The Monthly Ledger
A publication by the USM Foundation's Business Office
Contact Us!
 
usmfreports@usmd.edu: Request a special report or a report off-cycle
 
For general questions, informations, suggestions, or comments
 
To request a wire or ACH transfer or inform USMF of incoming funds
Quick Links

 

 

 


 

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Looking Ahead

Administrator Dashboard rollout and training is just around the corner. See details in What's New.

 

Help Us Help You!
 

Disbursement Request Forms

 

Thanks to all our clients for your overwhelming support of the new DRF guidelines.

 

1. Even though we ask for no staples, please do secure your documents with paper clips or binder clips as necessary.

 

2. UMCP - no envelopes are needed for DRFs reimbursing the campus. Please remember that all requests are combined and sent to the Cashier's Office.

 

3. Accounts payable checks are mailed to the payee and campus checks are returned to the appropriate campus. The USM Foundation no longer returns non-campus checks to the requestor. This change took place in December 2010.

 

4. For control purposes, we no longer make copies of checks - therefore, copies are not maintained in house.

 

Spendable Income Carryover

 

1. Just a reminder that there is no need to make specific requests for spendable income carryover. Any unspent dollars from the last two fiscal years will automatically be carried over to FY2013. 

Who We Are

 

Director of Business Operations
301-445-1922

______________________________ 

 

Accounting Associate -
 Accounts Payable
301-445-2727

______________________________ 

 

Bernadette Mannone

Accounting Associate - 

Gift Processing

301-445-2704 ______________________________ 

 

Dawn James

Administrative Assistant to the Vice President for Finance and CFO

301-445-2713 ______________________________ 

 

John Simcox

Staff Accountant and 

Payroll Administrator

301-445-2734 ______________________________ 

 

Kate Koyfman

Investments Staff Accountant

301-445-2706 ______________________________

 

  Linda Ringer

Client Relations Specialist

301-445-2717 ______________________________

 

Randy Possehl

Grants Coordinator and Staff Accountant Contracts

301-445-2710 ______________________________ 

 

Roy Hossler

Senior Executive Accountant

301-445-1949 ______________________________

 

Virginia (Ginger) Whelley

Assistant Comptroller

301-445-2726 ______________________________

 

Pam Purcell

Vice President of Finance and CFO, General Counsel 

301-445-2720
June 15, 2012
Important Dates

 

Calendar

6/22: Last day to submit DRF forms for FY12. Forms must be received by close of business - 4:30pm. Checks will be issued on Tuesday, June 26th.

 

Just a reminder: the end of the year is not that far away. Please remember to use your available spendable funds before the end of the fiscal year. Any unexpended spendable income from two years ago will be lost if not spend by year-end. 

 

7/11: Items (checks or credit cards) to be processed by USMF for gift or non-gift deposit must be received by close of business - 4:30pm. The tentative cut-off for FY12 entry to Advance is July 13th. All batches must close by this date to be included in FY12.

 

7/23-8/3: Mark your calendars - training for the Dashboard project will be scheduled during these two weeks. More training will be available in September.

See "What's New" for more information. 
What's New!

 

In the next few months we will be rolling out your new administrator Dashboards. We wanted to give you a brief overview of what you'll be able to see and do with this new tool and let you know the dates for the training and the rollout.

 

The Dashboard will be your view to key information about the accounts you administer. You will be able to access Financial Edge via a remote desktop connection and view this information in a spreadsheet-based layout. For each account you administer, you will see the project number, project name, a brief purpose statement, and the available spendable balance. For endowments you'll also see non-spendable earnings, historical gift values, and market values. If it fits, we'll also show you the college and department to which the project belongs.

 

From the Dashboard, you'll be able to drill down to the project record where you'll have view only access to that record in our system along with access to any scanned documents such as MOUs and Account Agreements.

 

From the project record, you'll be able to see a summarized statement of activity and then be able to drill down to the specific transactions that make up that activity. You'll also have access to any scanned documents associated with those detailed transactions such as copies of all of your submitted DRFs.

The Dashboard information will be real-time. As soon as we post activity, it will be reflected in the Dashboard amounts.

 

Our plan is to have the Dashboards ready to go by August 17th at the latest.

 

We will have six training sessions at the USM Foundation offices. We'll have morning sessions (9:00 - 11:30) and afternoon sessions (1:30 - 4:00) on Tuesday, July 24th, Wednesday July 25th, and Thursday August 2nd. Please save these dates. We will send out formal announcements and RSVP's in early July. For those who are not able to make these sessions we will have additional sessions after school starts.

 

We will also be looking at recording online training snippets that you'll be able to access from our web site.

 

We have more than 2500 active projects spread among 300+ administrators. We have hired an intern for the summer to help us scan documents and record purpose notes and our IT staff is diligently working on user setup and security. We are very excited about this initiative and look forward to rolling this out. 

Have You Ever Wondered...
 
Why it takes longer to get your final reports at the end of the fiscal year?
 

The culprit is our year-end close process. A number of things occur at year-end that delay the final month's reports:

 

1. We leave June open for a couple of weeks into July so that we can be sure we capture all of the gifts and expenses for the last fiscal year. This means we are delayed a couple of weeks before starting our normal monthly close activities.

 

2. There are a number of transactions that we only book at year-end, which adds time to the normal monthly close. For example, we only book depreciation expenses and trust and annuity revaluations at year-end.

 

3. We are busy working with or preparing for our outside auditors. The outside auditor's responsibility is to express an opinion as to whether the financial statements we prepare present fairly the financial position of the USM Foundation. The audit includes examining, on a test basis, records supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and any estimates made, and evaluating the overall financial statement presentation. In a nutshell-a lot of work. Activity related to the audit will occur at the USM Foundation almost everyday between June 18th and September 15th.

 

Your final spendable income reports will be sent out closer to end of July instead of the regular 15th working day and your non-spendable reports will also be delayed a couple of weeks.