through active management
– Specific service level expectations
– A greater opportunity for the University to leverage its collective spend in any future negotiations
Go to sydney.edu.au/procurement_services/suppliers to view the list.
INTrOdUcTION OF NEw PrOcUrEMENT ANd PUrchASINg gUIdElINES
New procurement and purchasing ‘self-help’ guidelines have been developed to assist staff with managing buying activity below $200K (inclusive of GST).
These guidelines provide staff with the option to either ‘self-procure’ by conducting buying activity using the methods detailed in the guidelines, or engaging procurement Services for assistance where necessary. procedural guides are available in the areas of buying, leasing, legal, foreign exchange and contract reporting.
UPdATEd PrOcUrEMENT SErvIcES wEBSITE
The improved procurement Services website features key information on policies, procedures and guidelines. It contains a user-friendly interface with a variety of ‘self-procure’ advice including: a guide on how to develop your own request for quotation (rFQ), soft copy templates to assist with engaging, evaluating and contracting suppliers, and a revised FAQ section.
NEw PrOcUrEMENT POlIcy, gUIdElINES, rEvISEd PrOcEdUrES ANd wEBSITE
PrOcUrEMENT SErvIcES UPdATE cONT.
For any questions or further information, please contact:
hArry BANgA Director, procurement Services T 02 9114 0963 E [email protected]
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OPTIcAl chArAcTEr rEcOgNITION (Ocr)
PrOcUrE TO PAy (P2P) UPdATE
Financial Operations and Systems (FOS) has implemented Optical character recognition (Ocr) technology to improve the processing of non-purchase order invoices.
This has allowed invoices to be processed faster, reduced manual data entry and improved accuracy. As a result, staff are able to perform more value-add activities.
The long-term objective of the project is to also reduce physical storage costs. By implementing OCr, Non-purchase Order invoices are stored online, which allows users to view and download them through peopleSoft.
please see adjacent instructions on how to retrieve a copy of the invoice. Note: you must have access to PeopleSoft to utilise this function.
qUIcK rEFErENcE gUIdE TO rETrIEvE A cOPy OF ThE INvOIcE1. login in to peoplesoft.2. Menu path: Accounts Payable > vouchers > Add/
Update > regular Entry.
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3. Enter the voucher Id.4. Click Search.5. Click on the Invoice Information tab.
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6. Click on retrieve Invoice Image. A pop-up window appears:
7. Click Open to view the image of the invoice or click Save to download the file to your computer.
ONlINE rESOUrcES, TrAININg gUIdES ANd qUIcK rEFErENcE gUIdES
rESOUrcES
Go to the following sites for the latest online resources, training guides and quick reference guides for peopleSoft, Hyperion and Spendvision:
PEOPlESOFT sydney.edu.au/finance/about/peoplesoft_guides.shtml
hyPErION sydney.edu.au/finance/about/hyperion_guides.shtml
SPENdvISION sydney.edu.au/finance/about/spendvision_guides.shtml
For any questions or further information, please contact:
yvONNE POllOcK Manager - procure to pay, Financial Operations & Systems T 02 9036 5348 | E [email protected]
vIcTOrIA BOwdEN Team leader - payable Transactions, procure to pay Financial Operations & Systems T 02 9036 7525 | E [email protected]
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To log a job, please contact:
IcT hElPdESK T 02 9351 6000 E [email protected] w sydney.edu.au/itassist
For any questions or further information, please contact:
dArryl ANdErSON Senior revenue Analyst, Financial Operations & Systems T 02 9036 6133 E [email protected]
STEPhEN KArNAghAN Senior Business Analyst Financial Operations & Systems T 02 9036 9340 E [email protected]
OrdEr TO cASh (O2c) UPdATEO2c dEvElOPMENT ANd SUPPOrT
There is a growing need and desire to automate and use technical solutions in the area of O2C - revenue at the University.This article describes the process and requirements for a school or administrative department to initiate a new project, and obtain support from the Finance and ICT teams when required.
rEqUIrEMENTS TO INITIATE A NEw PrOJEcT
As we increase the number of automated ways to receipt money at the University, we need to introduce more integrations between EFTpOS, web payments, and our core financial systems.
The regulatory and compliance area around electronic card payments is a rapidly changing space, with new regulations published on an ongoing basis. It’s crucial that the University keeps pace with this changing environment, to protect both students’ and clients’ personal and financial information.
With this in mind, Financial Operations and Systems and ICT teams will not initiate any development or enhancement project for a school or administrative department without the following information:
– A business case outlining the exact requirements raised and approved by a finance director.
– A business description which gives an overview of the activity, and should include:
y what is being receipted y the number of receipts per day/
week/month y an average cost per sale y the GST status of the
transaction y the class code for your income y the responsibility centre for your
income y the project code for your
income y the analysis code (if used) for
your income.
– If your department is going to use a special receipting system for handling sales, please provide the following information to the O2C team:
y Name of the system y Company who supplied or
developed it y ICT contact when purchasing
the system.
– Payment details including the payment types accepted and how they will be received, either online, via mail, or in person.
– details of who will receipt the revenue and how often receipting will happen (if you’re not using a web system).
– Timeline for deployment including when testing will begin and your expectation of when the system will go live. please note that there is generally at least a five week turn
around time to implement a new receipting system, so it is important to plan ahead to ensure your deadlines are met.
This information needs to be provided, so that resources can be allocated effectively and to ensure all requests get appropriate attention and urgency.
FOr All SUPPOrT
please ensure that you log a job through ICT to initiate a new project, or for any support issues relating to OneStop, pCI DSS compliance or any other O2C item. please provide as much information as possible.
The ICT Self Service portal is the best way to lodge your request, as you have the ability to provide detailed information on your request/issue. This can be accessed from the IT Assist website at sydney.edu.au/itassist For urgent matters contact the ICT Helpdesk on 02 9351 6000.
If this process is not followed, there may be delays in the O2C team providing appropriate support.
If you currently have any outstanding support requests for OneStop, Merchant and EFTPOS facilities, PcI dSS compliance, billing or receipting, contact the IcT helpdesk or log a job through the IcT Self Service Portal.
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FINANcIAlSErvIcES
FOr MOrE INFOrMATION cONTAcT ThE EdITOr
lOrrAINE SyNIUTAInternal Communications and Design Officer Financial Operations and SystemsT +61 2 9351 7706F +61 2 9351 4202E [email protected] sydney.edu.au/finance
produced by Financial Services, The University of Sydney, April 2011. The University reserves the right to make alterations to any information contained within this publication without notice.
The Staff card Benefits Program, developed and managed by campus card Services, is designed to provide an extensive range of discounts and benefits for staff, regardless of where they live or work.
The program continues to deliver real savings to staff on everything from insurance to home loans; to flat screen televisions, dining and live entertainment. During 2010 it provided staff with over $900,000 in direct discounts.
For advance notice of new offers and free-entry competitions, you can receive a regular email delivered direct to your inbox from the Staff Card Benefits program. All you need to do is email [email protected] with SUBScrIBE in the subject line.
STAFF cArd BENEFITS PrOgrAM
NEw hyPErION rEPOrTS
hyPErION UPdATE
The following new Hyperion reports are now available in the folder: hyperion Financial reporting/Finance reports/1. Financial Management reports
– SUglr073: Classification by Organisation Type and Month
– SUglr074: Summary Classification by Organisation Type
– SUglr545c: I & E Statement by Organisation Type (including Variance & prior Year)
reports SUGlr073 & SUGlr545C are simple reports to run with the selection of appropriate members in the preview User point of View.
To download the step-by-step procedure for running report SUGlr074 go to: sydney.edu.au/finance/training_docs/hyP-SUglr074.pdf
A minor change has also been made to the existing Hyperion report SUglr072 - classification by Organisation Type, available in the folder: hyperion Financial reporting/Finance reports/1. Financial Management reports. This report now displays professional Services and University Wide Costs separately.
For any questions or further information, please contact:
chrISTINA FAvA Manager, Financial Integrity and Support Unit Financial Management and Analysis T 02 9351 2774 | E [email protected]
ABrAhAM chAcKO Assistant Accountant, Management Accounting Financial Management and Analysis T 02 9351 7763 | E [email protected]
If you would like to suggest a business who would be interested in providing special offers to our staff, please contact:
MIrIEl hOBBS Staff Card Benefits program Manager, Campus Card Services T 02 9114 0782 | E [email protected]
