Monthly newsletter from the Division of Finance.
Division of Finance Monthly Update |
|
|
Fiscal Year 2026 is rapidly coming to a close. Finance continues monitoring the University’s revenue against overall expense commitments targeting a break-even result as of June 30, 2026. At this time, everyone is strongly encouraged to limit additional commitments to only those essential to conduct university business.
|
Financial Reporting and Budget Planning
The FY26 Closing Timelines and Procedures information is available on the Finance website reflecting key dates necessary for Accounting, Payroll, Procurement, Accounts Payable and Budget offices to efficiently and accurately close FY26 and establish FY27. The Executive Cabinet is in the process of developing FY27 detailed budget parameters based on preliminary revenue projections. View the FY27 Budget Development calendar here. The finalized FY27 budget will incorporate prioritized strategic plan initiatives. Budget questions are to be addressed to Frank Genova, director of Financial Operations at francis.genova@shu.edu.
|
Business Travel
The optional use of CTP for both group and individual travel remains available; we continue to research other viable alternatives.
|
Employees are to continue with the current “T & E” process for reimbursement of their business expenses. The selection of a more robust Expense Reimbursement platform has been identified and will be a new initiative post Banner SaaS implementation (FY28).
|
By the Numbers: Unimarket Marketplace Performance
Results from July 7 through April 19:
|
Procurement and Financial Systems statistics:
|
- $113M in Purchase Orders released (13,011 POs)
- 2,362 suppliers connected, increasing daily
- Average cycle time from requisition ‘checkout’ to issuing the PO: 2.8 days
- Total number of users: 871
- Total number of buyers: 446
|
Treasury/Accounts Payable payment statistics:
|
- 8 forms of payment options available to suppliers
- 9,645 payments to suppliers totaling $152M reflecting more than 25,169 invoices
- 3,249 student refunds totaling more than $10M
|
Work on the Contracts module of Unimarket has progressed and will soon include pilot group testing. A reminder that contracts are still to be processed through ESM.
|
Please contact Serena Branson at serena.branson@shu.edu if your department would like to schedule a Unimarket “Check In” meeting.
|
Policy Development
A comprehensive Procurement policy is in review with the end of June as target for publication; a revised Travel and Business Expense policy is actively in development with the expectation to be released towards end of Summer 2026.
|
Ed Bishof
Vice President for Finance and Chief Financial Officer
|
|
|
|
