Financial Transactions Implementation Plan: Report to the Committee, April 2003

 Directives of Workforce Planning

• Clearly define roles, responsibilities, standards of performance, and accountability within each major administrative area.
• Realize substantial and ongoing savings, as well as increased effectiveness and efficiency in support services across campus.
• Improve competitive market pay for staff.

 Key Principles of Financial Transactions Review

• Provide quality service to faculty, department chairs, deans, and unit staff.
• Optimize the training, skills, and distribution of workforce to obtain maximum efficiency.
• Improve consistency in transaction processing.
• Reduce the number of staff members involved in transaction processing.
• Assess institutional risk.

 Project Scope

This project is limited to a review of financial transactions. For the purposes of this initiative, a financial transaction is defined as "an act of initiating or processing information related to financial events that will ultimately be recorded in the general ledger."

Note: To effect change in the transactions arena, some change to the financial management function will also be recommended.

 There are four categories of financial transactions:

• Accounting Transactions
• Accounting journal entries, including any required subsequent adjustments
• Cash receipts
• Capital equipment activities
  
  
• Disbursements - Non-payroll
• Travel reimbursements
• Procurement card coordination
• Accounts payable processing
  
  
• Disbursements - Payroll
• Pay rep activities
• Pay adjustments, such as ADAF
• Vacation and sick accrual reporting
  
  
• Procurement
• Procurement card purchasing
• Purchase order requisitions