Bringing It All Together:Financial Reporting – KFS and KRA

Eric Stine, Vice PresidentExeter Group, Inc.

KUALI Days VII

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Agenda

Understand the Business Need What is the end users’ expectation of the new system?

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Plan, Plan, PlanMake sure your fundamental design covers end-user reporting

Learn from HistoryAvoid Common Mistakes; Address Common Issues

KUALI Days VII

The 80/20 Rule 20% of your users will use 80% of the system. 80% of your users will use 20% of your system, but they

are: The most vocal; The largest; and The most difficult group to satisfy

KUALI Days VII

Understand the Business Need

Fiduciary Reporting and Control - Reporting

Federal, State, Agency

Board of Governance – Trustees etc.

Third Party – Banks, Foundations, Other Independent Entities

Faculty

Alumnae

Students

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Understand the Business Need - Reporting

Managerial

Budgetary

Departments

Initiatives

Programs

Schools

Instructional Perspectives

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Understand the Business Need - Reporting

Cross-Functional

Where will you have visibility into procurement? Student receivables? Dining? Parking? Library? Alumni donations? Payroll postings? Benefits costs?

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KUALI Days VII

Understand the Business Need - Reporting

Timing Real Time Standard (based on posting at the time of report execution)

Periodic Standard

Real Time Ad Hoc

Delivery Method Online

Printed Preformatted

Printed Ad Hoc

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KUALI Days VII

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Agenda

Understand the Business Need What is the end users’ expectation of the new system?

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Plan, Plan, PlanMake sure your fundamental design covers end-user reporting

Learn from HistoryAvoid Common Mistakes; Address Common Issues

KUALI Days VII

A Different Kind of RICE Begin your implementation with a planning phase that:

Documents a requirements-level future state design; Creates a shared understanding of new business processes; Includes subject matter experts and end users; AND Inventories all current-state and desired future-state reports,

determining how they will be handled in the future state.

KUALI Days VII

Develop and document a reporting strategy Don’t wait – do it at the outset, or you’ll never catch up Leverage existing tools Make sure you cover:

Transactional data and operational reporting Summary data Analytic reporting (will you be doing financial planning? Budget

prep?) Strategic reporting Cross-functional reporting End user reporting tools (desktop) Presentation layer (Portal?) and printing

KUALI Days VII

Keep It Simple You won’t be able to do extended training sessions for

large communities of distributed end-users Your tools must be intuitive to use and easy to find

KUALI Days VII

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Agenda

Understand the Business Need What is the end users’ expectation of the new system?

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1

3

Plan, Plan, PlanMake sure your fundamental design covers end-user reporting

Learn from HistoryAvoid Common Mistakes; Address Common Issues

KUALI Days VII

Commonly Required Reports & Surveys Federal Tax Reports

990 - Return of Organizations Exempt from Income Tax 990-T - Return of Unrelated Business Income Tax 1099 - Statement of Miscellaneous Income 1098-T - Tuition Statement

Compliance Reports & Surveys TD F 90-22.1 - Report of Foreign Bank and Financial Accounts 5500 - Annual Report of Employee Benefit Plans OMB Circular A-133 - Annual Report of Federal Programs FISAP - Fiscal Operations Report and Application to Participate-Report on Federal Financial Aid Awards NSF Survey of R&D Expenditures at Universities and Colleges

Industry/Market Reports & Surveys IPEDS Report NACUBO Endowment Reports Middle States Report

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KUALI Days VII

Organization Resource Planning Reports Institutional Reports

– Statement of Changes in Financial Activity Reports Trial Balance Reports Balance Sheet Reports Income Statement Reports

– Auditable Financials Statements

Budget Reports– Budget to Actual Balances Comparison Reports by Fund, Cost Center, Project, etc…– Budget Balance Available Reports by Fund, Cost Center, Project, etc…– Budget Balance Changes Reports by Fund, Cost Center, Project, etc…– Longitudinal Budget Comparison Reports

Detailed Transaction Reports– Detailed Accounts Payable History Reports– Detailed Accounts Receivable History Reports– Labor Distribution History Reports– Detailed Journal Transaction Reports– Encumbrance History Reports– Requisition , PO, and Receipts History Reports– Invoices and Payments History Reports– Special Fund Indirect Cost Reports– Special Fund Cost Sharing Reports

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Common Reporting Mistakes

Data Returned May Not Always Be The Correct Data! Make sure that report parameters are clear and concise Whenever possible provide a List of Values (LOV) from which to select report

parameters (avoid manual entry of parameters) Training for ad-hoc reporting tools is imperative…don’t find out the hard way

that you aren’t the reporting expert that you think you are! Perform reasonableness comparison tests of report results against certified

data Get a Second Opinion - Ask a colleague that you trust to review your reports

for accuracy

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KUALI Days VII

Common Reporting Mistakes

Your Database May Not Be Up To Date Before creating reports be sure that all feeds to your database are up to date

without errors Ensure that all financial transactions are posted without errors Guarantee that all accrual and carry-forward financial activity is complete and

posted

Special Requirements For Project Reporting May Be Overlooked Adjustments for Indirect Costing may be overlooked Adjustments for Cost Sharing may be overlooked Project to Date vs. Year to Date balance reporting

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KUALI Days VII

Common Reporting Challenges Pre-Go-Live (Implementation Phase)

Capturing all Reporting Requirements– A list of too many reports is better than too little but don’t get hung up on the details!

Performing Reporting Gap Analysis– It is often difficult to obtain product report lists and samples– Product salespeople are often not very knowledgeable about reporting (don’t know the

details!)– Rely on references and other product customers for the “real story” and actual samples

of reports Reporting often falls to the bottom of the Implementation To-Do list

– Its common during an implementation for reporting to be put off until the end– Assign a reporting team made up of actual stakeholders– Create a reporting sub-plan that can be tracked for progress

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KUALI Days VII

Post-Go-Live/Lessons Learned Proper Training – Ensure that you have reporting experts (super-users) in each

functional area at time of Go-Live Access to Reports/Data – Ensure that your users have access to the Reports and

Data that they require to complete the responsibilities of their jobs Report/Data Security – Ensure that your users do not have access to Reports and

Data that they should not see Inventory of Reports – Ensure that a list of reports with descriptions and

instructions is available at the time of Go-Live Support

– Have a Q&A or FAQ document available to users at time of Go-Live– Ensure that a reporting support infrastructure is in place at time of Go-Live– Provide additional opportunities for on-going report training after Go-Live

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Common Reporting Challenges (cont.)

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Questions?

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