Minutes October 22, 2015

AACII Meeting Minutes

Thursday October 22, 2015

Note Taker: Kimberly Mann

Attendees: Richard Brewer (Chair), Lisa St Croix (Vice Chair), Su Chung, Sue Shansky, Doreen Morris, Lynn Hinds, Pia Handsom, Christine Malnati, Kimberly Mann, Robin Elices, Amberly Steward, Peter Brenton, Sucharita Ghosh, Sherene Aram, Lisa Thoma, Tara Henrichon, Chris Durham, Steve Lanou

 

New Financial Review and Control Tool (FRC)

  • Presentation by VPF (Holly Ann Pavia, with Basil Stewart) and CSAIL (Heather Finney)

 

Goals of FRC tool

  • To provide guidance and set minimum standards on financial review.
  • To eliminate the need for paper statements
  • To eliminate the need for paper summary sign off

 

Features of FRC tool

  • Web based application – web based evidence of FRC
  • Tool selects and highlights transactions that DLCs should focus on for monthly review
  • Yellow Transactions (High Risk Transactions, such as JVs, unallowable g/l, equipment, etc) require “Document Review”
  • For all other transactions, “Visual Review” is sufficient (though reviewer has ability to select “Document Review”)
  • Also, any transaction may be marked as “Issue Identified”, so reviewer may be able to review at a later date
  • Transactions reviewed and saved are removed from the list
  • Data remains in FRC tool for rolling 6 month period
  • Activity for the new month will automatically appear in FRC tool once that month is closed
  • Reviewer’s name, Kerberos ID, last date/time stamp appears for transactions that have been reviewed
  • Tremendous Time Saver reviewing transactions and filing of receipts/document retention (from Heather Finney who piloted tool)
  • Clicking on a transaction with document # will show document detail
  • Note – FRC Tool will time out after 60 minutes of inactivity

 

FRC Reviewer Role

  • The tool is designed to be accessed by users that have Roles Authorizations for their cost object(s)
  • The tool is meant to assist users in performing FRC for their DLC – the tool does not replace the DLC internal process for FRC
  • The tool can be customized to show transactions by Cost Object or transaction Type

 

Questions from AACii group

  • Is there a “monitoring reports” function?
    • Per VPF, not yet, but coming soon
  • Any documentation regarding what must be kept on paper?
    • Per VPF, FRC does not replace/change the record retention rules at MIT.  DLCs should follow the Institute policy/process on record retention for receipts, invoices, etc.

 

  • Interested in learning about Audit and guidance on how to do FRC
    • Glad to hear this will be coming in the future

 

  • Aging issues report (for those items that are nearing the 6 month mark and may be “swept” if marked as “Issue Identified”)
    • Currently being worked on and will be coming soon

 

  • Tension between Audit and DLCs – will FRC tool help or hurt?
    • VPF is aware of this issue – issue will be discussed in future internal mtgs
    • Audit – their findings are not derived from FRC Tool but more front end

 

  • Is OSP involved with this project?
    • VPF ran a demonstration for Michelle Christy and her team.  Basil regularly meets with Michelle and Ron Haseltine re: research administration

 

  • Question about record retention and receipts
    • FRC Tool FAQs and Training Guide may answer some of these questions

 

Next Topic – December’s mtg with Human Resources – what do we want her to discuss?

  • Vision of Human Resources
    • Retention of Staff
    • Compensation
    • Training
    • Career Path

 

Additional Topics for the Year

  • Nov 5th mtg topics
    • Salary Distribution
    • Campus Safety
  • December 10th mtg
    • Start to discuss the AO breakfast mtg in the Spring
    • Tentative Date – March 17, 2016
    • Topic – International Programs, International Safety, International Scholars Office, ICC, Office of Major Agreements, Travel Health Services
    • Assignments for Subcommittees
  • Other Suggested Topics (Robin E will work to get group the Poster list)
    • Compensation Mgmt pieces (noted best time in Spring)
    • Systems Integration/Administrative Systems (Robin E and Doreen, Mark Silis)
    • VPF Website
    • Procurement by Pay Process (per Robin E., definitely will come back to discuss, maybe Feb 16th?, Pilot in May 2016, Go Live August 2016)
    • Collaborating Best Practices (RLE, Mary Markel Murphy?)
    • MIT Learning Center (Jane White)
    • Sustainability and Recycling
    • Agreements @ MIT (SHASS Dean/Magdalena Reib?)
    • Global @ MIT (Robin Lemp, Office of Major Agreements)
    • Sponsored Research presenters (Kim, Lynn (Overhead concerns))
    • Working Group on Support Staff Issues