A specific object group will only appear on the report if it has either a budget or a year-to-date actual.  At this time, the report is only available for unrestricted accounts.
 
Users should compare the YTD % column for each object group against the YTD % of the fiscal year indicated at the bottom of the report.  For example, February month end represents 67% of the fiscal year.  If an object group’s YTD % is more than 67%, it indicates that the account is over-spending its budget.  Conversely, if an object group’s YTD % is less then 67%, it indicates that the account is under-spending its budget.   If a budget is being spent at a pace faster or slower than anticipated, the expenditures should be researched to determine if a problem exists.
 
To research a specific object group in greater detail, users should refer to the FBM092 Eprint report, FRS, or,run a report in Inquiry.  In Inquiry, object group is a selection criterion so users can run the Account/Object Code Summary report for a specific object group. 

2. OBJECT CODES:  PUBLISHING
An object code review committee has been working on streamlining the use of object codes and ensuring consistency of use throughout the campus.  As you may have seen, this effort has resulted in deletions of object codes that have not been used in a long time, or codes that may have been used inappropriately.  Visit Financial Reporting on the Finance website to view documents explaining the use of object codes vs. account numbers, as well as a list of the most frequently used object codes.

The review committee is now beginning to focus on specific areas of object code use, such as publishing and special events.  Please note that the committee will be deleting the following object codes relating to certain publications:

3411 - Viewbook
3412 - Faculty Directory
3413 - Catalog
3416 - Campus Map
3419 - Student Handbook

The committee has worked directly with the departments that have used these object codes in the past, but contact Valerie Nye at x3192 if there are any additional concerns regarding these specific codes.  Note this change for Fiscal 06 budget planning.

3. ELF, FRS, INQUIRY, HRMS TRAINING
Finance and Administration is offering training sessions on a variety of subjects for all Wesleyan employees on a regularly scheduled basis during the academic year.  All sessions will be held in the ITS training room, SC523. Attendance is on a first come, first served basis. Employees may register for these sessions by completing the online form which can be found at:

http://www.wesleyan.edu/finadm/finance_and_administration_train.htm

If you have any questions on these sessions, contact Gil Thornfeldt at x2958

You can also request training for many financial related topics by clicking on the following link:
http://www.wesleyan.edu/finance/misc/trainingScheduleRequest/index.html

Individual training on FRS can be requested by contacting Susan Pavis, spavis@wesleyan.edu, x2839. 

4. TIP OF THE MONTH: RETURNING ELF FORMS PRIOR TO APPROVAL
Did you know that, rather than rejecting an ELF form that has been sent to you for approval, you can make suggested modifications to the form and return it to the originator for correction?  Simply make your modifications and click the "Reply" button.  It is recommended that you attach a "note" with the modifications explained.  "Reply" will also work without making modifications but simply to attach a "note".

And don't forget what we like to describe as "ELF Etiquette".  If any journal entry affects an account that is outside of your department, it is important that you copy the department that manages the account so that they receive notification of the transaction.

5.  ACCOUNTS PAYABLE
Voucher Attachments
In order to expedite Accounts Payable processing, please be sure that appropriate back-up documentation supporting the expenditure is correctly stapled to the back of the original copy of the voucher form (the yellow copy can be kept with your records).  Staples should be placed in both the upper left and right corners of the white voucher and supporting documentation.  If enclosures are to be mailed with the check, mark the box at the bottom labeled "mail enclosure(s) with check" and attach the enclosures to the back of the voucher with a paper clip.

Also, note that there are detailed instructions on how to complete the Accounts Payable voucher form on the back of the yellow copy.  Accounts Payable forms can be obtained from Regina Sipples or Tammy Harley.

Deadlines
All vouchers received by 4:00 pm on Thursday will be processed for payment for the following week's Friday check run. 

Please see the Finance and Administration website for additional policies and procedures related to Accounts Payable. 

Contact Tamara Harley at x2843 or Regina Sipples at x2842 with any questions.

6. INDIRECT COST RATE FOR GRANT PROPOSALS FOR 7/1/05-6/30/08
Federal regulations require the University to calculate and submit a facilities and administrative cost rate proposal to the Department of Health and Human Services every three years.  Wesleyan's rate was prepared using the simplified method prescribed by section H of OMB Circular A-21 cost principles for educational institutions.

The University will continue to calculate its rate on a Modified Total Direct Cost (MTDC) base.  The University's new facilities and administrative cost rates as approved by DHHS are: 

                        Rate            Base
On-Campus       61.3%   MTDC
Off-Campus      20.1%   MTDC

This new rate is applicable to all new proposals submitted henceforth.  On existing grants and proposals, the University will continue to charge the indirect cost rate that was either awarded or proposed. 

If you have questions regarding the new rate, the calculation, or upcoming proposals, please do not hesitate to contact either Rose Pandolfo, rpandolfo@wesleyan.edu, x2870 or Kim Savinelli, ksavinelli@wesleyan.edu, x3683.  Thank you.

7. FINANCE AND ADMINISTRATION WEBSITE
Hopefully by now you've had a chance to visit the new and improved Finance and Administrations website at www.wesleyan.edu/finance. We welcome comments and suggestions as we work in making this a reference destination for your daily work.

8. WHO TO CONTACT
Do you need assistance on an issue or problem and don't know who to contact? Find your contact by clicking on the following link:
http://www.wesleyan.edu/finadm/finance_and_administration_help_list.htm

SUBMISSIONS FOR FINANCE MONTHLY
What topics would you like to see included in this monthly communication?  Do you have a system tip you'd like to share?  Finance Monthly will be emailed on a monthly basis, corresponding with the availability of month end financial reports.  Submissions for inclusion are due five business days before the end of each month and can be sent to Valerie Nye, vnye@wesleyan.edu.