TOOLS FOR FINANCIAL MANAGEMENT

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FFIT: Faculty Financial Inquiry ToolCMS: Commitment Management System July 2011

Agenda

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• FFIT

• CMS

• How the two tools work together

• How we review PTAs in preparation for FFIT

FFIT was designed to answer a simple question

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How much money do your faculty members have?

Before FFIT, The information needed to manage funds was scattered

• Expenditure statements• Fund statements• Fund authorizations• Shadow systems

Faculty could not access the information directly

It used to be hard to answer this question

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FFIT is…

Convenient – accessible 24/7

Comprehensive – see your facultyAccount balancesBudgetsExpendituresCommitments

From any computer, anytime

Now you can answer the question more easily

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log on to

https://ffit.stanford.edu

(or just type “ffit” into any campus browser)

To see the faculty accounts you manage

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What is CMS?

Oracle Financials hard commitments are the starting point for forecasts in CMS

New & revised data is fed into CMS nightly

Planning and forecasting tool that incorporates expenditure, commitment and budget data

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Reasons to use CMS

Lessens the need to manually enter information into spreadsheets

Perform “what if” analysis Central data access by multiple users Contains a variety of reports Updated commitment and

balance information can be viewed in FFIT

https://ofweb.stanford.edu(or just type “ofweb” into any campus browser)

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Demonstration - CMS

Three step review process

1. Thoroughly review all accounts, 2. Review accounts for possible closures 3. Review FFIT as department faculty will see it.4. Suggest iBudget entries to reflect correct allocation balances

FFIT works when the “owner” values are right

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1.FFIT 2.CMS3.Working together

Key Takeaways

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Do you have any questions?

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FFIT is being used across campus

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