Division of Finance Monthly Update |
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FY26 Year-End
The current fiscal year is expected to close just under target with unrestricted revenue short ~1.1% (~$4M) and unrestricted expenses expected to stay within the FY26 Board-approved $348M budget. Please continue to pay close attention to the remaining key dates listed in this year’s FY26 Fiscal Year Closing Timelines and Procedures as well as to important FY27 Banner Finance information. Note, automatic budget checking will be activated in Unimarket on Monday August 3.
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FY27
The Board of Regents recently approved a $340.7M unrestricted operating budget for the FY27 upcoming fiscal year, a 1.1% decrease from FY26 year-end projections and $7.3M less than the FY26 budget (2.1%).
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While prudent fiscal management has benefited us for many years, Seton Hall is not exempt from the pressures the entire higher education sector is facing. Cabinet members are thoughtfully conducting a comprehensive review of the University’s budget in preparation for the coming year. These deliberations are prioritizing Seton Hall’s academic programs, Catholic faith and intellectual tradition, and nurturing, supportive campus environment, among other University priorities.
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Thus, we do not yet have all the specific details of the FY2027 budget. Cabinet continues to make decisions within the parameters approved by the Board. The campus community will be provided with more information once decisions are finalized.
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Unimarket
Contracts Module: Following pilot group testing last month, configuration adjustments of the Contracts Module in Unimarket are underway with a gradual rollout to the university on track to start over the summer. Until further notice, contracts are still to be processed through ESM.
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Ed Bishof
Vice President for Finance and Chief Financial Officer
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Retrofit Orders/FY27 Procuring
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As noted during the Phase I post-Unimarket implementation review conducted by Grant Thornton Advisory Services, end-users submitted too many retrofit orders which are purchase orders created after purchases/services have been fulfilled. Poor planning does not constitute an emergency procurement/payment need. With proper planning accompanied by timely use of Unimarket, all FY27 procuring is to be conducted with the issuance of ‘standard’ and/or ‘blanket’ PO’s in Unimarket before the procurement need is fulfilled, dramatically reducing instances of retrofit orders.
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Spotlight on the “to Pay” part of the Procure*-to-Pay (P2P)
Process powered by Unimarket:
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Purchase Order → Order Fulfilment → Receipt Confirmation → Invoice → Payment
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* see last month’s newsletter for the ‘procuring’ part of P2P
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Purchase Order
Unimarket-generated Purchase Orders (PO’s) are sent to suppliers electronically. PO’s formalize the procurement agreement, specifying quantities, pricing, delivery terms, and payment conditions. PO’s must be established before the procurement need is fulfilled.
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Order Fulfillment/Receipt Confirmation
Once goods or services are fulfilled, the end user completes a “receipt” in Unimarket, confirming that the items or services listed on the PO have been successfully delivered or rendered. Confirming fulfillment of the order must be completed before payment can be authorized.
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Invoicing
After fulfilling the order, integrated suppliers upload their invoice directly into Unimarket (highly preferred, best practice); otherwise, invoices are emailed to accountspayable@shu.edu for Accounts Payable to key into Unimarket. Once an invoice is received in Unimarket, the system then attempts “3-Way Matching” to match the invoice against the corresponding PO and the ‘Receipt.’ If all three documents match, the invoice is automatically accepted for payment processing to the supplier. 3-Way Matching ensures accuracy, prevents overpayment, and mitigates fraud risks.
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Payment Processing
Accepted invoices are scheduled for final payment release based on the payment method and terms established within Unimarket and Finexio, the university’s third-party payment provider. Individual invoices exceeding $50,000, or multiple invoices to the same vendor totaling more than $50,000, must receive approval from authorized payment signatories before payment can be released. This additional approval step helps ensure appropriate oversight of high-value expenditures.
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Note: Vendors are being notified that they should not accept phone or email orders without an authorized Seton Hall PO. Vendor invoices received without an authorized Seton Hall PO will not be paid.
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