Obstetrics & Gynaecology Leadership Training Program - Finance Faculty of Medicine Obstetrics & Gynaecology Leadership Training Program - Finance Faculty of Medicine Finance Team UBC budget model Now – current financial balances and forecasting Future – budgeting for the following year Vision – Long-term outlook Other Resources

Faculty of Medicine Finance Team Establishment of Faculty of Medicine Finance team Cluster model Re-organization in April 2018 Academic Finance Education and Administration Finance Operations Finance Role of Academic Finance team Support for general operations, research and education Think of us as your financial toolbox

UBC Budget Model Fiscal year is from April - March Old Budget Model (up to March 30, 2010) Annual increases funded by the University New model - Tuition Allocation Model (as of April 1, 2011) Funding increases tied to increase in tuition revenue Department budgets and forecasts are inputted in Hyperion Financial reporting is focused on general purpose operating (GPO) funds G0000 – General Purpose Operating G0002 – Fee for service G0003 – Salary Billbacks Other fund types are tracked and reviewed within the department Research Endowment Specific Purpose

Now – Current Financial Balances & Forecasting Best source of current financial information is FMS nQuery Tip for Research Funds – budget balance versus cash balance Other information on FMS (found until Project Name) PG Manager Signing Authorities Research Finance Officer End Date/Authority to Spend End Date Forecasting Year-end forecasts reviewed and submitted quarterly Variances reported at a line account level Main impacts: Changes to faculty/staff Temporary vacancies Salary changes Increase or decrease & timing of non-salary expenses

Future – Budgeting for the Following Year Budget season normally occurs in late September – October Budget discussions held starting in July/August Main budget discussion points Changes to faculty/staff Temporary vacancies Salary changes Increase or decrease & timing of non-salary expenses New initiatives Departments submit a budget presentation for review Budget submission generally include: Department budget for the following year Five-year financial plan and variance explanations Five-year hiring plan Departments may be selected to present to the Budget Committee Provides platform to discuss the strategic plan and corresponding budget drivers

Vision – Long-Term Outlook Direction of the department/division & keys to success for long-term viability 5 to 10 year plan at the division level is helpful in mapping out your vision Faculty levels and mix Focus : Clinical versus Research Track : Grant-tenure versus tenure-track Funding Based on current budget model, GPO funding is generally fixed Salary increases occur annually and are not fully funded by the University Other sources of funding is critical to long-term success, including: Salary awards Research Grants Endowments

Other Resources Training through UBC https://finance.ubc.ca/training Suggested courses Accounting 101 Navigating FMS nQuery Contact information Farrell Louie, Senior Finance Manager, Academic Finance 604-875-2000 x.5203 farrell.louie@ubc.ca