1. How to Develop a Financial Summary
Session One
November 2018

2. How to Develop a Financial Summary
Agenda
Introductions (5 min)
Goals of the Seminar Sessions (5 min)
Context for a Financial Narrative (10 min)
Sample Questions and Reporting Options (50 min)
Considerations for a Financial Narrative (10 min)
Discussion (10 min)

3. How to Develop a Financial Summary Context for a Financial Narrative
Who is my audience ?
What question(s) do I need to answer ?
Should I be looking at historical trends, current status, and/or a future projection ?

4. How to Develop a Financial Summary Context for a Financial Narrative
Who is my audience ?
What question(s) do I need to answer ?
Determines scope
Department/Program controlled or Faculty controlled accounts
Operations, Graduate Student Support, Projects
Past, Present, or Future

5. How to Develop a Financial Summary Context for a Financial Narrative
Who is my audience ?
What question(s) do I need to answer ?
Determines level of detail
Funding
project, award, source
Expenditures
project, task, award, expenditure classification, itemization
Transfers
source, destination, itemization
Commitments
Funding, expenditure, itemization
Month, Fiscal Year, Project to Date

6. How to Develop a Financial Summary Context for a Financial Narrative
Should I be looking at historical trends, current status, and/or a future projection ?
Determines reporting options (data sources)

7. How to Develop a Financial Summary Sample Questions and Reporting Options
What’s my typical annual operating budget volume? How is it typically funded?
BPS Budget Summary
Are we doing okay this year?
FFIT
YEC OB and Non-OB Report
Are we running out of money? What is our balance over time?
H&S Financial Dashboard - Department Reserve Reports
RFM Fund Trend Report (with customization of high level object code description view)
Have our faculty been spending their money?
Fund Trend Report (with customization to narrow down to faculty)

8. How to Develop a Financial Summary Considerations for a Financial Narrative
Historical Trends
Are increases more or less than cost rise ?
What are the drivers impacting increases or decreases ?
Are we using ongoing or one-time funds?
Are there funding restrictions ?

9. How to Develop a Financial Summary Considerations for a Financial Narrative
Current Status
Are we using more or less than ongoing inflow ?
Is the funding identified in the budget still available ?
Are we projecting a year-end surplus or deficit ?
What are the reasons for budget to actual variances ?

10. How to Develop a Financial Summary Considerations for a Financial Narrative
Future Projections
Are we sustainable over time ?
What are the risks associated with our projections ?
What can we do to mitigate the risks ?
Are we projecting a structural surplus or deficit ?
Are there opportunities for new initiatives ?
How do we optimize our financial resources ?
Use restricted funds
Capitalize accumulated balances
Do we need to reduce expenditures ?
Do we need to seek additional funding ?

11. How to Develop a Financial Summary
Discussion
Are we heading the right direction?
Future topics
Deeper dive into these reports and systems?
Show more OBI reports?
Multi-year projection?
Other suggestions?
Sharing Reports and Tips
- Questions?