Monthly newsletter from the Division of Finance.
Division of Finance Monthly Update |
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As summer winds down and the start of the fall semester promises cooler days, the Finance Division has been focused on closing out FY2025 and establishing Board-approved operating budgets for FY2026. The Controller’s Office is preparing FY25 financial statements for the University’s annual audit, while the Budget Office is meeting regularly with Deans and Vice Presidents to ensure sound financial management.
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Unimarket Transactions
The cornerstone of the ADAPT ’25 initiative, Unimarket, is heating up! An impressive $49M in purchasing transactions have been created since Unimarket launched on July 7. Unimarket is housed on PirateNet and is made available to appropriate University employees as authorized by division heads.
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System Access and Configuration
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As with any new system, when Unimarket went live last month, system configuration and user access issues popped up. We are thankful for everybody’s patience while these challenges are being addressed and resolved.
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We recognize that the remaining challenge entails the Marketplace side of the system: Supplier Onboarding/Management. Although Unimarket launched with about 1,000 Suppliers registered and available to the community, the number is now more than 1,200. Additional Suppliers have been identified and invited to register with Unimarket. This process takes time as it is dependent on our business partners taking the necessary and easy step of registering their company information in the system. Procurement is appreciative of the many departments who are following up with their Suppliers to encourage Unimarket registration.
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A third party payment platform [Finexio] will be rolled out next month which offers various payment options to Seton Hall’s Suppliers.
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Turning to other aspects of ADAPT ‘25, the university’s first Fiduciary Responsibility and Stewardship policy is drafted and in review and an updated Procurement Policy is in development.
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A revised Travel and Business Expense policy will follow.
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Ed Bishof
Vice President for Finance and Chief Financial Officer
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Reminder: Steps in the Procurement Cycle:
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- An employee identifies a need and enters a Purchase Requisition.
- The Requisition goes through automatic budget check and then into an automated internal approval process.
- Once approved, the Procurement Department converts the Requisition into a Purchase Order.
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The Purchase Order is sent to the supplier electronically.
- The supplier accepts the Purchase Order, creating a binding contract.
- Goods or services are delivered according to the terms.
- The invoice from the supplier is received electronically, approved by the appropriate employee, and promptly paid by the Accounts Payable Department (typically by ACH, otherwise by check or credit card).
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This sequence ensures internal control protocols are followed inclusive of appropriate purchasing authorization before financial commitments are made to external parties.
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The Division of Finance will resume holding open forums in the fall semester. Look for more information on dates/locations in a bulletin to be published next month.
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