Bridges Advisory #63 - June 10, 2005
Printable versionThe University of Florida is committed to keeping you informed as we continue our transition to the new myUFL systems. To help you with the transition, each week you will receive a Bridges Advisory.
FINANCIAL REPORTING PACKAGES. A taskforce of your peers helped design two new report packages to meet the financial management needs of departments and researchers. They have worked hard to identify the right information and organization for these reports so these reports are on target. Please send us your thoughts and comments about these new reports via the "Suggestions" link in the myUFL portal (in top right-hand corner).
Financial Reporting Package for Grants. This week, campus departments should have received a printed copy of the new financial report package geared toward grant administrators and principal investigators. (Future reports will be available on-line later this month.) These monthly reports provide the following information for each sponsored project, covering the period of July 1, 2004 through May 22, 2005:
- Monthly expenses in summary and detail
- Payroll cost distributions in summary
A resource guide is posted on the Bridges Web site > Services > Enterprise Reporting > Instruction Guides that describes the various reports and guidelines for their use.
Financial Reporting Package for Departments. A similar report package that displays information by department will be made available to fiscal staff on campus will follow at a time to be announced.
HELP IS HERE FOR FISCAL YEAR-END TASKS AND PROBLEM-SOLVING. Finance and Accounting will be offering working sessions from Monday, June 13 through Friday, June 24 to assist departmental administrators with critical year-end tasks. These working sessions will be at the UF Bridges offices downtown are designed to provide specific instruction in identifying and correcting your department’s specific problems. These are not lecture sessions – they are working sessions. Please read today’s DDD Memo from Vice President Ed Poppell for further details.
CHANGES TO BUDGETING COMING JULY 1. Based on feedback from campus, the university is making some important changes regarding budgeting, effective July 1, 2005. Please review these changes and contact Sheri Austin (392-2402) if you have any questions.
First, personnel costs will be separately budgeted in FY 2006. Salaries, taxes, and benefits for faculty, USPS and TEAMS will be budgeted at 600000. OPS and their associated taxes and benefit expenditures will be budgeted at 650000. Please continue to use 700000 for ‘Other’ (support) costs.
Second, budgeting will be extended to the sub-division level or detail level (e.g., 24010101) -- similar to how grant and auxiliary accounts are handled -- rather than the current department level (e.g., 24010000). This change will provide the flexibility in budgeting many departments have requested. Departmental administrators may choose to continue to budget at the level they do today or down to the sub-division level, or in between the two at the division level. While it will provide an easier way to manage specific areas, it does require greater attention to detail. Specifically, whatever level you choose to budget at is the same level in which any expenditures will need to be made. For example, you cannot budget at the department level of 16120000 and spend at the sub-division level of 16120100, and vice versa. As a result of this finer detail, when using the full 8-digit DeptID, one can expect to handle more budget exceptions. As the fiscal year progresses, the university will be evaluating the impact of this change on the myUFL systems and central offices workload before making this a permanent change.
IMPORTANT INFORMATION ABOUT SPLIT PERIOD PAYROLL DISTRIBUTIONS. A Split Period distribution occurs when there is a change in funding sources at any time other than the beginning of a pay period. Examples include a faculty member whose salary is paid from one grant account and then switches in the middle of a pay period to another grant account. Or, when an employee transfers from one department to another on any day other than the beginning of a pay period.
In PeopleSoft, the calculation method for charging payroll in split period distributions is calculated on a 14-day bi-weekly calendar and not a 10-day work day period. This does not affect the rate of pay calculated through Time and Labor, but it does affect how those costs are charged when funding changes mid-period. As shown in the chart below, this can make a difference anywhere from 0% to 8.57% depending upon which day of the period the distribution changes.
In order to make your calculations easier, make funding changes at the beginning of any pay period, or even on any Friday since one full week is 50% no matter which calculation method is used. You are welcome to make distribution changes on any day of a pay period, but just be aware of the calculation methods and budget accordingly.
Comparison of a 14-Day and a 10-Day Calculation of Payroll Charges
|
14 day |
|
10 day |
Difference |
|||
|
1 |
6-May |
7.14% |
1 |
6-May |
10.00% |
-2.86% |
|
2 |
7-May |
14.29% |
7-May |
|
|
|
|
3 |
8-May |
21.43% |
8-May |
|
|
|
|
4 |
9-May |
28.57% |
2 |
9-May |
20.00% |
8.57% |
|
5 |
10-May |
35.71% |
3 |
10-May |
30.00% |
5.71% |
|
6 |
11-May |
42.86% |
4 |
11-May |
40.00% |
2.86% |
|
7 |
12-May |
50.00% |
5 |
12-May |
50.00% |
0.00% |
|
8 |
13-May |
57.14% |
6 |
13-May |
60.00% |
-2.86% |
|
9 |
14-May |
64.29% |
14-May |
|
|
|
|
10 |
15-May |
71.43% |
15-May |
|
|
|
|
11 |
16-May |
78.57% |
7 |
16-May |
70.00% |
8.57% |
|
12 |
17-May |
85.71% |
8 |
17-May |
80.00% |
5.71% |
|
13 |
18-May |
92.86% |
9 |
18-May |
90.00% |
2.86% |
|
14 |
19-May |
100.00% |
10 |
19-May |
100.00% |
0.00% |
NEW MOVE PROCEDURES EFFECTIVE IMMEDIATELY FOR MOVE REQUISITIONS TO BE PAID WITH FY06 FUNDS 101/102/103. If you anticipate moving faculty or staff in the near future, please fill out and return the new forms 30-45 days prior to the desired move date. For those who plan to move in July 2005, please send in the form today. In lieu of a requisition, provide a Letter of Intent and the Approval to Pay Moving Expenses Form, signed by the dean or director, to Purchasing immediately. Beginning July 1, requisitions for these moves, set up initially with the Letter of Intent, may be entered into myUFL. A reminder memo will be sent out mid-July (from Purchasing) indicating those that have not yet been entered into the system.
NEW INSTRUCTION GUIDES. Five new instruction guides are available this week:
- Enterprise Reporting > Project Report Package (New)
- Hiring and Job Actions > Assign Additional Job (Updated)
- Hiring and Job Actions > Posting a Position (Updated)
- Hiring and Job Actions > Posting a Position Without a Position Number (Updated)
- Purchasing and Payables > Paying Certain UF Departments Using Item Templates (Updated)
For frequent updates about the project, subscribe to the UF Bridges pagelet in the myUFL portal. For a quick tutorial on how to use myUFL, please sign on to the portal and click on Help > How to Use myUFL.
For more information about myUFL systems, visit the Bridges Web site.
For help or support in using the new systems, including the portal, contact the UF Help Desk at 392-HELP or helpdesk@ufl.edu.
