Monthly Management Report September 2007 10/16/2007 Executive Summary Financial Report to Management
Total Page:16
File Type:pdf, Size:1020Kb
FINANCIAL REPORT TO MANAGEMENT SEPTEMBER 2007 Michelle Aguilar Associate Director of Financial Accounting Finance Office (518) 434-7025 Financial Report to Management INDEX A Financial Monitoring i Executive Summary ii-x Notes to Management B Balance Sheet Activity Assets 1 Accounts Receivable 2 Advances to Others 3 Investments Portfolio Liabilities 4 Deferred Revenue 5 Deposits Held for Others 6 Fringe Benefits 7 Corporate Debt C Statement of Activities Revenues 8 Sponsored Program Revenue Charts 9 Sponsored Program Revenue by Type Chart 10 Corporate Activity/Revenue Expenditures 11 Sponsored and Corporate Expenditure Category by Activity Type and NACUBO Chart 12 Salary Expenditures by Pool Chart D Working Capital 13 Total Net Cash Position by Location 14 IFR Payments E 990 Activity 15 Agency Revenue Charts 16 Agency Expenditure Category by Activity Type and Campus Monthly Management Report September 2007 10/16/2007 Executive Summary Financial Report to Management - Sponsored Program direct and indirect revenues increased 3% each compared to the same period last year. (Refer to Sponsored Program Revenue Charts on page 8.) - Agency Service Fees (2%) decrease compared to last year while F&A revenue (3%) increased compared to the same period last year. Royalty revenue also increased $7 million as the result of receiving funds on a new license. (Refer to Corporate Activity/Revenue Charts on page 10.) - Although September investment data is not available at this time, early indications continue to show modest gains through September in the Operational (2%) and Retiree Health (1%) pools. (Refer to Investment Portfolio Charts on page 3.) - Fringe Benefit costs are $2.3 million less than the fringe benefit charges to the grants. (Refer to Fringe Benefit Chart on page 6.) Monthly Management Report September 2007 i 10/16/2007 Notes to Management Central Office Budget Update As of the month ending September 2007, there is approximately $3.1m available in the CO budget: Award 43434 Total Salary Total OTPS Functional Organization Budget Total Committed* Available* Available Total Available Executive 4,118,182 3,553,249 47,785** 537,147 584,932 Research 3,340,379 2,742,308 483,914 114,157 598,071 Administration and Human Resources 4,605,756 4,013,909 120,123 471,725 591,847 Information Services 8,938,011 7,940,683 95,582 901,747 997,328 Finance 2,803,324 2,586,238 62,241 154,845 217,086 Audit 1,201,348 1,004,092 152,609 44,648 197,256 Total 25,007,000 21,820,479 962,254 2,224,268 3,186,521 *The “Total Committed” includes shortages. The “Total Salary Available” is less shortages. **A shortage in the amount of $48,287 currently exists and is being addressed. The total central office (CO) budget was increased by $125,000 for funds received from The Research Foundation of Mental Hygiene. These funds were added to the CO contingency budget, under the executive function. Reminders: • Account activity can be reviewed on a regular basis using the web-based CO Budget Report. • A complete list of the FY08 central office budget account numbers is located in the following directory: R:\Secretarial Support\FY08 CO Budget PTAs\FY08 CO Budget Projects-FINAL. • Monthly Task Summary Reports (MTSs) are distributed monthly and should be reviewed to ensure that the activity being charged to your accounts is appropriately classified (correct expenditure type is used) and the charges are reasonable, allocable and allowable. Note: You can run these reports on demand from the grants module of Oracle business system. See Monthly Task Summary (MTS) Report for details. Questions: • Account administration questions and budget changes requests should be directed to Ramona Martin, x7164. • Specific budget related issues should be directed to Dave Martin, x7033. Monthly Management Report September 2007 ii 10/16/2007 Notes to Management Central Office Allocation Reserve Update As of the month ending September 2007, there is approximately $1m available in the CO reserve: Award 000890 Task Name Project Task Budget Expenditures Commitments Available Building Reserve 1056492 1 409,166 16,250 - 392,916 Operating Reserve 1056492 2 343,618 151,923 10,259 181,437 Information Technology Reserve 1056492 3 137,016 - - 137,016 Legal Reserve 1056492 4 342,193 - - 342,193 Total 1,231,993 168,173 10,259 1,053,562 *Commitment represents Spencer Stuart agreement that was approved to be paid from the CO reserve. In general, the reserve funds are only to be used to cover necessary costs not considered normal operations. These reserves are to fund costs incurred for emergencies and other unanticipated circumstances. In FY 2007, central office began to use these funds. See R:\Secretarial Support\CO Reverse Procedure for specific procedures. Monthly Management Report September 2007 iii 10/16/2007 Notes to Management Oracle Budget Update As of the month ending September 2007, there is approximately $502k available in the Oracle budget: Award 38960 Task Name Project Task Budget Actual Encumbrances Total Available Oracle 11i HR 1053677 1 81,196 81,196 - - Oracle Salary Cont 1053680 1 129,312 127,080 - 2,232 Oracle 11 TechWriter 1058702 1 57,857 57,857 - - Total Salary and Fringe 268,365 266,132 - 2,232 Oracle 11i Consult 1053620 1 2,452,541 2,358,850 - 93,691 Oracle 11i Software 1053620 2 166,138 166,138 - - Internal Audit/11i 1053620 3 310,000 287,000 23,000 - Oracle 11i Equipment 1053621 1 2,133,845 1,671,567 55,962 406,315 Oracle 11i Software 1053625 1 - - - - Oracle 11i Misc 1053626 1 20,752 20,752 - - Oracle 11i Training 1053641 1 23,833 23,833 - - Oracle 11i Finance 1053674 1 - - - - Oracle 11i Travel 1058701 1 14,526 14,526 - - Total OTPS 5,121,635 4,542,666 78,962 500,006 Total 5,390,000 4,808,798 78,962 502,239 +This budget represents the total budget that was authorized by the board for the fiscal years 2006, 2007 and 2008. Monthly Management Report September 2007 iv 10/16/2007 Notes to Management Balance Sheet Cash & cash equivalents Sponsored Program net cash position has dropped $76 million from last September 2006. We are experiencing an increase in deficits amounts of $33 million and a decrease in surplus amounts of $43 million. The decrease in cash could impact future investment income distribution to the campuses and the funding to the corporate reserves. Accounts Receivable Sponsored program deficits increased 36% ($33 million) from last September largely due to NYS sponsors. The campuses with the largest increases are University at Albany ($7 million), University at Buffalo ($5 million), Stony Brook University ($2 million), Buffalo State College ($6 million), and Sys Admin. – Provost ($14 million). The campus with the largest decrease was Levin Institute ($3 million) (Refer to Accounts Receivable Charts on page 1.) • Sponsors with the largest increases are: NYS Auth and Pub Ben Corp ($7 million), NYS Department of Health ($8 million) and Other NYS Agencies ($10 million). • University at Albany and Stony Brook University are currently having a problem with receiving timely payments from ESDC and the campuses are currently owed approximately $4 million and $3 million respectively. • “At Risk” awards increased 5% from last September primarily due to NYS sponsors. Accounts Receivable by Sponsor Federal sponsor deficit balances increased 16%, Multiple Sponsor balances increased 19%, Federal Flow Through balances increased 36%, State balances increased 57% and “Other” balances increased 36% compared to the same period last year. Note: “Other” includes Colleges and Universities (19% increase), Foreign (1% decrease), Non-Sponsored (40% increase), Private (52% increase) and Other State and Local (2% increase). Advances to Others Agency deficit balances increased 23% compared to the same period last year while “At Risk” balances decreased 4%. Clinical Practice Plan and Staffing Services deficits increased 61% and 26% respectively while Other Agency deficits decreased 32% compared to last year. (Refer to Advances to Others Charts on page 2.) Deferred Revenue Sponsored program surplus balances in total decreased 32% ($48 million) compared to the same period last year. The campuses with the largest decreases were: (Refer to Deferred Revenue Charts on page 4.) • University at Albany ($42 million) and is related to nanoelectronic activity • Stony Brook University ($7 million) and is related to a change in award coding on one large award to non sponsored income. The campuses with the largest increases were University at Buffalo ($1 million) and Sys Admin. – Provost ($2 million). Monthly Management Report September 2007 v 10/16/2007 Notes to Management Balance Sheet (continued) Deferred Revenue by Sponsor Sponsored surplus balances decreased in “Other” ($7 million), Multiple ($6 million), and State ($31 million) compared to last year. Note: “Other” surplus balances include Colleges and Universities (51% increase), Foreign (28% decrease), Non-Sponsored (52% increase), Private (12% decrease) and Other State and Local (49% increase). For this year’s financial statement audit PwC looked at deferred revenue on multiple sponsored awards, particularly those coded as ‘miscellaneous support’ and ‘balance’. They are particularly concerned with the revenue recognition on these awards. As of September 2007, the surplus balance on these ‘miscellaneous support’ and ‘balance’ awards was $13 million and $15 million respectively. Deposits Held for Others Agency surplus balances increased 7% compared to the same period last year. Surplus balances at Stony Brook University increased 6% and Upstate Medical Center increased 12%. (Refer to Deposits Held for Others Charts on page 5.) Statement of Activities Direct and Indirect Revenue Direct and indirect revenues each increased 3% compared to the same period last year. During July, Levin Institute awards were transferred to University at Albany and Sys. Admin – Provost therefore skewing comparisons to last year. • The campuses with the largest increases in direct revenues were: University at Buffalo (4%), Stony Brook University (26%), and Buffalo State College (26%).