1. UNC FIT David J. Price, CPA Financial Director of State Funds, Financial Reporting and Transactions priceda@ecu.edu

2. What Does UNC FIT Address? What does UNC FIT stand for? The University of North Carolina: Finance Improvement and Transformation UNC General Administration initiative to improve financial processes. Applies to all 16 universities

3. Why UNC FIT? Main Goals: –Identify and implement best practices within the UNC System. –Desired outcomes: Improve internal controls Encourage consistency between universities Minimize audit findings Increase efficiency of processes

4. What Does UNC FIT Address? Five categories of standards are in place: –General Accounting –Grants and Contracts –Financial Aid –Student Accounts –Capital Assets

5. How Does UNC FIT Work? Standards developed and implemented Universities must comply with standards Report Key Performance Indicators (KPIs) to UNC GA: – Green – Compliant – Yellow – Caution – Red – Non-compliant

6. How Does UNC FIT Work? KPI information is summarized for all campuses and reported to the UNC Board of Governors annually Monitoring visits – Annually, UNC GA sends representatives to campuses to verify compliance with standards Documentation is available for examination by Internal and State Audit

7. How Does UNC FIT Work? Action plan development, if needed Impact on funding – part of the Performance Funding Model UNC FIT results reported to: –Chancellor –ECU BOT –UNC BOG

8. General Accounting Journal entries ACH and ProCard usage Bank reconciliations – errors and timing Fund authorities – approval and spending Banner Finance security access reviews

9. General Accounting Monthly review of account activity –Duplicate transactions –Keying errors –Review validity of transactions –Maintain documentation Contracts, agreements, e-mails, invoices and receipts –Sign up for future training classes via OneStop (April 24 th and May 22 nd ) –Website for guidelines: http://www.ecu.edu/cs- admin/financial_serv/accountg/index.cfmhttp://www.ecu.edu/cs- admin/financial_serv/accountg/index.cfm

10. Grants and Contracts Timely financial reports Management of receivables Time and effort reporting (reallocations) Federal compliance

11. Financial Aid Satisfactory academic progress Eligibility requirements Reconciliation of expenses

12. Student Accounts Timely billing Timely collections Schedule cancellations Percentage of refunds via direct deposit Management of receivables

13. Capital Assets Tagging timely – departmental assistance Annual inventory Accurate useful lives Lists of missing assets to Vice Chancellors

14. Other UNC FIT Initiatives Payroll KPI’s – Standards to come later –Percentage of employees paid via direct deposit –Percentage of new hires in a given month not paid (EPAF submission and follow up) –Dollar value of employee overpayments –Collection of receivables

15. Other UNC FIT Initiatives E-Commerce focus –Prevalence in KPI’s General Accounting Student Payroll –What are we doing at ECU? Employee non-travel reimbursements via ACH Encourage expanded use of ProCard Expansion of ACH to AP vendors? Added an e-commerce manager position – Robin Owens who reports to Dee Bowling

16. UNC FIT Takeaways Timely, accurate financial reporting Expanded use of e-commerce Federal and State compliance Billing and collection of receivables Review and approval of transactions Results are reported to the Chancellor, ECU BOT and UNC BOG

17. Other Noteworthy Items Cash management –Daily deposit act –Pay invoices on time Timely receiving in PORT Prompt delivery of direct payment invoices to AP –Non-student accounts receivable and collections Banking – cannot use ECU’s FID to open private bank accounts Review encumbrances using query in SSB

18. Questions?