Transcript CUMC PPT Tutorial File - Columbia University Medical Center

Columbia University
Medical Center
Training Certification Program For Senior Financial Administrators - Session 9
Session 10 - Capstone
Session 9 - Capstone
June 2005
Page 2
Agenda
Welcome and Introductions
Acknowledgements
Remarks – Dr. Gerald Fischbach
Stephen Case
John Mattie
Capstone Presentation – Michael McGuire
Question and Answer
Presentation of Certificates
Closing Remarks
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June 2005
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Steering Committee Members
David M. Cohen
Lisa Franciosa
Gary Herrmann
Galene Kessin
Kiki Korikis
Michael McGuire
Michael O’Connor, Ed.D.
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June 2005
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Training Faculty
Name
Department
Name
Department
Michael Barone
PwC
Michael McGuire
PwC
Geoffrey Berg
School of Nursing
Edie Miller
Budget & Finance
Jerry Boak
Controller’s Office
Myra Marte-Miraz
Dept. of Medicine
Yvonne Boothe
Development Systems
Michael O’Connor
Dean’s Office
Marlene D'Agostino Dept. of Anesthesiology
Kathy O'Donnell
Clinical Affairs
Lisa David
Department of OB / GYN
Sara Patterson
Dental & Oral Surgery
Steve Elliott
University Budget & Finance
Dorothy Pearlman
Budget & Finance
Lisa Franciosa
PwC
Michael Reich
Purchasing
Steve Gillis
PwC
Jamie Rubin
Research Admin.
Stephanie Goldberg Shared Practice
Richard Ruttenberg
Restricted Funds
Amy Goldman
PwC
Carl Sparano
Restricted Funds
Gary Herrmann
CUMC Budget & Finance
Susie Stalcup
Development
Barbara Hurleigh
Controller’s Office
Michael Van Biema
Purchasing
Galene Kessin
CUMC Human Resources
Ofra Weinberger
Session 9 - Capstone
Science Tech Ventures
June 2005
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Capstone:
Agenda
– Environment
– Current Trends
– Challenges / Opportunities
– Assessment Framework
– Meeting the Challenge
Session 9 - Capstone
June 2005
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Capstone:
Role of Financial Administrators:
– Financial Administrators are trained and hired for the purpose of providing
fiscal, policy, and internal control management of all funds in a department
or division
– They are responsible for ensuring that processes and related controls have
been established to achieve the mission and objectives of the organization.
– Internal Controls include procedures for ensuring reliable financial
information, establishing accountability and safeguarding of assets,
determining that transactions are proper for the account and in compliance
with University policies, statutes, and regulations.
– Responsible for ensuring administrative effectiveness of the day to day
operation of the department
Session 9 - Capstone
June 2005
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Industry Drivers Shaping Financial
Management
Business
New Regulations
•GAO Independence Standards
•Revised OMB A-21 & CAS
•FASB 116 & 117 and GASB 35
•Senate Finance Com initiative
Financial
Reporting
Mgmt.
Institutional
Reorganization
•Multiple Data Types
•Disparate Systems and
Processes
•Fragmented Controls
Reporting
University
Reporting
Consolidation
New Technologies
Stakeholder Demands
•Transparency
•Reliable, accurate and timely
•Board of Trustees governance
•Sponsor reporting
Inefficiencies
•Spreadsheet reporting
•Multiple & Misused COA’s
•Data Manipulation vs. Analytics
•Multiple Signoffs
•Web Based
•Standard Tools and Data Models
•Best of Breed Suite Solutions
•New ERP Functionality
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June 2005
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Current Trends Impacting
Finance and Accounting Operations
Market and regulatory conditions have placed greater importance on finance and
accounting operations:
– Greater focus on timely and accurate information and internal controls and
compliance
– Need to increase quality of skills and re-balance competencies and
headcount between transaction processing, control and analysis
– Continued implementation of outsourcing and shared services for high volume
transaction processing
– Deployment of new enterprise wide risk and treasury management tools
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June 2005
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Current Trends Impacting
Finance and Accounting Operations
Under delivery of the Enterprise Resource Planning systems (ERP) promise has
resulted in increased finance reengineering and system tuning:
– ERP systems implemented in prior years do not currently support changing
business model
– Need for development of common data model and processes to link planning,
budgeting and reporting
– Better processes and tools to analyze customer, channel and/or product
profitability
– Increased investment and integration of performance management tools, self
service and web deployed processing
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Improvement Opportunities
The current environment and market conditions present unique improvement
opportunities for Finance and Accounting Organizations.
 Working Capital Management
 Performance Measurement
 Cost Management
Strategy





Strategic Planning
Mission Initiatives
Donor Relations
Capital Structure
Strategic Value
Initiatives
 Working Capital
Planning
 Compliance Risk Management
 Decision Support
 Operational Investments
Performance Management
Treasury &
Finance
 Cash Controls &
Management
 Investment
Management
 Corporate Finance
 Financial Risk
 Insurance
Planning,
Budgeting &
Forecasting
 Budget and
Planning
 Mission
Performance
Measures
 Capital
Management
 Forecasting
Back-Office
Operations
Consolidation &
Reporting
 Transaction
Processing
 Accounting
Reconciliation
 Outsourcing
 Shared Services
 Business
Integration
 Financial Close and
Consolidations
 Inter-School
Eliminations
 Financial Analysis
 Financial Reporting
 Regulatory
Reporting
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June 2005
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Improvement Opportunities
Systems & Tools
 Performance
Management
 Budgeting and
Forecasting
 Finance Operations
 Consolidation and
Reporting
Structure & Skills
 Organization Structure
 Competencies and Skills
 Training and
Development
Risks & Controls
 Control Environment
 Control Activities
 Operations Monitoring
 Internal & External
Testing
Session 9 - Capstone
June 2005
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Operational Finance Assessment Framework
– Your assessment framework links opportunities within the Finance Value
Chain with mission and operational strategies
Operational
Strategy
Customer
Expectations
Business
Requirements
Organizational
Structure
Core Applications
Flows
Data Model
Staffing Levels
Interfaces
Policies & Controls
Ownership
Competencies
Infrastructure
Best Practices
Performance & Cost
Measurement
Development
Supporting Systems
& Tools
And
Service
Delivery
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June 2005
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What is the Financial
Management Cycle ?
Target Setting &
KPI’s
Presidents/ Deans / VP’s
 Technology
Scenario
Modeling
Adjust Operations
Budgeting &
Forecasting
How will it all fit together?
 Data
Value
Calculation
Operations Loop
Board of Trustees
 Policy / Procedure
Strategic
Loop
Data Mart/
Dashboards
Reporting
Loop
Consolidation
and Reporting
Departmental
Reporting
 Measures
 Processes
 Organization
Academic Administration
Simulation
Faculty
Department Chairs/Directors
Strategy
Evaluation
Department Administrators
Who needs financial
data?
External Reporting
Business Systems
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University Financial Management Challenges
– Manually intensive effort
– Redundancy in data and reporting streams
– Inconsistent Data Model and Standards
– Numerous Data locations
– Spreadsheet Proliferation
– Poor access to information
– Overall process is cumbersome
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How Are Institutions Meeting the Challenge?
– A growing number of universities are embarked on a multi-year process to
enhance the financial management activities in order to provide timely and
efficient financial results with a high level of integrity and flexibility.
Common steps in the process are…
Reduced data manipulation to provide
increased control and analytics
Created easy, prompt sophisticated
business queries
Automated routine activities for data
collection and processing
Self-service user-oriented tools for online, real time analysis
Created flexible, timely, and accurate
delivery of information
Consistent information & reporting
standards across business units
Eliminated redundant non value added
activities
Powerful visualization capabilities
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June 2005
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This Leads to Overall Financial Framework
and Best Practices
Financial / Tactical Plan
Strategic Planning
•Financial Plan of action for achieving
goals
• Vision for the Future
• Strategic Goals and Objectives
•Profit & Loss/ Cash Flow Impact of
investing in new recruits, facilities,
equipment, I/T, etc.
• Programmatic initiatives
•Departmental Business Plans
(Programmatic & Financial Goals)
Accountability
•Performance vs. Goals
• Strategic & financial goals
• Dept -> Division ->
Investigator
•Faculty Compensation Plan
•Resource Re-allocation
•Internal Funds
•Space
Annual Budget:
•Operationalize strategy through
the annual budget process
•Setting priorities when aligning
resources to achieve goals
•Mission-based / All Funds
Budget
Performance Management
•
•
•
•
Measurable Goals
Key Performance Indicators
Balanced Scorecards
Accuracy– Systems/ Data Management
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June 2005
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University Reporting Processes
– A critical step to solving the financial management challenge is the
establishment of effective university consolidated reporting:
Consolidation/
Close
1. All transaction
based activities
complete
Sub-Ledgers
SOURCE
DATA/SYSTEMS
Tuition / Fees / Gifts
Income
Accounts Receivable
Federal /Non-Fed Grants
& Contract
Asset Management
Payroll
Purchasing / Accounts
Payable
Treasury/Cash
Management
Data/System Integration
2. General
ledgers
finalized
Month-End
Accounting
JUDGEMENTS &
ESTIMATES
Acct. Reconciliations
Interdepartmental
Accounting
Accounting
Adjustments
Accruals and Reserves
Service Center &
Research Cores Acct.
Financial
Reporting
3. All data is
final for
reporting
Financial
Consolidation
CONSOLIDATION
ACTIVITIES
Intercompany
Eliminations
Investment Accounting
Consolidation
Investment earnings
Accruals
Top-side Adjustments
Pledge Receivable
Adjustments
4. Reports
completed &
distributed
Reporting
REPORTING
Spreadsheets
External Reports –
(FSR’s, 990’s …)
Ad hoc analysis
Data Warehouse
Reporting
Visualization
Segment Reporting
Operational Reporting
Management
Reporting
Financial Management Building Blocks
– Throughout our training sessions we described the establishment of the integrated set
of components (“Building Blocks”) that comprise the University financial management
environment is essential to developing an efficient and effective financial reporting
capability.
Real Time Reporting
requires:
Analytical Analysis
Required “views” of
financial information (e.g.,
campus, school, center,
department, mission, etc.)
 Timeliness
 Controls
 Integrity
Performance
Measures
 Efficiency
 Flexibility
Key financial and
non-financial operational
metrics, balanced
scorecard reporting
Reporting Tools /
Architecture
Technology and tools
used to source,
consolidate, deliver and
access information
Chart of Accounts
‘Master file' for financial
data that is used to
derive financial reports
Reports
Types of reports, report
formats, content and
volumes
Data Model
Procedures/Process
Standards, data
quality & integrity,
integration
Internal Controls, account
usage, capitalization
policy, process flows,
procedural steps, training
documents, etc
Session 9 - Capstone
Organization / Skills
Finance structure, staff
analytical skills, capability
development, department
administrator integration
etc.
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Summary
– Best results occur when all of the “building blocks” are addressed
– Alignment with overall business strategies and objectives at the
department level is essential
– Technology solution is critical but is usually only one component of the
solution
– Need to address on going controls, standards, data quality, process and
organizational responsibilities
Session 9 - Capstone
June 2005
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Q&A Session
Questions and Discussion
Session 9 - Capstone
June 2005
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Track 5 Graduates
Diane
Amato
Surgery
Danielle
Johnson
Neurology - Pediatrics
Sandra
Bacharach
Surgery
Sean
Kelly
Medicine
Larry
Beilis
Surgery
Stella
Lau
Psychiatry
Pamela
Madden
Radiology
Charles
Berolo
Mailman School of Public Health
Cynthia
McIntosh
Pediatrics
Linda
Blatnik
Center for Emergency Medicine
Kim
Morel-Betances
Neurology
Daniel
Carrier
Radiation Oncology
Angela
Muniz
Kreitchman PET Center
Minu
Chaudhuri
Neurology
Frederique
Nerestan
Mailman School of Public Health
Qing
Chen
Ophthalmology
Edmund
Petro
Neurology
Kathryn
Clark
Student Health Service
Jennifer
Quill
Surgery
Atul
Dave
School of Dental & Oral Surgery
Cesar
Rodriguez
Neurology
Latressa
Fulton
IACUC
Tina
Rosengarten
Pediatrics
Stephen
Getz
Medicine
Steven
Schutzer
Surgery
Wendy
Goldberg
Genome Center and Joint Center for System
Biology
Patricia
Scipio
Internal Audit
Peter
Hague
Oral and Diagnostic Sciences
Allan
Vergara
Harlem Affiliation Finance Office
Bonnie
Wang
Neurology
Nancy
Hirshan
Neurology
Cevita
Webb
Neurology
Ana
Ignat
Pediatrics
William
Yandolino
Office of Budget & Finance
Francoise
Jeanpierre
Medicine
Alan
Zank
Anesthesiology
Geronimo
Jimenez
Orthopaedic Surgery
Session 9 - Capstone
June 2005
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Track 6 Graduates
Edith
Abreu
Heilbrunn Dept. of Population & Family Health
Michael
Masri
Treasury
Miriam
Acosta
Pediatrics
Ebone
McIntosh
Harlem Hospital Affiliation
Irina
Baramidze
Office of Budget & Finance
Susan
McMahon
Mailman School of Public Health
Hannah
Benzaken
General Medicine
Magdalena
Mencia
Mailman School of Public Health
Mihaela
Boghian
Taub Institute
Erma
Merritt Daffin
Medicine / Molecular Medicine
Gabriele
Briggs
Herbert Irving Cancer Center
Lesley
Muir
Mailman School of Public Health
Maxine
Cohen
Internal Audit
Ernestine
Pantel
Programs in Occupational Therapy
Marci
Ecker
Obstetrics and Gynecology
Pamela
Rodman
Urology
Julie
Fisher
Medicine/Cardiology
Jessica
Sama
Heilbrunn Dept. of Population & Family Health
Thomas
Glaser
Free To Grow
Carol
Schoenberg
Office of Budget & Finance
Janique
Grant
Curricular Affairs
Mera Lee
Scovern
Controller's Office
Sally
Hodgson
Medicine
Kate
Sheeran
Treasury / Controller
Todd
Hoisington
Obstetrics and Gynecology
Esperanza
Soriano
Orthopaedic Surgery
Elnora
Johnson
Pathology
Elisabeth
Tapley
Infectious Diseases/Medicine
Jade
Johnson
Radiation Oncology
Milton
Tucker
Pathology
Phyllis
Katz
Biochemistry & Molecular Biophysics
Theresa
Vanni-Reyes
Medicine
Narine
Malcolm
Mailman School of Public Health
Edna
Velez
Government & Community Affairs
Session 9 - Capstone
June 2005
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Track 7 Graduates
Leila
Arbaje
Harlem Affiliation Finance Office
Ahsia
Badi
Harlem Health Promotion Center
Wilfredo J.
Baez
Psychiatry
Michael
Bandura
Pediatrics
Edson
Black
Internal Audit
Rafael
Cruz
Neurology
Jeanne
Dalton
Carmen
Salmen
Loksen
Radiation Safety
Ira
Messer
Office of Budget and Finance
Patricia Ann
Micek
Obstetrics and Gynecology
Valerie
Osgood
Institutional Review Board
Joyce
Plaza
Psychiatry-Center for Bioethics
Pediatrics
Johnny
Quinones
Health Sciences Facilities Management
DeLeon
Mailman School of Public Health
Cynthia
Reed
Mailman School of Public Health
Marla
Deneff
School of Dental & Oral Surgery
Cheryl
Ross
Controller
Melanie
Foley
CUMC Administration
Abigail
Sarokin
Pediatric Cardiology
Mary Ann
Garcia
Radiology
Dona-jean
Solski
Dermatology
Vanessa
Gonzalez
Dermatology
Lauren
Sosa
Mailman School of Public Health
Catherine
Hardy
Pediatrics
Claudia
Suero
Office of Clinical Trials
Katharine
Idrissi
Surgery
Susanne
Sullivan
Medicine-Pulmonary
Francis
Jones
Pediatrics
Christine
Villani
Pathology
Rodney
Kopec
School of Dental & Oral Surgery
Chantal
Volel
Surgery
Vasiliki
Korikis
CUMC Administration
Margaret
Walker
Student Health Service
Piyumika
Kularatne
School of Dental & Oral Surgery
Diana
Zambrano
Pediatrics
Session 9 - Capstone
June 2005
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COURSE
EVALUATION
Please complete course evaluation form.
Session 9
Session 9 - Capstone