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Universal Vouchers at UMBCUniversal Vouchers at UMBC
9/9/20089/9/2008
Terry Cook, AVP, Admin ServicesTerry Cook, AVP, Admin Services
Ben Lowenthal, AVP, Financial ServicesBen Lowenthal, AVP, Financial Services
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Current Usage & IssuesCurrent Usage & Issues
• More than 20,000 UVs annually• Approaches 50% of total non-
salary University payments.• Inefficient process• Possible procurement policy
conflicts• Poor audit trail/insufficient
documentation
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ConcernsConcerns
• Processing time
• Prompt payment of vendor
• Audit exceptions
• Procurement issues
• Policy and process training
• Streamlined processing for all
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Payment vehiclesPayment vehicles
• Pcard
• Purchase order
• Other– Universal Voucher– Working fund– Expense reimbursement
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Pcard – Appropriate UsePcard – Appropriate Use
• Any payment less than $5,000
• Certain purchase types excluded (entertainment, gifts, etc.)
• Vendor must accept credit cards
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P-card advantagesP-card advantages
• Quickest way to get a vendor paid
• Paperwork is on back-end vs. front end
• Administratively efficient
• This is the preferred payment methodology.
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Purchase Order – Appropriate Purchase Order – Appropriate UseUse
• All purchases $5,000 and above (which require competition).
• Purchases below $5,000 where Pcard is not accepted.
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Purchase Order AdvantagesPurchase Order Advantages
• Proactive vs. reactive
• Timely payment
• Electronic approval and audit trail
• Administratively efficient
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Universal Vouchers – Universal Vouchers – Appropriate UseAppropriate Use
• Honorariums/stipends• RSTARS payments• Registrations (where p-card is not
accepted)• Association memberships (where p-
card is not accepted)• Refunds of revenue• Intellectual Property Rights Payment• Student cultural events (where p-card
is not accepted)
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Ordering & Payment ProcessOrdering & Payment Process
• Adhere to purchase guidelines.
• Procurement will return UV’s not meeting criteria.
• All Invoices must be submitted by vendor directly to Accounts Payable (Admin Building – Room 306)
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State Payment ProcessState Payment Process
• Payment is made on same schedule regardless of Universal Voucher or PO.
• Approximately 12-15 working days after submittal to Annapolis.
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Purchase order processPurchase order process
• Proactive• On-line creation and approval• No mailing/delivery time• On-line tracking• On-line and immediate receiving• Invoice processed immediately
upon receipt (no late payment justification)
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Universal voucher processUniversal voucher process
• Reactive • Manual creation and approval • Mailing/delivery time – 3 days• No tracking• No record of receipt• Review and approval by Accounts Payable and
Procurement – 3 days• Additional potential delays
– If late, need late justification letter (20-25%) – 3-5 days– Incomplete UV form – goods and services stamp signed
– 3-5 days– New vendor creation by AP (If PO – would already be
there) – 3 days
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Saves up to 15-19 days! Saves up to 15-19 days!
• Proactive vs. Reactive
• Insures adherence to procurement policy
• Solid audit trail
• Timely vendor payment
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Our commitments to youOur commitments to you
• PeopleSoft training
• Business Process training
• Communication
• E-mail with invoice attached if receipt is not entered
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Working Fund UsageWorking Fund Usage
• 1130 transactions (high usage)• Exception based processing
slows daily business processing• Pre-planning and pcard use
should reduce this dramatically• Policies on F/S website
www.umbc.edu/accounting • Review will adhere to policy.
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Questions?Questions?
• Sharon Quinn, Director of Procurement
[email protected]; 5-2540
• Jim Citro, Director, Business Services
[email protected]; 5-3632
