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Office
of the
Chief Financial Officer
Gwendolyn Sykes Chief Financial Officer
November, 2007
© Yale University 2007
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OperatingDavid Soper
Director
ProcurementJohn Mayes
Assoc Vice President
Controller Cary Scapillato
Asst Vice Presiednt
Chief Financial OfficerGwen Sykes
Assoc Vice President and CFO
Accounts Payable
Purchasing Services
Quality Assurance and
Compliance
Communications and Training
Financial Reporting
Investment Accounting
FundsJane LeeDirector
Office of OCFO
CapitalDebbi Hayden
Director
Special ProjectsCynthia Nethercut
Director
Financial Support Systems
General Accounting
Payroll and Compensation Accounting
Policies and Procedures
Risk Management
Tax Compliance
and Planning
Treasury Services
Trusts and Estates
Systems and Electronic Commerce
Business Management
Financial Systems
University AuditingSal Rubano and Doug Bebbington
Directors
Budgeting
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Key customers
Office ofCFO
InternalCollegesSchools
Departments
CorporationSenior Leadership
ExternalVendorsDonorsMarkets
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OCFO goals Enable the CFO and Business Operations workforce to provide
world-class management and processes in support of the Schools, Departments and Units
Provide the Schools, Departments and Units with financial (Procurement, Budget, Accounting, Monitoring, Controls and Reporting) expertise, analysis, tools
Ensure that all stakeholders have a clear understanding and accurate assessment of how Yale uses resources to support its mission and vision
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What we provide
Expertise
Analysis
Tools and Systems
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OCFO Transformation
All parts of F&A will focus their efforts on… Operating flawlessly; Institutionalizing what we have already begun; Paving the way to transform how Yale operates
OCFO is part of F&A transformation
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Financial Management Plan
Key initiatives make up OCFO’s Financial Management Plan for FY08
Initiative documentation includes outcomes, metrics, action steps, and accountability
OCFO staff meeting regularly to review status and progress of initiatives…to make sure we deliver for the University
Next step, planning for FY09-11
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Operating Flawlessly
Develop time metrics for all accounting process areas Reduce A/P holds and bounces Improve Internal Service Provider support Setup Gift and Endowment Funds Archive Oracle operational data Develop and implement the audit plan Ensure tax exempt bond compliance Improve Form 990 and 990T filing process
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Institutionalizing
Improve Account Holder reporting package Refine policies and procedures Convert credit card infrastructure from legacy system Implement new gift stewardship structure
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Paving the Way
Improve Internal Service Provider support Develop requirements for operating and capital budget
process and system Support Bayer Acquisition from financial management Standardize Chart of Accounts Develop internal audit standard operating procedures
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Governance
Will establish Steering Committees for initiatives where Decision-making is shared with people outside OCFO and/or Project has both high visibility and a large impact on groups
outside OCFO
Steering Committees include the key decision makers – project may also have multiple working groups or other vehicles to get input
Steering Committees and formal work groups will be set up with formal charter documents
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Future of Financial Management
DecisionSupport
Transaction Processing
Fiscal controls
Financial Reporting
Change roles, responsibilities, authorities, and resource
capacities
Process / system integration /
Internal controls
System generated standard and ad hoc
reports
Integrated systems / standard processing
DecisionSupport
& Analysis
Transaction Processing
Fiscal controls
Financial Reporting
TODAY TOMORROWD
riving Yale’s Financial D
irection
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Budget Office overview
Project goals
Provide all stakeholders with timely, accurate, and useful budget and financial information by:
• Identifying ways to continue to enhance the Budget Office's current processes, procedures, systems to support the University’s goal of delivering world-class programs and services
• Providing expertise and tools to the University’s financial community throughout the University
Budget Office Overview – Continuing our ongoing efforts to enhance the budgetary and financial support provided to the University.
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Why now?
Remarkable financial growth over the last decade
Manually intensive processes and procedures for developing and maintaining annual departmental budgets and long-term management plans
CFO direction – transformation of key financial processes:
Budgeting, accounting and transaction management, financial reporting and internal controls
Purpose of transformation; achieve better financial information and eliminate stove-piped functions
Integration of planning, budgeting, programming and reporting processes is a significant requirement for financial accountability
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Project approach
Phase I: Discover and Plan Analyze the current environment
• Review, inventory, and validate policy and procedure documentation• Identify gaps, issues, and areas for improvement
Identify and prioritize Budget Office improvements
Phase II: Design and Define Develop process, policy and procedure improvements Identify and define Budget Office process & system improvements Develop training materials that detail the changes
Phase III: Implement New Processes Implement policies and procedures to support the new processes Communicate and train on the new processes
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Project timeline
Oct-NovReview and document
current processes, policies, procedures,
and tools
Nov-DecDocument High-level Process Design
enhancements
Jan-FebDetail-level
Process Design
Feb-MarDevelop new processes
andprocedures
Mar-JuneImplement
new policies,
procedures and processes
Ongoing feedback from Budget and Academic Communities
Phase II Phase IIIPhase I
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Project scope
The Budget Office Overview will focus on the following: Documented and standardized policies and procedures Documentation of current processes (“As-Is”) and
recommendations for improved processes (‘To-Be”) Identification of high-level system architecture and requirements
to support To-Be operations
Budget Office Overview will not focus on the following: An updated chart of accounts Review of grants management Assessment of staffing levels or capabilities
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Next steps
Here is what will happen next:
The Office of Budget and Planning will be working closely with the academic and budget communities on this effort.
Over the next couple of weeks, you may be contacted for an interview, focus group, or to request your participation in the Budget Office Overview Steering Committee.
Information about this project will be disseminated throughout the financial community on a regular basis.
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Stay tuned, stay in touch
Gwen Sykes
Chief Financial Officer
432-1335
