Fin Acct Dashboard 6 11 by k966Xd

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									                                 Financial Accounting
                               University of Washington
                          Operational Performance Dashboard
                                    As of June 2011
                           FY 2011 Quarter 4 (Apr-June 2011)

                                                 Financial Accounting’s Mission
     To provide financial reporting, consulting, trouble-shooting and education to the University community as well as
                   maintain the integrity and credibility of the University’s financial accounting system.

                                                    Our key processes include:
                Customer Service to Campus and Central Offices               Manage Financial Information
                Annual Financial Reporting                                   Process Journal Vouchers
                Manage Field Advances                                        Manage Revolving Funds
                Manage UW Operating Bank Account                             Process Non PO Related Wire and ACH Payments
                Perform and Review Significant UW GL Reconciliations         Use Resources Efficiently
                Develop Staff



Prepared: November, 2011



Financial Management, University of Washington                     1 of 12                      Report Contact: Dan Schaaf
Financial Accounting Operational Dashboard
                                                       FINANCIAL ACCOUNTING
                                     University of Washington - Operational Performance Dashboard
                                     FY 2011 Quarter 4 (Apr-June 2011): Prepared: November, 2011
                                    CUSTOMER                                                                                      FINANCIAL
                                                        Current                  Gap                                                              Current                    Gap
                     Measure                            Output                 (Target-                            Measure                        Output                   (Target-
                                                        Measure    Target      Output)                                                            Measure      Target      Output)
 1.   Annual Report completion – processes                                                    8.    Dollar amount of miscellaneous agency           $22K       $100K       No Gap
      completed earlier (later) than target timetable                                               accounts in deficit
      (a)   Closing university records                    (1)         0          (1)          9.    Dollar amount of overdue field advances         $713K     In Process


      (b)   Recasting records to GASB format              (11)        0          (11)         10. Number of transactions for BOA ePayables &        2,809       To Be
                                                                                                  ACH                                                         Discussed


      (c)   Writeup, analysis & audit                     (1)         0          (1)

 2.   Banking & Accounting Operations                     63        TBD
      Productivity




                   INTERNAL BUSINESS PROCESS                                                                            LEARNING & GROWTH
                                                        Current                  Gap                                                              Current                    Gap
                     Measure                            Output                 (Target-                            Measure                        Output                   (Target-
                                                        Measure    Target      Output)                                                            Measure      Target      Output)
 3.   Number of manual entry transactions                6,728     20,000      No Gap

 4.   CTI’s & ISD’s processed later than one              2%         1%         (1%)
      month following the date of service
 5.   General ledger accounts reconciled                 90%        100%        (10)%

 6.   Financial Accounting effectiveness (process         4.1         0        No Gap
      improvement)
 7.   Dollar amount of unmatched receipts                $7.9M    In Process




Financial Management, University of Washington                                            2 of 12                                     Report Contact: Dan Schaaf
Financial Accounting Operational Dashboard
                                                                Item # 1: Annual Report Completion Time

                                                                                                                                                               DEFINITION:
                                               Processes completed earlier (later) than target timetable
                                                                                                                                     Target = 0                Represents the average number of days
                                                                                                                                                               ahead of (behind) planned completion
                 6
                                                                                                                                                               dates for each fiscal year’s Annual Report
                                                                                                                                                               preparation process.
                 4                                3
  Days early




                      Good                                                                                                                                     ANALYSIS:
                 2                                                                                                                                             Financial accounting has spent
                                                                                                                                                               considerable time streamlining internal
                 -                                                                                                                                             processes, however in recasting our
                                                                                                                                                               records we rely heavily on process
                (2)                                      (1)                                                                                      (1)          partners.
                                                                                                                      (2 )
                (4)                                                                                                                                            We had meetings with our partners prior to
                                                                                 (4)                                                                           year-end and negotiated delivery dates
                (6)                                                                                                                                            that several process partners were unable
                                 (6)                                     (6)                                                 (6)                               to achieve.
                (8)     (7)
                                                                                                                                                               We also had added complexity
                                                                                               (9)                                                             reformatting of our financial reports for the
  Days late




               (10)
                                                                                                                                                               discrete presentation of a new component
                                        (10)
                                                                                                                                                               unit.
               (12)                                                                    (11)          (11)
                                                                                                                                                               NEXT STEPS:
               (14)                                                                                                                                            Financial Accounting is in the process of
                                                                                                                                   (14)                        reevaluating all of the components of the
               (16)                                                                                                                       (15)                 financial reporting process and is
                                                                                                                                                               aggressively pursuing opportunities for
               (18)                                                                                                                                            improvement.

                              Close University Records                     Recast records to GASB format                Write up, analysis and audit



                                                               FY 2006         FY 2007        FY 2008       FY 2009    FY 2010




Financial Management, University of Washington                                                          3 of 12                                         Report Contact: Dan Schaaf
Financial Accounting Operational Dashboard
                                 Item # 2: Banking & Accounting Operations Productivity


               Standardized Cost per Unit of B&AO's Services                                                       DEFINITION
                                                                                                                   This is an index of the cost per unit of
  140                                                                                                              service provided by B&AO, setting Jan
                                                                                                                   2008 at 100. The cost is determined by
                                                                                                                   allocating payroll to one of four “units”.
                                                                                                                   The units are the number of advances,
                                                                              Lower is Better                      lines of accounting entries, matched lines
  120
                                                                                                                   in a reconciliation, and “other” which
                                                                                                                   represents unallocated payroll. The
                                                                                                                   cost/unit is standardized to start at 100,
                                                                                                                   then averaged.
  100
                                                                                                                   ANALYSIS
                                                                                                                   At the end of June 2011, the index was
                                                                                                                   at 63, meaning that services provided
   80                                                                                                              are 37% cheaper now than they were at
                                                                                                                   the beginning of 2008.

                                                                                                                   The index breakdown is: Accounting
   60                                                                                                              entries (75), Advances (97),
                                                                                                                   reconciliations (18), other (61)

                                                                                                                   NEXT STEPS
                                                                                                                   B&AO has embraced continuous
   40
                                                                                                                   improvement and continues to streamline
                                                                                                                   our processes.


   20



    0
          Mar-08 Jun-08 Sep-08 Dec-08Mar-09 Jun-09 Sep-09 Dec-09Mar-10 Jun-10 Sep-10 Dec-10Mar-11 Jun-11




Financial Management, University of Washington                             4 of 12                         Report Contact: Dan Schaaf
Financial Accounting Operational Dashboard
                                         Item # 3: Number of Manual Entry Transactions


                             Manual Accounting Entries, Lines per Month                                                     DEFINITION
                                                                                                                            This graph represents the number of
  25,000                                                                                                                    lines of transactions being manually
                                                                                                         CT                 entered into VDE by the data entry
                                                                                                         JV                 group.

                                                                                                         Check request      ANALYSIS
                                                                                                                            Since 2008, B&AO has transitioned a
                                                                                                         CTI & ISD          significant amount of manual data
  20,000                                                                                                                    entry transactions to electronic input
                                                                                                         Other              forms.

                                                                                                                            Check requests are almost entirely
                                                                                                                            composed of reimbursements. JVs
                                                                                                                            are from GCA.

  15,000                                                                                                                    NEXT STEPS
                                                                                                                            An electronic reimbursement process
                                                                                                                            platform in Ariba should remove most
                                                                                                                            of the check requests. B&AO
                                                                                                                            continues to move departments over
                                                                                                                            to direct deposit, reducing the number
                                                                                                                            of CTs.
  10,000




   5,000




      -
             Mar-08 Jun-08   Sep-08 Dec-08 Mar-09 Jun-09   Sep-09 Dec-09 Mar-10 Jun-10   Sep-10 Dec-10 Mar-11 Jun-11




Financial Management, University of Washington                            5 of 12                                Report Contact: Dan Schaaf
Financial Accounting Operational Dashboard
                                                                                                 Item # 4: Number of Delinquent ISDs/CTIs:

                                          Percent of Total Count of Delinquent Billings to # of Total Billings                                                                                                                                                       DEFINITION
                                                                                                          Recorded in FAS During the Period                                                                                                                          Percent of total count or dollars of Cost
                                                                                                                                                                                                                                                                     Transfer Invoices (CTIs) and Internal
                                                                                                                                                                                                                                                                     Sales Documents (ISDs) that are
                                                                                                                                                                                                                                                                     processed later than the month following
                                                                                                                                                                                                                                                                     the date of service. Late billings lead to
                                                                                                           6%                                                     5%                6%                                                                               untimely budget status as well as the
                                                                      5%                                             5%                                                                                                                                              possibility of lost funds (in the case of
                                                                                                                                                                                                                                 5%
                                                                               4%                                                      3%                                  4%                4% 4%                                        4%
                                                                                                                                                                                                                                                                     grants that have closed prior to receiving a
                                                    3% 3%                                        4%                                                      3%                                        3%                                                       3%
                                                                                        3%                                                                                                                                                                           bill).
                       2% 2% 2%                                                                                               2%                                                                                        3%                         2%
                                                                                                                                                2%
   0% 1%
                                                                                                                                                                                                                                                                     ANALYSIS
                                                                                                                                                                                                                                                                     Most of the late-presented CTI/ISD’s
                                                                                                                                                                                                                                                                     continue to be from Oceanography. This
                                                                                                                                                                                                                                                                     group has to wait for Fed approval before
                                                                               Mar-08




                                                                                                                                                                                                                                                   Mar-11
                                                                                                 May-08




                                                                                                                                                                           Mar-09




                                                                                                                                                                                                               Mar-10
                                                                                        Apr-08
                                                                      Feb-08




                                                                                                           Jun-08




                                                                                                                                                                                                                        Jun-10




                                                                                                                                                                                                                                                            Jun-11
   Jul-07




                                                             Jan-08




                                                                                                                     Jul-08




                                                                                                                                                                                    Jun-09
             Aug-07
                       Sep-07


                                          Nov-07
                                                    Dec-07




                                                                                                                                       Sep-08




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                                                                                                                                                                                             Sep-09
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                                                                                                                                                                                                                                 Sep-10
                                                                                                                              Aug-08




                                                                                                                                                         Nov-08




                                                                                                                                                                                                                                          Dec-10
                                 Oct-07




                                                                                                                                                Oct-08
                                                                                                                                                                                                                                                                     allocating charges.
                                                                                                                                                                                                                                                                     Communication with departments
                                                                                                                                                                                                                                                                     submitting late CTI/ISD’s is ongoing.

                                                                                                                                                                                                                                                                     NEXT STEPS
                                          Percent of Total Dollars of Delinquent Billings to $ of Total Billings                                                                                                                                                     Continue direct communication with
                                                                                                                                                                                                                                                                     recurring late billing departments.
                                                                                                          Recorded in FAS During the Period




                                                                                                                                                                                                                                                   9%
                       8%                                                                        8%                  8%                                                             8%
                                                                                                                                                7%
                                                             6%                                                                        5%                6%                                           5% 5%
                                                                      4% 3%                                                                                       4%                         4%
                                 4%                                                                                                                                        4%                                                                               3%
                                                                                                           3%                 2%                                                                                        3%
                                          1% 2%                                         2%                                                                                                                                       2% 1%
   0% 1%
                        Sep-07




                                                             Jan-08




                                                                                                            Jun-08




                                                                                                                                                         Nov-08




                                                                                                                                                                                    Jun-09
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                                                                                                                                                                                                                                 Sep-10
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              Aug-07




                                           Nov-07
                                                    Dec-07




                                                                                                                              Aug-08
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                                                                                                                                                                  Dec-08




                                                                                                                                                                                                                        Jun-10




                                                                                                                                                                                                                                                            Jun-11
                                                                                                                     Jul-08
    Jul-07




                                                                      Feb-08


                                                                                        Apr-08
                                                                                                 May-08
                                 Oct-07




                                                                               Mar-08




                                                                                                                                                Oct-08




                                                                                                                                                                           Mar-09




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                                                                                                                                                                                                                                                   Mar-11

Financial Management, University of Washington                                                                                                                             6 of 12                                                                            Report Contact: Dan Schaaf
Financial Accounting Operational Dashboard
                                        Item # 5: General Ledger Account Reconciliations

                                Percentage of Unreconciled General Ledger Accounts                                         DEFINITION
                                                                                                      Target = 0%
                                                                                                                           Represents the percentage of general
                                                                                                                           ledger accounts which have not been
        14%                                                                                                                reconciled, as confirmed by the
                                                                                                                           departments which are responsible for
                     13%                                                                                                   reconciliation.
                                                                                           Good
        12%                                                                                                                ANALYSIS
                                                                                                                           The total number of accounts being
                                                                                                                           monitored for reconciliation at 6/11 is 671.
                                                                           10%                                             Total dollars being reconciled (absolute
        10%                                                                                                                value) is $43.5 billion.

                                                                                                                           The number of unreconciled accounts
         8%                                                                                                                decreased from 72 in June 2010 to 17 in
                                                                                                                           June 2011. The department with the
                                                                                                                           largest number of unreconciled accounts
                                                 6%                                                                        is the Benefits Office (59%), while GCA
         6%                                                                                                                had the highest unreconciled dollar
                                                                                                                           amount (57%).
                                                                                     4%                    4%
                                                                                                                           NEXT STEPS
         4%                                                                                                                Continued attention and follow-up, as well
                                                                                                                           as more direct communication of the UW’s
                                                                                              3%                           GL reconciliations policy, should help to
                                                                                                                           ensure that the number of accounts not
         2%                                                                                                                being reconciled decreases even further
                                                                                                                           in future periods. This year Financial
                                                                                                                           Accounting will sample reconciliations
         0%                                                                                                                done in other departments to test for
                                                                                                                           reasonability and that the reconciliations
                       Jun-08                     Jun-09                    Jun-10                Jun-11
                                                                                                                           provide appropriate support for the
                                                                                                                           balances.

                                          % of unreconciled GLs by count
                                          % of unreconciled GLs by dollar amount




Financial Management, University of Washington                                   7 of 12                            Report Contact: Dan Schaaf
Financial Accounting Operational Dashboard
                                     Item # 6: Financial Reporting Process Improvement

  4.50                                                                                                DEFINITION
                                                   Expanded MD & A, discrete reporting of             Represents Financial Accounting (excl.
                                                                                                      BAO) process improvements as
                                                   UW/Northwest & expanded investment                 measured by the number of FTE’s
  4.00                                             disclosure                                         required to support the Annual Report
                                                                                                      process. Specifically, the complexity of
                                                                                                      the Annual Report process (as quantified
                                                                                                      by the number of figures in the audited
  3.50                                             24% incr in Annual Rpt figures;                    financial statements and footnotes for
                                                                                                      which Financial Accounting gathers or
                                                   19% decr FTE                                       develops auditable evidence) is
                                                                                                      compared against the number of FTE’s
  3.00                                                                                                supporting the process. The 2010
                                                                                                      measure represents work performed on
                                                                                                      the 2009 Annual Report.

  2.50                                                                                                ANALYSIS
                                                                                                      In the last four fiscal years the University
                                                                                                      has implemented seven new accounting
                                                                                                      pronouncements.
  2.00
                                                                                                      In that same period Financial Accounting
                                                                                                      has reduced FTE’s by 21%.

                                                                                                      As accounting has become more
  1.50                                                                                                complex Financial Accounting has
                                                                                                      streamlined processes.

                                                                                                      NEXT STEPS
  1.00                                                                                                Financial Accounting is in the process of
                                                                                                      reevaluating all of the components of the
                                                                                                      financial reporting process and is
                                                                                                      aggressively pursuing opportunities for
  0.50                                                                                                improvement.



  0.00
          '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11



Financial Management, University of Washington                   8 of 12                      Report Contact: Dan Schaaf
Financial Accounting Operational Dashboard
                                                Item # 7: Dollar Amount of Un-Matched Receipts

                             $70,000                                                                                               DEFINITION
                                                                                 UW Treasury requested                             Represents the dollar
                                                                                 $59M 4/29 Bond                                    amounts received by UW’s
                                          Data scrub performed                                                                     main operating bank account
                             $60,000                                             Payment funds                                     which have not been
                                                                                                                                   recorded in the accounting
                                                                                                                                   system. The graph shows
                                                                                                                                   unmatched dollars at the end
                             $50,000                                                                                               of each month, with the
                                                                   $25M cleared early Jan -                                        current months aged by how
                                                                   mostly Harborview Payroll                                       long funds have been
                                                                                                                                   unidentified.
       Amount in Thousands




                             $40,000
                                                                                                                                   ANALYSIS
                                                                                                                                   As a percentage of actual
                                                                                                                                   dollars received in the
                             $30,000                                                                                               operating account for a
                                                                                                                                   month, the unmatched funds
                                                                                                                                   represents a very small
                                                                                                                                   percentage.
                             $20,000
                                                                                                                                   NEXT STEPS
                                                                                                                                   B&AO continues ongoing
                                                                                                                                   communication with our
                             $10,000                                                                                               significant fund recipient so
                                                                                                                                   that we can continue to
                                                                                                                                   properly record incoming
                                                                                                                                   funds. We have also
                                 $0                                                                                                recently implemented an
                                                                                                                                   aggressive reconciliation
                                                                                                                                   benchmark mandating that
                                                                                                                                   all funds of $50K or greater
                                                                                                                                   need to have documentation
                                                                                                                                   of attempts to locate the
   Total Funds                                                                                                                     proper accounting of the
   Received ($Mil)                498 416 446   484   438 494      581   444 431   534 503     541 558 464      488                funds. All amounts less than
                                                                                                                                   $50K are not allowed to age
                                                                                                                                   more than six months before
                                Current Month         30-90 Days          90-120 Days          > 120 Days Old                      documentation is made
                                                                                                                                   regarding the efforts to find
                                                                                                                                   the proper recording.



Financial Management, University of Washington                                 9 of 12                          Report Contact: Dan Schaaf
Financial Accounting Operational Dashboard
                                                                                                                                  Item # 8: Agency Accounts in Deficit

                                                                   Total Debit Balances other than HMC & WTC ($ 000's)                                                                                                                                                                          DEFINITION
                                $400                                                                                                                                                                                                                                                            Represents agency deficit amounts (i.e.,
                                                                                                                                                                                                                                                                                                dollar amounts owed by agencies to the
                                $350                                                          Good                                                                                                                          Target = $100                                                       University). Agencies are supposed to have
         Amount in thousands




                                                                                                                                                                                                                                                                                                enough money on deposit with the UW to
                                $300                                                                                                                                                                                                                                                            ensure that the UW is not in a position of
                                                                                                                                                                                                                                                                                                “loaning” money.
                                $250
                                                                                                                                                                                                                                                                                                ANALYSIS
                                $200
                                                                                                                                                                                                                                                                                                The Agency Account debit balance total was
                                $150                                                                                                                                                                                                                                                            $240K at June 30, 2011, the lowest in
                                                                                                                                                                                                                                                                                                several years. At June 30, 2011,
                                $100                                                                                                                                                                                                                                                            Harborview Medical Center (HMC) and
                                                                                                                                                                                                                                                                                                Washington Technology Center (WTC) had
                                 $50                                                                                                                                                                                                                                                            unusually low deficit balances of $102K and
                                                                                                                                                                                                                                                                                                $126K, respectively. The remaining agency
                                  $-                                                                                                                                                                                                                                                            accounts in deficit had a combined debit
                                                                                                       Nov-09




                                                                                                                                                                                                                   Nov-10




                                                                                                                                                                                                                                                                                   Jun-11
                                                          Jun-09




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                                                                   Jul-09




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                                        Apr-09




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                                                                                                                                                                                                                                                                 Apr-11
                                                                                                                Dec-09




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                                                                            Aug-09




                                                                                                                                                                                        Aug-10
                                                                                     Sep-09




                                                                                                                                                                                                 Sep-10
                                                                                                                                                                                                                                                                                                balance of only $12K.

                                                                                                                                                                                                                                                                                                NEXT STEPS
                                                                                                                                                                                                                                                                                                We will continue to remind organizations
                                                                                                                                                                                                                                                                                                with ongoing deficit balances that they are
                                                                                              HMC & WTC Debit Balance ($000's)                                                                                                                                                                  obligated to maintain credit balances in their
                               $3,500                                                                                                                                                                                                                                                           agency accounts.
                                                              Good                                                                                                                                                           Target = $1,000                                                    On March 8, 2010 the University
                               $3,000
  Amount in thousands




                                                                                                                                                                                                                                                                                                implemented a deficit resolution policy.
                               $2,500
                                                                                                                                                                                                                                                                                                Budgets in deficit for >2 consecutive months
                               $2,000                                                                                                                                                                                                                                                           Budget will be assessed an interest charge
                                                                                                                                                                                                                                                                                                at the current internal lending program rate.
                               $1,500                                                                                                                                                                                                                                                           That rate is currently 5.5%.

                               $1,000                                                                                                                                                                                                                                                           Inactive agency budgets w/deficit balances
                                                                                                                                                                                                                                                                                                Dept. responsible for covering deficit. If
                                $500                                                                                                                                                                                                                                                            dept. fails to cover deficit in a timely manner
                                                                                                                                                                                                                                                                                                Fin. Acctg. will charge the department’s
                                  $-                                                                                                                                                                                                                                                            operating budget.
                                                                                                       Nov-09




                                                                                                                                                                                                                   Nov-10




                                                                                                                                                                                                                                                                                   Jun-11
                                                          Jun-09




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                                                                   Jul-09




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                                                                                                                                                                                                                                                                          May-11
                                                                                                                                                                                                                                                        Mar-11
                                                                                                                                           Mar-10
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                                                                                                                                                                                                                                               Feb-11
                                        Apr-09




                                                                                              Oct-09




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                                                                                                                                                                                                                                                                 Apr-11
                                                                            Aug-09




                                                                                                                                                                                        Aug-10
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                                                                                                                                                                                                                             Dec-10




Financial Management, University of Washington                                                                                                                                                   10 of 12                                                                                   Report Contact: Dan Schaaf
Financial Accounting Operational Dashboard
                                               Item # 9: Dollar Amount of Overdue Field Advances

                1.00                                                                                                                                   DEFINITION
                                                                                                                                                       A field advance is an advance
                                                                                                                                                       of funds to a UW employee for
                0.90                                                                                                                                   research or educational
                                                                                                                                                       projects. An accounting of
                                                                                                                                                       how those funds were spent,
                                                                                                                                                       and appropriate backup
                0.80                                                                                                                                   documentation, is due to our
                                                                                                                                                       office within 30 days of the
                                                                                                                                                       end of the project.
                0.70
                                                                                                                                                       ANALYSIS
                                                                                                                                                       Field Advances are held for a
                                                                                                                                                       six month period of time. The
                0.60                                                                                                                                   reporting for spent funds is
   Millions $




                                                                                                                                                       expected within 30 days of the
                                                                                                                                                       end of the six month period.
                                                                                                                                                       Although a perfect scenario
                0.50                                                                                                                                   would be that there is no
                                                                                                                                                       overdue reporting, as a
                                                                                                                                                       percentage of loaned funds we
                0.40                                                                                                                                   see that most of the overdue
                                                                                                                                                       reporting is from Office of Int’l
                                                                                                                                                       Programs & Exchanges (IPE).
                                                                                                                                                       IPE has a close working
                0.30                                                                                                                                   relationship with its Field
                                                                                                                                                       Advance custodians and most
                                                                                                                                                       of the IPE past due reporting
                                                                                                                                                       is due to procedural
                0.20                                                                                                                                   slowdowns at the IPE central
                                                                                                                                                       admin office.

                0.10                                                                                                                                   NEXT STEPS
                                                                                                                                                       B&AO has begun an analysis
                                                                                                                                                       of past due as a percentage of
                                                                                                                                                       recent loaned amounts. Also,
                  -                                                                                                                                    we continue to communicate
                       Oct   Nov   Dec   Jan   Feb   Mar   Apr May   Jun   July   Aug   Sep   Oct   Nov   Dec    Jan   Feb    Mar April May June       with IPE and other Field
  $Mil.        '09 '09 '09 '10                 '10   '10   '10 '10   '10   '10    '10   '10   '10   '10   '10    '11   '11    '11 '11 '11 '11          Advance custodians to ensure
  Ouststanding 6.89 6.72 5.59                  5.55 6.06 7.12 6.17 6.51 6.41    6.99 7.77                       7.83   7.32    6.94   7.46             that the Overdue Field
                                                  IPE  30-90 Days 90-120 Days >120 Days Old                                                            Advance dollars are not at
                                                                                                                                                       risk.


Financial Management, University of Washington                                           11 of 12                                     Report Contact: Dan Schaaf
Financial Accounting Operational Dashboard
                                                 Item # 10: BOA ePayables

               Number of Transactions for BOA ePayables & ACH                       DEFINITION:
                                                                                    EPayables payments are a method of
                                                                                    payment whereby the bank pays the
       3,500                                                                        supplier on the due date. At that point
                                                                                    our obligation for payment is transferred
                                                                                    to BoA. The UW pays BoA in full for the
                                                                                                                        th
                                                                                    prior month’s card activity on the 5 of
       3,000
                                                                                    each month. Paymode payments are
                                                                                    ACH payments issued to suppliers’
                                                                                    bank accounts on the date that the
       2,500                                                                        payments are due.

                                                                                    ANALYSIS:
       2,000                                                                        A calculation of the potential earnings
                                                                                    on funds retained by the UW from the
                                                                                    actual bill payment date to card
       1,500                                                                        payment date, using the UW’s IF rate
                                                                                    (3.9%) for the period 1/1/11 through
                                                                                    6/31/11, shows an estimated savings of
                                                                                    $77K.
       1,000
                                                                                    NEXT STEPS:
                                                                                    Continue to aggressively convert UW
         500                                                                        suppliers to either ePayables or
                                                                                    Paymode payment alternatives.

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Financial Management, University of Washington             12 of 12         Report Contact: Dan Schaaf
Financial Accounting Operational Dashboard

								
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