Division of Finance Monthly Update |
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Welcome to the inaugural Division of Finance newsletter!
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Hopefully most of you are aware of the revolutionary ADAPT ’25 Initiative launched earlier this fiscal year. Read more about ADAPT ’25 in the “In-Depth Focus” box immediately below.
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What prompted this initiative?
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In partnership with Grant Thornton, a top-ranked accounting and advisory services organization specializing in higher education who conducted more than 100 interviews with colleagues from across the university, we identified gaps (and in some cases, deficiencies) in numerous university business processes and policies. We also identified a lack of robust internal controls. Strengthening internal financial controls will significantly improve Seton Hall’s business operations.
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Much work is in progress towards the common goal of helping all of us work more effectively and efficiently and in an environment that supports communication and transparency.
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Together, we will Simplify, Streamline and Succeed!
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Ed Bishof
Interim Vice President for Finance and Chief Financial Officer
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What does ADAPT ‘25 stand for?
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Accountability: Ensuring that everyone takes ownership of their actions and decisions fosters transparency and trust within the university community. Clear documentation, well-defined responsibilities, and regular reporting mechanisms will hold individuals accountable.
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Documentation: Proper documentation reduces ambiguity, aids in decision-making, and ensures continuity. Standardized templates, centralized repositories, and training on documentation best practices will be implemented to support this effort.
| Access: Equal access to information and tools promotes financial transparency. A unified platform will provide easy access to essential resources, determined by their specific role.
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Planning, Policies, and Procedures: Well-defined plans, policies and procedures create consistency and reduce confusion. Thorough planning, regular policy reviews, and streamlined procedures are part of the initiative.
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Transparency: Building trust within the university community requires regular communication, open forums, and sharing progress updates. These measures will enhance transparency and allow stakeholders to understand decisions and processes.
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The rollout of ADAPT '25 will occur over the next two fiscal years, allowing for thoughtful planning, gradual implementation, constructive feedback, and continuous improvement.
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How do we address these identified business inefficiencies?
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To streamline the university’s procurement process, Seton Hall has partnered with Unimarket, a company specializing in higher education eProcurement and eSourcing solutions. Key features of Unimarket include point and click product selection, integration with Banner Finance, and transparent pricing for negotiated supplier contracts.
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To streamline business processes associated with university travel, Seton Hall has contracted with Short’s Travel Management for Athletics travel and Collegiate Travel Planners (CTP) for non-athletic university travel. These top-tier providers have integrated technology solutions for a best-in-class travel program experience.
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Fully integrating Unimarket into Banner and forging strategic partnerships with Short’s Travel Management and CTP prompts a necessary and overdue review of business policies. Numerous business policies will be brought current with the assistance of small focus groups providing input from a cross-section of the university community to help with this significant task. Going forward, these policies will be reviewed annually.
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But we can’t refresh policies without also attending to relevant Division of Finance websites many of which are outdated. Edits are already underway and will continue so that information is easier to find, understand, and use.
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Will employees be trained?
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YES! For those involved with Athletics-related travel, training on Short’s Travel Management will happen this quarter (2nd quarter of FY25) and then, after the holiday break, training on CTP for non-Athletics travel will occur. In spring 2025, end-user Unimarket training will start with a few divisions serving as “beta” testers during a soft launch in March. The full implementation will be completed by late May.
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With ADAPT '25, we will streamline processes, simplify tasks, and succeed - together.
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Helpful Hints and Acronyms |
ACH: Automated Clearing House
An Automated Clearing House is a computer-based electronic network for processing transactions between participating financial institutions. ACH payments were first established in the 1970’s by the Federal Reserve System and the banking industry. An example of an ACH transaction is the quick, secure electronic processing of a payment directly to the recipient’s bank in lieu of paying by check. This can be done for payroll checks too!! (aka Direct Deposit).
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Now that you know what ACH stands for, are you enrolled in Direct Deposit?
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This is now easier than ever as you can register on-line via the PirateNet portal.
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Upcoming Events & Deadlines |
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