Division of Finance Monthly Update |
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We hope the start of a new academic year is off to great start. The Finance Division is pleased to report that the first quarter of FY26 is operating within the approved Board budget. Summer and fall tuition and fees have been posted by the Bursar’s Office who continue providing quality services to our students and their parents.
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FY25 Financial Statements
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Final preparations by the Office of the Controller of the university’s FY25 financial statements are entering the home stretch which will allow our external auditors to complete Seton Hall’s annual audit report to management. No issues or concerns are anticipated.
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The implementation of Unimarket continues at an accelerated pace. Since its debut in early July, about $72M in purchasing transactions have been created, representing 2,900 purchase requisitions. Once converted to official purchase orders, these transactions are reflected real-time in Banner Finance. Encumbering these purchase orders at the index/account code substantially enhances budget management and expense controls.
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Supplier Registration
Steady progress continues in connecting more suppliers to the Unimarket ‘Marketplace’, and we are grateful to the many university colleagues who are following up with their contacts to help suppliers complete Supplier Registration, a simple ten-minute process.
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Pre-Unimarket Purchases
Please note that Finance continues to process pre-Unimarket purchases/invoices through Banner Finance. During this process, instances of delayed vendor payments have occurred and once identified, have been immediately rectified. We will continue working across the University in addressing any further vendor payment delays that are brought to our attention.
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We anticipate being out of this pre-Unimarket procurement/invoicing period by the end of October, by which time the procurement of goods and services will have transitioned to ‘requisitioning’ in Unimarket prior to purchase.
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The initial draft of the university’s first Fiscal Stewardship policy is undergoing revision, and an updated Procurement Policy is in development with the possibility of incorporating other policies related to procurement into one comprehensive updated document. A revised Travel and Business Expense policy is on-deck.
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Ed Bishof
Vice President for Finance and Chief Financial Officer
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The Fall 2025 Division of Finance Open Forum on the South Orange campus will be held in the Bishop Dougherty University Center, Chancellor’s Suite, on October 14, 3-4 p.m. Register here.
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An additional session will be held on December 16. Dates for IHS and Law School will be announced shortly. Official bulletins will be published soon with times/locations and event registration links.
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In addition, we are hosting a series of Unimarket Informational Q&A Sessions.
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These one-hour sessions will be conducted via Microsoft Teams and led by subject matter experts from Procurement, Accounts Payable, and Financial Systems. They are designed to provide guidance and answer any Unimarket-related questions you may have.
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