Chief Investigator Briefing Session Presenter please note; This - - PDF document

1 Chief Investigator Briefing Session

Presenter please note; This PowerPoint presentation was developed to allow the majority of information that needs to be conveyed be directly read/ presented from the slides. Some additional scripting has been included to assist with those slides that contain bullet points or graphics that require further explanation Presenter Instructions are in bold type Scripting is in normal type – not bold Note: A number of these slides are animated and it will assist you to go through the presentation to see the order of the animations. Most animations will appear with a click of a mouse or using the down arrow key on the keyboard Resources and Handouts

• 1. Attendance Sheet – ask participants to complete on entry to the venue
• 2. CIFR Session Presentation – PowerPoint
• 3. CIFR Session Presentation Notes - presenter direction and scripting for session
• 4. CIFR Session Guide – to allow participants to follow the presentation. Distribute at the

beginning of the session (print: 2 slides per page, 2 sided, colour, staple)

• 5. Stage 1 CIFR Report Examples – A copy of the reports handed out when commencing the

Stepping Through The Reports slide; (print: 2 sided, colour, staple in page order – note: the

• rder of the reports match the presentation sequence)
• 6. CIFR User Reference Guide – Handed out at end of session (print: 2 sided, colour, staple)

• 7. Step by Step Guides in Running the Reports (for show not for distribution)

Chief Investigator Briefing Session 1

2 Chief Investigator Briefing Session

Hand out the PowerPoint presentation guide prior to commencing (or have placed at seating positions) Welcome to the CI Financial Reporting briefing session

• The Chief Investigator Financial Reporting Project is an outcome of the

Administrative Review Survey of 2013 - Chief Investigators wanted more easily understood and comprehensive financial reports

• A CI Reference Group comprising 12 Chief Investigators were key in the design

and development of the reports

• Stage 1 of the Project (August 14) sees the release of 4 Reports of a 10 Report

Suite designed based on user requirements

• Stage 2 (mid 2015) will see the re-release of the 4 reports to include forecasting

information together with the 6 Reports that also require further financial system enhancements The purpose of today’s session is to:

• provide you with background as to how these reports were developed,
• introduce you to the Financial Reports developed for Chief Investigators,
• discuss these reports with you,
• welcome any feedback and suggestions you may have, and

• presenting today is Luke Beckett, Manager Research Accounting,

Chief Investigator Briefing Session 2

3 Chief Investigator Briefing Session Today‘s session will take one hour The agenda for today’s session

• The welcome which has already been made by _______
• The purpose of the reports, what we hope to achieve by developing these

reports and some back ground on how these reports were developed

• Then we will step through each of the four reports looking at their structure

and the financial information provided

• How do we receive the reports? These reports are packaged and either

directly emailed to you or accessible through the Insight system

• Then we will look at what type of support available to you, if you need

assistance or have any problems with these reports

• Finally what are the next steps – we will talk about the future of the CI

Reports

• We will take further questions and then close the session

4 Chief Investigator Briefing Session Introductory slide Go To Next Page

5 Chief Investigator Briefing Session These reports were developed to;

• Meet Chief Investigators requirements as outlined by the CI Reference

Group

• The need to have a clear and intuitive structure so the reports can be easily

read

• Facilitate the Chief Investigators ability to assess/ monitor the financial

health of a project by provide meaningful information and

• Highlight critical financial situations - clearly show potentially negative or

financial risk

• Reduce academic and professional staff report interpretation and

administration time

• Consistent (and University wide) approach to research project financial

reporting – the reports provide the information required to manage a project eliminating the need for continually developing adhoc reports, or Ci developing their own financial reports

6 Chief Investigator Briefing Session Introductory slide Go To Next Page

7 Chief Investigator Briefing Session The Chief Investigators were nominated by the General Managers or Research School Directors based on the following criteria (indicated by dashes) Read Bullet Points – this can be quite quick as there are 3 pages to cover in this section

8 Chief Investigator Briefing Session Read Bullet Points FYI: Greenfield approach means that the design of the reports should not be impacted by any constraints imposed by system inadequacies or prior financial report definition (e.g. language)

9 Chief Investigator Briefing Session (Bullet point 1) A Control Group of Chief Investigator, not involved in the project, reviewed the reports to ensure that the reports met their requirements and were consistent with the CI Reference Group (Bullet point 4) College Finance Managers requested the inclusion of some identification information such as Aries ID and Donor Reference numbers to reduce the time spent in going between the finance and research systems when answering report questions (Bullet point 6) Insight is managed by Performance, Planning and Measurement Division. This system will be used for all future Financial Management Reporting

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• The reporting requirements provided by the CI Reference Group was realised with the

development of a suite of 10 reports.

• All of the reports required forecasting information
• This capability is now being developed in the finance systems and will not be available until

early 2015

• The Stage 1 Reports as listed above, (and I won’t go through these in detail as we will soon be

covering them in the next slides), have been amended to provide financial information that does not rely on forecasting data

• The four reports include (Read the names of the reports)
• The remaining six reports are focussed on providing past, current and future year financial

information so that the income and expense for each year can be viewed or reviewed Additional 6 New Reports

• CI Project Portfolio Flow of Funds by Financial Year

Shows Project Life (Project Commencement to Project Close) Financial Summary (Income, Expenses, Budget, Forecast, Actuals and Balance) for all CI Projects

• Portfolio Income by Financial Year

Shows Life of Project Income by CI Project and Accounts; shows Funding Source, Funds Provider, Total Projected Income, Amount Expected in the Financial Years of the project, the Expected month of receipt and actual amount and received date

• Project Budget by Project or Financial Year

Shows Project Budget and forecast by budget class level for a Financial or Project Year; For each year of the project, past current and future

• Project Salaries and Cost by Project or Financial Year

Shows salary budget, actual, salary commitments (encumbrances) by person and balance

• utstanding; and if required forecasts research staff positions required for each year of the

project by financial or project year

11 Chief Investigator Briefing Session Key questions that drove the development of the current reports Quickly walk through the questions and the report they apply to as an introduction to the reports – no need to read the description that will be covered in the following slides

12 Chief Investigator Briefing Session Hand out the CIFR Stage 1 Reports Examples (Important not to hand these out earlier as you will have participants studying the reports while you are presenting the previous slides) Introductory slide Go To Next Page

13 Chief Investigator Briefing Session Animations will step you through this slide Read animations as they appear

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Animations will step you through this slide Read animations as they appear Re Negative Values Getting It Right These reports take information the University’s research management system and financial system. If data in the systems is missing, not updated or incorrect you will see data missing labels and/or some unnecessary negative values in the calculations within your report. This is a new world for research ‘S ‘ fund accounts and ‘Q ‘ fund accounts based reporting and as such review and/or correction of missing or erroneous data is part of the ongoing development of our financial administration and reporting capabilities. This ‘clean-up’ process will take a little while to complete. Finance areas will establish programs to best assist in resolving these issues to ensure future reporting is accurate and meaningful for the management of your grants. This will ensure a solid foundation for the Stage 2 Chief Investigator Financial Reports that will contain forecasting by financial year and project year. Unnecessary Negative Values You May See In Your Reports Your Portfolio Financial Summary and Subproject Financial Summary reports may identify some unnecessary negative values, particularly under the headings Income to Be Received (column C) and Projected Available Funds (column H). Negative values in these columns may arise from any one, or a combination of the following. Income to Be Received has a negative value: The Original Funds Awarded is not entered into the finance system – this may occur particularly in Q Fund accounts, where in the past entering Q Budgets were optional and as such no detail was entered into the finance system. This issue can be resolved by entering budget value into the finance system noting that at the time of applying for the Q Fund account budget information was included in the application form; or The Original Funds Awarded has not been updated in the finance system – this may have arisen from not entering updated information into the finance system relating to an increase in funding provided or indexation. This issue can be resolved by amending the Original Funds Awarded value in the finance system budget. Any increase should be supported by evidence of funding from the appropriate funding body; or Income Received to Date – (indicates that income has been recognised in the account) is over and above that identified in the Original Funds Awarded – this could be ok and rectified by taking actions identified at 1 or 2 above. Alternatively income may have been credited/ recognised in this account incorrectly and as such is to be re-directed to a correct account. Projected Available Funds has a negative value and will arise from:

• A. The outcome of any of the three, Income Received to Date, negative values listed above; or
• B. Incorrect Expenses Paid to Date - may indicate that expenses have been incorrectly recognised in this account. This issue can be resolved

by reviewing the expenditure recognised in the account and transfer to the correct account if an error in recognition has been identified; or

• C. Commitments (also known as encumbrances) may not have been amended to reflect an

actual expense against the original commitment has occurred i.e. recognition of duplicate expense value. This is resolved by reviewing the current commitments listed against the account and removing those no longer required.

16 Chief Investigator Briefing Session Animations will step you through this slide Read animations as they appear

17 Chief Investigator Briefing Session Animations will step you through this slide Read animations as they appear

18 Chief Investigator Briefing Session Animations will step you through this slide Read animations as they appear Note: negative values may also appear in Subproject reports

19 Chief Investigator Briefing Session Animations will step you through this slide Read animations as they appear

20 Chief Investigator Briefing Session Animations will step you through this slide Read animations as they appear

Chief Investigator Briefing Session 21 Very briefly view this slide Point out the increased number of budget class expenditure items Say: The Subproject Budget Class Report is an consolidation of both project and subproject account information

22 Chief Investigator Briefing Session Animations will step you through this slide Read animations as they appear

23 Chief Investigator Briefing Session Animations will step you through this slide Read animations as they appear

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25 Chief Investigator Briefing Session Animations will step you through this slide Read animations as they appear

Chief Investigator Briefing Session 26 Very briefly view this slide Say: The Subproject Transaction Report lists the transactions for the project account and all the subproject accounts. Point out the different GLC codes against the different transactions to show project and subproject accounts

Chief Investigator Briefing Session 27 Very briefly view this slide – continue to show all pages of the report

Chief Investigator Briefing Session 28 Very briefly view this slide – continue to show all pages of the report

Chief Investigator Briefing Session 29 Very briefly view this slide – continue to show all pages of the report

Chief Investigator Briefing Session 30 Very briefly view this slide – continue to show all pages of the report

31 Chief Investigator Briefing Session Introductory slide Go To Next Page

32 Chief Investigator Briefing Session Every Chief Investigator will receive the portfolio report via email, these are provided in PDF format If you have 4 or less projects these reports the project and subproject report packs will also be emailed If you have 5 or more projects then you can access these reports via the link in the emial and you will be taken directly to your reports Show Step By Step Guides and Say These guides are available by pressing the link provided in the emial to the CI Financial Reporting webpage to download

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37 Chief Investigator Briefing Session In this section we will provide a an overview of how to enter the system and access reports (without any email link) Different type of reports are held within Insight, Human Resources, Student , Financial etc. We enter CI Financial Reporting through the Financial category

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44 Chief Investigator Briefing Session Introductory slide Go To Next Page

45 Chief Investigator Briefing Session There are a number of resources developed to assist you in understanding the reports that can be found on the CI Financial Reporting Webpage The User Reference Guide summaries how we have stepped through the reports today Hand out the User Reference Guide should you have any questions concerning the project financial information within your report your first point of contact would be your local Finance team They may go on to talk with Research Accounting unit within Central Finance if it is a complicated issue If you have problems accessing reports in the Insight system you can call the PPM Helpdesk who will assist

46 Chief Investigator Briefing Session Computer based training is being developed to assist in understanding the reports and how to access the system For any person who has not been able to access training sessions are available once a month through HORUS.

47 Chief Investigator Briefing Session Introductory slide Go To Next Page

48 Chief Investigator Briefing Session Read Slide The CI Financial Reports require changes to the finance systems to provide future year budgeting and forecasting for each year of a project. Finance and Business Services is in the process of enhancing the finance systems to be able to provide the information required for the CI Financial Reports. In 2015 the finance system enhancements and development of the reports will be complete. TM1 is a finance system that is now being enhanced to enable future year budgeting and forecasting for research projects The suite of 10 reports will then have layered information and allow drilling down to budget and transaction detail level with interrogation ability. (Bullet 5) Releasing the initial four Reports provides an opportunity for Chief Investigators, College and School personnel to try the Reports and provide feedback on how the reports can be improved for the future. This release allows greater consultation with the broader university community regarding the development and delivery of these Reports. (Bullet 7) Once the suite of 10 CI Financial Reports is in production the FMRs will be superseded and retired

49 Chief Investigator Briefing Session Introductory slide Go To Next Page

50 Chief Investigator Briefing Session Ask the participants if they have any questions The development of this financial reporting is our way of supporting you in the valuable work you undertake for the University. Ensuring we have all of the data correct in the finance system may take some time and considerable effort by the finance teams within the University. We ask for your patience in this process and value your contribution welcoming any feedback, suggestions and recommendations. Also you can send feedback via : insight@anu.edu.au. Our aim is to provide the whole suite of Chief Investigator Financial Reports, at the individual, program or centre level, by mid to late 2015. Thank the participants for their attention and time Advise participants that if at any time they require assistance or have any questions they can call _____________ (provide them with a contact name or area and phone number within the college / school they can call to discuss) Thank you