1. UNIVERSITY OF COLORADO Controller Campus Forum Office of University Controller October – November 2005

2. Agenda Revenue PoliciesRevenue Policies Foundation Travel PolicyFoundation Travel Policy Foundation Gift InterfaceFoundation Gift Interface Reporting ToolReporting Tool

3. Revenue Process Policy Suite Revenue Definition and RecognitionRevenue Definition and Recognition Sponsored Project RevenuesSponsored Project Revenues Auxiliary and Self-Funded RevenuesAuxiliary and Self-Funded Revenues Gift RevenuesGift Revenues Gift In Kind TransactionsGift In Kind Transactionshttp://www.cu.edu/policies/

4. Revenue Process Policy Suite Why more policies?Why more policies? –Consistency –Address questions –Address audit concerns –Reflect redefinition of Foundation role

5. Revenue Process Policy Suite Common question: Does this represent Sponsored Project, Auxiliary and Self-Funded or Gift Revenues?Common question: Does this represent Sponsored Project, Auxiliary and Self-Funded or Gift Revenues? Revenue Decision Tree Revenue Decision Tree –If one characteristic exists, the contract should be sent to the campus sponsored project office for determination

6. Revenue Process Policy Suite Gift RevenuesGift Revenues –Where do I deposit the check – CU or Foundation? Answer Key: Payee on Check

7. Revenue Process Policy Suite Gift RevenuesGift Revenues –What if the Check Payee is ambiguous? Use the other information available, e.g., letter, campaign cardUse the other information available, e.g., letter, campaign card Send donor confirmation letterSend donor confirmation letter Gift Confirmation Letter Gift Confirmation Letter Default to CUDefault to CU

8. Revenue Process Policy Suite Gift In Kind TransactionsGift In Kind Transactions –Routes through CU not Foundation –Requires completion of form and campus controller approval prior to custody GIK Acceptance Form GIK Acceptance Form –Appraisal is required if value is greater than $100,000

9. Revenue Process Policy Suite

10. Foundation Travel Policy Effective November 2005Effective November 2005 Applicable for Deans and other employees that are requested to travel by FoundationApplicable for Deans and other employees that are requested to travel by Foundation Foundation prohibited from directly paying employees and their immediate family membersFoundation prohibited from directly paying employees and their immediate family members Department enters into memorandum of agreement with FoundationDepartment enters into memorandum of agreement with Foundation CU reimburses employee or family member then Foundation reimburses CUCU reimburses employee or family member then Foundation reimburses CU Foundation MOA Template Foundation MOA Template

11. Foundation Gift Interface Redefining our relationship with the Foundation to:Redefining our relationship with the Foundation to: –Improve Foundation effectiveness –Improve transparency of relationship –Enhance donor compliance

12. Foundation Gift Interface Short-term change – new policyShort-term change – new policy Transfer Form Instructions Transfer Form Instructions Document connection on transfer request form the connection between use of monies and donor restrictionsDocument connection on transfer request form the connection between use of monies and donor restrictions Require campus controllers to resolve discrepancies between Foundation purpose codes and University expense purpose codesRequire campus controllers to resolve discrepancies between Foundation purpose codes and University expense purpose codes

13. Foundation Gift Interface Long-term change – February 2006Long-term change – February 2006 Direct relationship between Speedtypes and CUF FundsDirect relationship between Speedtypes and CUF Funds –Improve information about gifts –Automate transfers –Donor compliance training

14. Foundation Gift Interface Improve information about gifts for each speedtype provide:Improve information about gifts for each speedtype provide: –Direct link to Foundation account –New purpose codes –Long description of gift restrictions –Identification of gift fund manager –Available spending balances New Speedtype Page New Speedtype Page

15. Foundation Gift Interface Automate transfersAutomate transfers –Weekly calculate amount needed based on spending and amount available at Foundation –No more transfers (except if amount is over a defined limit)

16. Foundation Gift Interface Donor compliance trainingDonor compliance training –Add security to system to: Prevent transfer of funds between incompatible gift restrictions without campus controller approvalPrevent transfer of funds between incompatible gift restrictions without campus controller approval Require fund manager to approve transfer of funds Require fund manager to approve transfer of funds –Training tools for department staff to understand responsibilities for and documentation of compliance

17. Foundation Policy and Interface

18. Reporting Tool What is the Reporting Tool?What is the Reporting Tool? –New on-line system that will provide financial reports, including ad-hoc querying http://www.cusys.edu/reportingproject

19. Reporting Tool Why is this needed?Why is this needed? –Reduces inconsistencies in presentation and understanding –Supports new fiscal certification process –Reduces and detects fraud –Maximizes resources available to maintain reporting tools, includes training

20. Reporting Tool How will it work?How will it work? –Push reports periodically to the portal based on fiscal role –Email notification of report publications –Finance system users will be able to run reports on demand –Finance system power users will be able to perform ad-hoc querying

21. Reporting Tool When will this be in placed?When will this be in placed? PhasePurposeTiming 1 Fiscal Certification Reports January 2006 2 Compensating control reporting, personnel effort reporting, and I.R.S. Section 127 reporting March 2006 3 Replace all current reporting TBD 4 New reporting and ad-hoc querying TBD

22. Reporting Tool Next stepsNext steps –Confirmation of email addresses –Design of first reports Balance SheetBalance Sheet Income StatementIncome Statement Journal EntryJournal Entry Outstanding EncumbrancesOutstanding Encumbrances –Campus demos in December 2005

23. Reporting Tool Input into processInput into process –Campus oversight committee http://www.cusys.edu/reportingproject/campus-rep.html –Email comments reportingproject@cusys.edu

24. Reporting Tool I heard… Paper reports would no longer be availablePaper reports would no longer be available –True, will not be centrally printed and distributed each month, but can be easily printed in department Current access to reports will no longer be availableCurrent access to reports will no longer be available –Not exactly; we will be eliminating access to reports one-by-one as they become available to reduce cost of future maintenance

25. Reporting Tool I heard… Department access to CIW will be eliminatedDepartment access to CIW will be eliminated –Not in near future, however, it is an ultimate goal as the ad-hoc querying tool will be better than Access database connectivity and reduces cost to future maintenance

26. Reporting Tool I heard…