Gracy Pardillo, CPA,CASenior Project Director, Post Award ManagementFinancial Services

If a picture is worth a thousand words…

TIPS & TOOLS

VALUE OF CONTROLS

LET’S TALK

HOW DO WE DO THIS ?.

IN NORMAL TIMES…

IN TIMES AHEAD...

1. CODE OF CONDUCT/BEST PRACTICES 2. COMMITTEES3. STRATEGIC PLANNING 4. HUMAN RESOURCES 5. HEALTH AND SAFETY 6. RECORDS MANAGEMENT 7. FINANCIAL ROLES AND STRUCTURE 8. RESEARCH9. PROCESSESS FOR LOCAL REVENUE-GENERATING ACTIVITIES/ EVENTS10. CONTRACTS11. PROCUREMENT (Purchasing)12. ASSET INVENTORY AND DISPOSAL (COMPUTER & OFFICE EQUIPMENT)13. RISK MANAGEMENT AND INSURANCE14. STUDENT AFFAIRS15. ACADEMIC AFFAIRS16. COMMUNICATIONS17. INFORMATION TECHNOLOGY

WHAT WOULD YOU SAY?

“It’s not the document (KCC) which instills controls around here. It’s me.”

“I have a strong finance background, so I instinctively know why it is important to respect controls.”

“You either have a culture in a department where you know controls are respected,or you don’t.”

“I process a lot of payroll documents, so I know that section of the KCC very well. The termination checklist is key!”

“I wish someone introduced me to this (KCC) when I first started here.”

“There is too much out there. It’s confusing. Especially when I don’t have enough time.”

“Not all managers received appropriate training to discharge their work tasks.”

&“It is not always clear why certain processes should be respected.”

“It was a helpful resource when I needed to improve my controls around technical equipment in departments and teaching equipment.”

“I know a lot of important links are found in this document (KCC) – so I used it to find important documents.”

“For me, the key controls which help manage financial performance at a global level are most helpful.

….ensuring that plans, budgetsand financial monitoring are all in sync help keep the Faculty finances on track.”

Governance / Strategic Planning: Updating & reviewing strategic plans with stakeholders

helps facilitate the budget process and avoids budgeting disconnects & unexpected major expenses.

Monitoring on a regular basis the efficient use of research funds help avoid unpleasant surprises – grants running out, money left on the table, delays in reapplications.

Monitoring on a regular basis the efficient use of endowment funds helps fill operating gaps (i.e. do not leave money on the table), ensure MOAs are respected, simplifies the stewardship process, liberates funds if an MOA must be updated.

FINANCIAL MANAGEMENT/Budget management:

Does the unit's budget process provide for the necessary documented approvals by authorized personnel – ensures that all stakeholders are aware of financial expectations and commitments.

Having self-financing units produce a budget ensures that the Faculty overall budget is realistic and takes into account various funding sources.

FINANCIAL MANAGEMENT/Budget management:

Does the unit monitor and report on actuals versus budgets on a periodic basis to identify, address and advise responsible persons of areas of divergence (deficit or surplus)?

By routinely performing and documenting fund reconciliations,budgets and forecasts (for all fund types), the Faculty can ensurethat plans are on track or that adjustments are made if expectationsare not being met (before significant variances occur).

1. PAYROLL CONTROLS – hires & terminations

2. PROCUREMENT – no after the fact PO’s

3. DOCUMENTATION – sponsors / agencies future audits

Endorsed by…

FINANCIAL SERVICES

HUMAN RESOURCES

INTERNAL AUDIT DEPARTMENT

1. Make it work for you!

2. Use it realistically!

3. Re-visit this – at least annually!

4. Share it with your current and future colleagues.

Find it using this link:

www.mcgill.ca/vpadmin/accountability

And now some TIPS!

DON’T SURVIVE….. BUT AIM TO THRIVE!

1. Stay organized2. Get a good night’s sleep3. Bring a positive mood to work

THANK YOU!