Training Certification Program For Senior Financial Administrators Session I

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Training Certification ProgramFor Senior
Financial AdministratorsSession I
January 2005
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Agenda
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Goals and Objectives

• CUMC is growing more people and s to manage
• Highly regulated
• Need for formal training
• Team building
• Reinforcement of CU Policies and Procedures
• Professional development

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Steering Committee Members

• Michael OConnor, Ed.D.
• David M. Cohen
• Gary Herrmann
• Galene Kessin
• Michael McGuire
• Lisa Franciosa

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Goals and Objectives

• Strengthen areas that are weak
• Reputation risk
• Minimize and risks
• Validate goal performance
• Raise professional standards
• Administrators role
• Dual responsibility to CU and Chair
• Strengthen financial controls

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Columbia Organization ChartLines of Reporting
Board of Trustees
PRESIDENT
Gerald D. Fischbach Executive Vice President for
Health and Biomedical Sciences Dean of the
Faculty of Medicine
Ira Lamster Dean, School of Dental and Oral
Surgery
Allan Rosenfield Dean, Mailman School of Public
Health
Mary Mundinger Dean, School of Nursing
Institute Center Directors
Department Chairs
Joanna Rubinstein Senior Associate Dean for
Institutional and Global Initiatives
Harvey Colten Vice President and Senior
Associate Dean for Academic Affairs
Michael OConnor Vice President and Senior
Associate Dean for Budget and Finance
Eric Rose Associate Dean For Translational
Research
Kevin Kirby Chief Operating Officer and
Vice President and Senior Associate Dean for
Administration
Edward Shortliffe Deputy Vice President and
Senior Associate Dean for Information Technology
Susan Stalcup Interim Vice President for
Development
Joseph Tenenbaum Senior Associate Dean
for Clinical Affairs
Marilyn Castaldi Deputy Vice President for
Communications
Kathleen ODonnell Vice President and Senior
Associate Dean for Clinical Administration
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CUMC General Background

• 1.2 billion budget
• One-half of total University money and personnel
• 2,700 full-time and 4,000 part-time faculty
  (including affiliates) 4000 non-faculty staff
• 2,900 students in four schools
• Sponsored research grants of 401 million
• Faculty practice revenues of 382 million
• Endowment of 947 million 112 endowed chairs

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CUMC 2004-2005 Projected Revenues
School
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CUMC 2003-2004Source of Operating Funds
Total 1.2 Billion
Note Other includes gifts, endowment, patent
and miscellaneous revenues
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Introduction

• Overview of training program
• Reasons for conducting training
• Requirements for certification
• Complete 40 hours
• Participate
• Complete evaluation
• Case studies
• Lab exercises

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List Of Training Seminars

• 1 Intro Higher Ed, Fundamentals of Accounting
• 2 Fundamentals of Budgeting/ Monitoring Budget
  Performance
• 3 Financial Reporting
• 4 Revenue Cycle
• 5 Gifts, Pledges, Endowments
• 6 Cost Recoveries for Higher Education, OMB
  Circular A-21
• 7 Grant Compliance, OMB Circulars A-110 and
  A-133
• 8 Cash Management and Payroll Accounting
• 9 Capstone Summary and Conclusions

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Dealing With Ethical Issues

• Its a New Environment
• Since the enactment of the Sarbanes-Oxley Act of
  2002, there has been unprecedented focus on the
  role of board members and officers in ensuring
  their institutions are carrying out their
  missions faithfully, without extravagance, waste
  or the appearance of self-dealing.
• Although Sarbanes does not apply directly to
  college, universities, and other not-for-profit
  educational institutions, its influence is being
  felt in the education sector. Many institutions
  are voluntarily adopting some of the principles
  of Sarbanes.

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Sarbanes-Oxley Why Should We Care?

• Technically, Sarbanes is not applicable to public
  interest entities
• However
• Sarbanes objectives are compelling
• Enhanced integrity of senior management
• Enhanced integrity of financial reporting
• Enhanced role of Board oversight
• Enhanced effectiveness of internal controls
• There are increased public entity stakeholder
  expectations
• Regulators and state governments
• Board members from corporate world
• Donors
• Service buyers and patrons

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Sarbanes-Oxley Why Should We Care?

• Action within the Education/Non-profit community
• There is an emerging emphasis on the spirit of
  Sarbanes
• Donors and grantors expect
• -Management integrity
• -Use of funds in accordance with restrictions
• -Active, effective Board oversight
• -Appropriate, understandable financial reporting
• Buyers and patrons expect
• -Appropriate use of public money
• -Impeccable ethical behavior
• -Effective management in light of price
  increases

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Sarbanes-Oxley Federal Non-Profit Initiatives

• If enacted, it would
• Provide that the CEO/CFO certify annual report
• If gross revenues lt 1 million/assets lt 3
  million, then verify that report fairly
  presents the financial condition
• If gross revenues gt 1 million/assets gt 3
  million, then verify fairly presents and a) no
  false statements, b) controls are adequate, c)
  deficiencies disclosed to board/auditors
• Encourage NFPs, especially if large, to have
  audit committees that
• Are independent, oversee auditor, establish
  system for complaints
• Govern the activities of interested directors and
  officers (i.e., with regards to related party
  transactions)

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Dealing With Ethical Issues

• NACUBO Recommends
• Senior management implement a code of conduct
  that should
• Inventory, assess and update as needed existing
  codes of conduct, including conflict of interest
  policies
• Establish appropriate codes if they do not
  already exist
• Require sign off by senior leaders acknowledging
  the code
• Be comprehensive and clear
• Be easy to access, understand, and implement
• Be communicated broadly
• Include a confidential mechanism to report code
  violations

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Dealing With Ethical Issues

• Code of Conduct Promotes
• Honest, ethical conduct
• Full, fair, accurate, timely, and understandable
  disclosure in reports and documents
• Compliance with applicable governmental laws,
  rules and regulations
• Prompt internal reporting of code violations to a
  designated person or place
• Accountability for adherence to the code

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Dealing With Ethical Issues

• If You See Something, Say Something
• Examples
• Signing onto University System and approving on
  behalf of someone else
• Example FFE, APCAR, and RASCAL
• Nepotism
• No direct reporting relationship
• Reporting relationship must be disclosed
• No input into compensation of another
• Appearance of impropriety

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Dealing With Ethical Issues

• Being asked to submit reports to external
  sponsors or internally where you know information
  is inaccurate
• Misuse/inappropriate use of University resources
• Using University assets for personal gain
• Charging personal side trips made on business
  trips
• Violating Conflict of Interest Policy
  (https//www.rascal.columbia.edu/coi/coiframe.html
  )
• Use of restricted funds for other purposes

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Dealing With Ethical Issues

• Reporting Misconduct Barriers to Reporting
• The National Business Ethics 2003 survey by the
  Ethics Resource Center found that while there had
  been overall increase in employee reporting of
  misconduct, the majority of employees (40 - 70)
  stated they would not report misconduct.
• There are many reasons for non-reporting,
  including
• Loyalty to group or department
• Fear of retaliation
• Concern that leadership will not act to correct
  misconduct
• Believing that co-workers would not report
• Not knowing where to report

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Dealing With Ethical Issues

• Reporting Misconduct Barriers to Reporting
• Improper practices that are not corrected early
  can escalate into more destructive situations
• Consequences of escalation include damage to
  individuals and University image loss of funds,
  property, physical security and job security
  delays in research progress, disrespect for
  ethical values
• A culture of non-reporting may imply distrust in
  leadership, cynicism about University ethics,
  lack of employee identification with
  institutional goals, and low employee morale
• Demoralization among employees may result in a
  culture of permission to cut corners and
  participate in impropriety, values confusion,
  diminished performance, increased turnover and
  instability

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Dealing With Ethical Issues

• Conflict of Interest Individuals to call if
  there is an ethical issue
• Gerald Fischbach 305-2752 Executive VP of CUMC
• Michael OConnor 305-3719 CUMC Budget and
  Finance
• Marsha Wagner 854-1234 Ombuds Officer
• Galene Kessin 305-3671 Human Resources
• Alan Brinkley 854-2403 Provost
• Patricia Catapano 854-4521 Office of General
  Counsel

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BREAK
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SESSION 1Part 1 Intro to Higher EducationPart
2 Fundamentals of Accounting
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Session Objectives

• Identify characteristics and types of
  not-for-profit organizations, including colleges
  and universities
• Understand the following
• Differences between not-for-profits and
  commercial entities
• Fiduciary responsibilities of not-for-profit
  organizations
• Higher Education market segment and its
  challenges
• Basic principles of fund accounting
• Net asset classifications per SFAS 116 and 117
  and be able to relate fund accounting to them

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PART 1Higher Education / NFP Industry Overview
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What is aNot-for-Profit Organization?

• A 501 C(3) entity possesses the following
  characteristics
• Contributions of significant amounts from
  resource providers who do not expect commensurate
  return existence heavily dependent on private
  and public support
• Operating purposes are other than to provide
  goods or services at a profit typically serves a
  social, moral, or ethical purpose which is
  usually reflected in the mission statement
• Absence of ownership interests
• Tax-exempt status

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What is aNot-for-Profit Organization?

• Hospitals and medical research organizations.   A
  hospital is an organization whose principal
  purpose or function is to provide hospital or
  medical care or either medical education or
  medical research. A rehabilitation institution,
  outpatient clinic, or community mental health or
  drug treatment center may qualify as a hospital
  if its principal purpose or function is providing
  hospital or medical care. If the accommodations
  of an organization qualify as being part of a
  skilled nursing facility, that organization may
  qualify as a hospital if its principal purpose or
  function is providing hospital or medical care. A
  cooperative hospital service organization that
  meets the requirements of section 501(e) will
  qualify as a hospital.

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What is aNot-for-Profit Organization?

• Hospitals and medical research organizations.
     The term hospital does not include
  convalescent homes, homes for children or the
  aged, or institutions whose principal purpose or
  function is to train handicapped individuals to
  pursue a vocation. An organization that mainly
  provides medical education or medical research
  will not be considered a hospital, unless it is
  also actively engaged in providing medical or
  hospital care to patients on its premises or in
  its facilities, on an in-patient or out-patient
  basis, as an integral part of its medical
  education or medical research functions.
• Medical research organization.   A medical
  research organization must be directly engaged in
  the continuous active conduct of medical research
  in conjunction with a hospital, and that activity
  must be the organization's principal purpose or
  function.

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Not-for-Profit vs. Commercial Organizations

• Not-for-Profit Organizations
• Resources received without expected repayment
• Operate to fulfill a need, purpose or cause
• Surplus or deficit
• CU Educate, Discover, Care, and Lead

• Commercial Enterprises
• Resources received with possible repayment or
  economic benefit
• Operates to make a profit and provide returns to
  shareholders
• Net income or net loss
• Provide service to make money

more ?
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Not-for-Profit vs. Commercial Organizations

• Not-for-Profit Organizations
• Absence of defined ownership interest
• Use Net Asset classification
• May receive donated assets and services
• Tax-exempt status granted
• Board of Trustees - fiduciary responsibility to
  society, community, and clients

• Commercial Enterprises
• Have defined ownership interest (i.e., stock)
• Use Equity classification
• Usually there are no donations to commercial
  enterprises
• Taxable entities
• Board of Directors - fiduciary responsibility to
  shareholders

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Fund Balance AccountingDefinitions

• Endowment fund grouping includes three types of
  funds classified as endowment and similar
  funds
• True Endowment donor has stipulated that the
  principal is to be kept intact in perpetuity and
  only the income therefrom can be expended either
  for general purposes or for a restricted purpose.
  Revenue and net assets of these funds are
  reported in the permanently restricted class of
  net assets.
• Term Endowment donor has provided that upon the
  passage of time or the happening of a specific
  event, the endowment principal can then be
  utilized either for a specific purpose or for the
  general operation of the institution. Revenue and
  net assets of these funds are reported in the
  temporary restricted class of net assets.
• Quasi-Endowment the board, as distinct from the
  donor, has set aside unrestricted amounts to be
  used as endowment at least for some time. Revenue
  and net assets of these funds are reported in the
  unrestricted class of net assets.

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Fund Balance AccountingDefinitions

• Gifts
• Unrestricted Contributions
• Current Restricted Contributions contributions
  that can be used to meet the current expenses of
  the organization, although restricted to use for
  some specific purpose, or during or after some
  specified time
• Investment Securities contributions in the form
  of stocks and bonds
• Gifts-In-Kind unrestricted or temporarily
  restricted
• Fixed Assets land, building, and equipment
• Museum Collections
• Pledges (promise to give) A promise to
  contribute to an organization at a later date or
  in installment payments. May or may not be
  legally enforceable.

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Fund Balance AccountingDefinitions

• Statement of Financial Position (Balance Sheet)
• Reports the assets, liabilities and net assets of
  the organization
• Is presented on the accrual basis of accounting
• The assets and liabilities are grouped into
  homogeneous groups such as
• Cash and Cash equivalents
• Accounts and notes receivable
• Accrued employee benefits
• Short and long term liabilities
• Each FAS Account has a balance sheet and revenues
  and expenses

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Fund Balance AccountingBalance Sheet
Statement of Financial Position (Balance
Sheet) Six Basic Totals Required

NFP Organization Balance Sheet XX/XX/XX
Total Assets XXX Total Liabilities XXX Net
Assets Unrestricted XXX Temporarily
Restricted XXX Permanently Restricted XXX Total
Net Assets XXX
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Fund Balance AccountingBalance Sheet

• Statement of Financial Position (Balance Sheet)
• Other Information Required
• Classification of Assets and Liabilities
• Liquidity Information
• Restrictions on Assets and Net Assets

NFP Organization Balance Sheet XX/XX/XX
Cash XXX Total Assets XXX Accounts
Payable XXX Total Liabilities XXX Total Net
Assets XXX
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Fund Balance AccountingBalance Sheet
Each fund has its own assets, liabilities, net
assets (fund balance), revenues, and expenses.

Plant fund
Operating fund
A L N.A. R - E N.A.
A L N.A. R - E N.A.
Total entity
Endowment fund
A L N.A. R - E N.A.
A L N.A. R - E N.A.
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Fund Balance AccountingBalance Sheet

Example Balance Sheet
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Fund Balance AccountingStatement of Activities

• Statement of Activities (Revenue/Expense
  statement)
• Summarizes all of the activity of the
  organization for the entire period.
• Depicts how the resources of the organization are
  used in providing programs or services in order
  to meet its mission
• Revenues (Sources)
• Expenses (Uses)
• Reported by natural or functional groupings
• Reports revenue and expenses at gross amount and
  gains and losses at net amount

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Fund Balance AccountingStatement of Activities

Example Revenue and Expenses
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Fund Balance AccountingStatement of Cash Flows

• Statement of Cash Flows
• The statement of cash flows analyzes the movement
  of actual cash
• The cash flow statement indicates
• - The organizations ability to meet its
  obligations, and
• - The reasons for the differences between the
  total changes in net assets, and the receipts and
  payments of cash during the period.

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Fund Balance AccountingStatement of Cash Flows
(Cont.)

• The statement of cash flows classifies receipts
  and payments of cash in three categories
• Operating
• All amounts not defined as investing or financing
• Investing
• Making or collecting loans to other entities
• Acquisition or disposal of property, plant and
  equipment
• Sales or purchases of marketable securities
• Financing
• Borrowing or repaying amounts borrowed by the
  organization
• Proceeds from contributions received for
  long-term purposes
• Receipt or payment of annuity obligations
• Deposits with bond trustees

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Fund Balance AccountingCash Flow Statement

Example Cash Flow Statement
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Net Assets Classification

• Permanently Restricted
• Resources subject to donor-imposed restrictions
  requiring that the original contribution be
  retained inviolate and in perpetuity but permit
  the use of investments earnings for general or
  specific purposes. The primary component of these
  assets is true endowments whose appreciation is
  either restricted to specific uses, such as
  support for financial aid or a faculty chair, or
  else is available for general university
  purposes.
• Example Endowment Principal accounted in
• General Ledger 0-60000 through 0-69999

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Net Assets Classification

• Temporarily Restricted
• Resources subject to donor-imposed restrictions
  that will be met by actions of the University or
  the passage of time. These net assets are
  primarily comprised of gifts in the form of cash
  or pledges for specific purposes, such as
  financial aid, capital constriction or research
  activities, and the unspent net realized and
  unrealized gains and net reinvested income
  generated by permanently restricted assets
  subject to donor-imposed restrictions on their
  use.
• Example Gift Accounts accounted in
• General Ledger 0-42000 through 0-44999
• -Once expired, moved to Unrestricted Net Assets

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Net Assets Classification

• Unrestricted
• Resources which are not subject to donor-imposed
  restrictions.
• Example Ledger 2 - Unrestricted budget
• Ledger 4 - Internally restricted
• Someone in department decides how to spend
  through budget process

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Reporting Considerations

• Similarity to Profit-Oriented Reporting
• A complete set of Financial Statements are
  required
• Statement of financial position (balance sheet)
• Statement of activities (revenue / expense
  account)
• Statement of cash flows
• Accompanying notes

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Reporting ConsiderationsFinancial Report
http//www.columbia.edu/cu/finance/

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Role of DA Stewardship

• Safeguard Assets
• Net assets are an asset of the University
• Deans, Chairmen and DAs are custodians
• Fiduciary responsibility
• Agency relationship
• Monitor positive fund balance and transactions
• Review transactions
• TE expenses on DARTS
• Acknowledge donors money, how money should be
  spent, reporting to donors
• Reviewing and reconciling monthly reports on a
  timely basis
• Making corrections as needed

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Time Value of Money

• Cost of doing business when account is in
  overdraft
• Overdrafts are funded by the University
• Not collected AR forfeited funds
• Aggravation factor / Time waster

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PART 2Fundamentals ofAccounting
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Cash vs. Accrual Accounting
CASH ? Revenues are recognized when cash is
received and deposited and expenses are recorded
in the accounting period when bills are
paid ACCRUAL ? The most commonly used accounting
method, which reports income when earned and
expenses when incurred Receivables when earning
process is complete (since 1996 in terms of
faculty practice) Liabilities when there is a
legal claim against assets. (Includes Physician
Incentive payments) MODIFIED ACCRUAL ? Revenue
and Expenditures handled daily on a cash basis,
but converted to accrual with periodic
adjustments

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Cash vs. Accrual Accounting

Balance Sheet Example
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Cash vs. Accrual Accounting
ADVANTAGES

• ACCRUAL BASIS
• Accurately presents financial picture of the
  organization
• This basis is more meaningful for organizations
  that have substantial unpaid bills or uncollected
  income at the end of each period and these
  amounts vary from period to period.
• The cash basis would provide great difficulty in
  knowing exactly where the organization stood

• CASH BASIS
• Simplicity
• A simple checkbook may be all that is needed to
  keep the financial records of an organization,
  provided a complete description is recorded in
  the checkbook stubs.
• Accrual basis adds a level of complexity that is
  unnecessary in some organizations

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Cash Example

• Deposits
• Faculty Practice Patient Receipts
• Gifts Receipts
• Employee Reimbursements
• Disbursements
• Invoice Payments
• Payroll

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Accrual Example

• Departmental Accruals
• AR Patient invoices in IDX
• AR hospital agreements (NYPH, MD, Clinical
  Assess)
• AP NYPH and other affiliates
• AP MD incentives and on call payment
• AP Clinical assessment
• AR/AP- Clinical Trials
• AR/AP- Nongovernment grants

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Modified Accrual Example

• Grant Accounting
• Revenue is recognized, up to the budgeted amount,
  when expenditures are incurred
• Revenues equals Expenses
• Endowment Income
• Income Distributed Quarterly
• Principal adjusted at year end to reflect actual

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BREAK
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Expectations of Managing Cash

• Reconciliation of lockboxes
• Timely Deposit
• Safeguard / custody (within 24hrs needs to be
  deposited)
• Reconcile to FAS (DARTS)

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Budget, Actuals, andEncumbrances
Budget ? A budget is a plan of action. It
represents the organizations blueprint for the
coming months, or years, expressed in monetary
terms. An organization must have specific goals
before preparing a budget. Actuals ?
Transactions which represent actual revenues and
expenditures example payrolls, supplies,
equipment, etc Encumbrances ? Represents
commitments based on SAFs project salary
allocation example POs in Purchasing
system Balance Available ? Budget Actuals
Encumbrances Budget Available

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CUMC Fund Accounting

• Accounts in FAS
• General Ledger (0 Ledger)
• 0-XXXXX-XXXX
• Revenues/Expenses or Subsidiary Ledgers
• 1-XXXXX-XXXX
• 2-XXXXX-XXXX
• .
• 9-XXXXX-XXXX
• Remember Every Revenue/Expense Ledger must be
  related to a General Ledger (0 Ledger) account

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CUMC Fund Accounting
Accounts in FAS General Ledger Structure Assets,
Liabilities, Fund Balances 0-XXXXX-XXXX Acco
unt Control Account Identification Ledge
r Example of General Ledger Account 0-44320-4220

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CUMC Fund Accounting
Accounts in FAS Subsidiary Ledger
Structure Assets, Liabilities, Fund
Balances 1-XXXXX-XXXX through
9-XXXXX-XXXX Subcode Account
Identification Ledger Example of
Revenue/Expense Account 1-60114-0790

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CUMC Fund Accounting
Subsidiary Ledgers (Revenues/Expenses)
1-XXXXX Current Unrestricted Revenues include
unrestricted gifts and other unrestricted
resources earned such as student tuition and
fees, Indirect Cost Recovery,
etc. 2-XXXXX Current Unrestricted Expenditures
include economic resources which are
expendable for any purpose in performing the
primary objectives of the institution, i.e.,
instruction, research, and public service, and
which have not been designated by outside donors
or the governing board for other
purposes. 3-XXXXX Auxiliary Enterprises and
Other Activities include revenues and
expenditures for faculty practice, residence
halls, and dining services
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CUMC Fund Accounting
Subsidiary Ledgers (Revenues/Expenses)
4-XXXXX Internally Restricted (Designated)
include revenues and expenditures of funds,
expendable for operating purposes but restricted
by the Universitys governing boards as to the
specific purpose for which they may be
expended, i.e., discretionary funds. 5-XXXXX Curr
ent Restricted Expenditures Government Grants
and Contracts include grants from governmental
sources for research, training, or other
sponsored programs. 6-XXXXX Current Restricted
Expenditures Other include private gifts and
endowment income restricted to a school or a
department or restricted for specific operating
purposes such as scholarship grants,
professorships, purchase of library books,
etc.
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CUMC Fund Accounting
Subsidiary Ledgers (Revenues/Expenses)
continued
7-XXXXX Plant Fund / Clinical Trials
Expenditures Plant funds are used for the
acquisition, renewal and replacement, and
retirement of indebtedness on physical
properties for institutional purposes.
Clinical trials are used for the study in
human subjects involving a therapeutic or
diagnostic intervention with a drug, device, or
health care product. 8-XXXXX Not
Assigned 9-XXXXX Agency Funds include revenues
and expenditures of funds held by the
institution as custodian or fiscal agent for
others such as student organizations,
individual students, or faculty members.
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CUMC Fund Accounting
Prime and Scope Accounts ? General Ledger
accounts may have more than one sub-ledger
account. The first sub-ledger account is called
prime and the others are called scope
accounts. Map Code ? Every sub-ledger account
carries a map code which tells the reader to
which General ledger account it belongs. The map
code is simply the General Ledger account number
with out the leading zero number. Note
Sub-ledger accounts do not have to be in the same
department as the corresponding general ledger.
This allows one department to hold the funds
(General Ledger account) and allow other
departments to spend some of these funds
(Subsidiary Ledger account).
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CUMC Fund Accounting
Subsidiary General Ledger Relationship Unrestric
ted

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CUMC Fund Accounting
Subsidiary General Ledger Relationship Unrestric
ted (continued)

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CUMC Fund Accounting
Subsidiary General Ledger Relationship Restricte
d

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CUMC Fund Accounting
Subsidiary General Ledger Relationship Restricte
d (continued)

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CUMC Fund Accounting
Subsidiary General Ledger Relationship
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Clinical, Affiliates, Practice Plans

• Clinical ? Doctors rendering services for patient
  care
• Affiliates ? Other institutions where CUMC
  provides patient care or teaching
• Practice Plans ? 3 Types
• Federated Unified resources are pooled in one
  departmental plan
• Divisional Divisions operate on padded basis
  and incurred department O/H charges
• Individual Practitioner Accounts Autonomous
  self sufficient, need to cover costs individually

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Questions
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Summary

• Education is what remains after one has
  forgotten everything he learned in school.
• Einstein

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Course Evaluation

• Please complete course evaluation form

Session 1
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