An Educational Computer Based Training Program CBTCBT

Job Specific Training The University of Texas - Pan American Office of the Comptroller Oracle Project Key Member Responsibilities

Key Member Responsibilities This course consists of two primary objectives: To inform project managers and other key members of their fiscal responsibility for certifying financial activity posted to their projects. To provide a link to a step-by-step guide to a proper and complete project reconciliation. “The process described in this power point is the primary building block for the University’s fiscal reporting for the fiscal year. I would ask that you read it carefully and comply with its content.” James R. Langabeer, Vice President of Business Affairs

Project Management in Oracle Project Management within Oracle is defined via key member roles.  Project Manager (PM)  Alternate Approver (AA)  Project Reviewer (PR) These key members assume the responsibility of ensuring that good internal control practices are adhered to in managing the details of the project’s financial activity.

Project Manager (PM) The Project Manager assumes the overall responsibility for a project. The PM acts as an approver and is responsible for verifying the legitimacy, appropriateness, and necessity of transactions recorded against the project. If it is a sponsored project, it includes verifying that the costs are allowable on the grant. PMs are to make an orderly transfer of responsibility when the individuals assigned to a project change during mid-year. Suggested steps are explained later in this presentation.

Alternate Approver (AA) During the Project Manager’s absence (or by request), the Alternate Approver acts as the official custodian on behalf of the PM, verifying the legitimacy, appropriateness, and necessity of transactions recorded against the project.

Project Reviewer (PR) The Project Reviewer is responsible for reviewing/reconciling each transaction posted against the project, ensuring its accuracy and validating that sufficient source documentation exists (paper form or electronic data residing in Oracle). The PR is responsible for reporting the reconciliation status/results to the Project Manager at the end of each accounting period.

Why Reconcile Project Activity? To ensure that expenditures which have been posted to the department’s projects were properly approved and charged to the correct project. z Labor Costs z Supplier Costs z Miscellaneous Costs, etc.

Why Reconcile Project Activity? To ensure that revenues which have been earned/collected by the department have been credited and posted to the correct GL account. z Sales & Services z Grant awards, etc.

Why Reconcile Project Activity? To abide with regulations mandated by the State Comptroller, UT System, Federal Government, etc. z Monthly & Annual Financial Report z Federal Time & Effort Reporting, etc.

Monthly Reconciliation Process… The Project Reviewer should:  Reconcile all transactions posted against the project for each accounting period and sign/date the report (s).  Forward the reconciled reports to the PM for review.  Report all discrepancies to the Accounting office for feedback/action.  Track to completion all pending corrections.

Monthly Reconciliation Process … The Project Manager should:  Use the monthly reconciliations as the base to submit the required annual project certification.  Unlike the Annual Project Certification, the monthly reconciliations are not required to be officially submitted to the Office of the Comptroller.

Annual Project Certification Project Managers (PM) are required to submit an annual project certification to the Division of Business Affairs (via the Office of the Comptroller) shortly following the end of each fiscal year (08/31/xxxx). These project certifications are used to substantiate the Annual Financial Report.

A Certification of Yes, means…  That ALL financial transactions recorded against the project were properly authorized and were appropriate and allowable in relation of fund restrictions and all other applicable University policies.  That all reconciling items identified were satisfactorily resolved.

A Certification of Yes, means…  There were no misstatements or omissions in the financial information provided by the Project Manager.  That all frauds known to the project manager were reported accordingly (timely) and appropriately addressed to VPBA, Compliance Support Services.

Annual Project Certification  The deadline to certify falls during the last week of September, following the end of each fiscal year.  The official September deadline and specific instructions on how to submit the certification is to be published (during late August) via notification to Project Managers.

Project Manager (PM) Transition  The PM assigned to a project at the end of each fiscal year (8/31/xx) is responsible for submitting the annual project certification for the entire fiscal year regardless of when the PM assumed this role.

Project Manager (PM) Transition  The PM is responsible for obtaining a partial off- line certification (in writing) from the outgoing PM, covering transactions from the beginning of the fiscal year to the point of transition.  The PM is responsible for obtaining this off-line certification from the outgoing PM’s staff if that individual is no longer on campus.

Project Manager (PM) Transition  PMs that have changed numerous times during the fiscal year should have a certification on file from all prior PMs.  The current PM should obtain copies of those partial certifications as well.

Reconciliation Guide  Please visit the website below to locate a complete guide on how to Account for Your Project in Oracle.  The guide includes a step by step checklist on how to reconcile your project’s financial activity.  You will also locate the Chart of Account structure defined for Oracle. This website is the repository for Administrative Processes forms for the Division of Business Affairs – department is Accounts Control.

Key Member Responsibilities Quiz

Question #1 Which of the following best describes the role of a Project Manager? Assumes the overall responsibility for a project Acts as an approver and is responsible for all transactions posted against the project Is responsible to submit the annual project certification All of the above

Review

Question #2 When should the Project Reviewer complete the project reconciliations? After the end of each quarter At the end of the fiscal year Prior to an audit At the end of each month (Accounting Period)

Review

Question #3 The Project Reviewer should present to the Project Manager the status and results of the Reconciliation report. True False

Review

Congratulations… you have completed this session. Oracle Project Key Member Responsibilities! The University of Texas-Pan American Office of the Comptroller Job Specific Training

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