Division of Finance Monthly Update |
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Happy new fiscal year! Welcome to FY26!
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The Finance Division is pleased to report that Unimarket, the university’s new Procure-to-Pay module, successfully went live on July 7. Unimarket delivers on several key objectives of the ADAPT ’25 initiative and significantly improves the University’s internal financial controls. Within the first ten days, over $9M in purchasing transactions have been created.
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Unimarket is housed on PirateNet and is made available to appropriate University employees as authorized by division heads.
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Since mid-May, Finance personnel have held over 40 Unimarket training sessions across the university. Additionally, virtual training sessions have been held for those employees authorized to create blanket orders in Unimarket.
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Deploying a large-scale system such as Unimarket is not without its challenges and unforeseen hiccups and we thank all colleagues for their patience as we work through and resolve each issue.
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In other ADAPT ‘25 news, an inaugural Fiduciary Responsibility and Stewardship policy is in final stages of development and updated, comprehensive Procurement and Travel and Business Expense policies will follow.
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The closeout of FY25 continues with year-end projections remaining on target. FY25 year-end audit preparations are in process. FY26 Operating Budgets were posted in Banner on July 7
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Ed Bishof
Vice President for Finance and Chief Financial Officer
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Purchase Requisition (“Req”):
A purchase requisition is an internal document to request the acquisition of goods, materials, equipment, supplies, services, etc.
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It is the first step in a structured procurement process, and it formally documents the need for the purchase before the actual purchase occurs.
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A budget check is performed automatically by the system at the time a purchase requisition is created to ensure sufficient funds are available for the purchase.
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Unlike a purchase order (which is sent to suppliers), a purchase requisition remains within the university and requires proper approval before moving forward in the buying workflow.
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Purchase Order (“PO”)
A formal order which is electronically sent to a supplier. Once the PO is accepted by the supplier, the PO becomes a legally binding contract.
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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.
- The Purchase Order is sent to the supplier electronically.
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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.
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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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Browser: An employee authorized to shop in Unimarket and place items in their shopping cart but cannot complete the purchase / commit the funds. Browsers must reassign their shopping cart/purchase requisition to an appropriate Buyer.
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Buyer: An employee authorized to shop and buy, to complete the purchase requisition and “check out.” Buyers have budget authority to complete the purchase.
Note: a Buyer cannot approve their own purchase
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Approver: An appropriate employee in the supervisory chain for their department who will receive notifications from Unimarket that a purchase requisition has been routed to their attention to approve or decline. The email notification will include the details of the purchase requisition and a direct link to the Approvals screen in Unimarket, making it easier and faster to attend to pending requisitions.
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