The Keck School of Medicine of USCkeck.usc.edu/finance/wp-content/uploads/sites/156/...Finance...
Transcript of The Keck School of Medicine of USCkeck.usc.edu/finance/wp-content/uploads/sites/156/...Finance...
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The Keck School of Medicine of USC
Finance Manager’s Meeting
January 15, 2020
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Agenda
1. Introduction
2. FY 21 Budget Kick Off
3. IMAGINE Team Update on Workday
Financial Implementation
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FY 21 Budget Kick Off
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KSOM Budget Timeline for Budget FY2021
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FY 21 Budget TimelineDate ProcessDec – Feb 2020 Clinical department hospital support meetings
1/13/20 Tuition Unit Projections Due
1/15/20 Budget kickoff meeting with department finance managers
1/15/20 KSOM budget systems open for budget input
2/3/20 Deadline to complete staff performance evaluations
2/12/20 All department budgets due. KSOM budget systems close
2/18 – 3/6/20 Department budget hearings
3/9/20 KSOM budget submission due in TBO
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KSOM Finance & Budget Website
Website: http://keck.usc.edu/finance/budget‐2021/
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• Timeline with key dates• Budget partners and contact information
Clinical Departments—Jeff Sawada, Mylam Le Basic Science and Research Institutes— Catherine Velazquez, Charles
Albrecht, Yolanda Mora
• Training and open lab session dates/times• Presentation materials • Beacon quick links• Training manual and other resources
Budget Website Contents
Help!
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Please RSVP:• Open Lab 1: Wednesday, January 22, 2020, 10:00 AM – 12:00 PM
• Open Lab 2: Thursday, January 30, 2020, 2:00 PM – 4:00 PM
• Open Lab 3: Tuesday, February 4, 2020, 10:00 AM – 12:00 PM
*All sessions are held in the Norris Medical Library –Computer Classroom
Open Labs Sessions
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University RatesFY 20 FY 21 (subject to
change)Undergrad Tuition Increases 3.5% 3.5%Participation 9.6% 10.0%Other University Charges (FIF/Credit Card)
7.15% 7.15%
Fringe Rate (non government) 33.5% 33.5%Fringe Rate (government) 32% 32%Clinical Faculty Fringe Rate 17.65% 17.65%Federal IDC Rate 65% 65%CAP RIC 19.7% 19.8%TCC increase 2.5% 2.5%HSC IT Fees Tiered Rates Tiered Rates
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Salaries and Wages (cont’)• Salaries from December 2019 pay periods are rolled into Beacon Compensation from Cognos BI Labor Ledger/Workday HCM Validation• Please review to make sure everyone rolled over correctly
• Pay particular attention to employees on disability, sabbatical, other leave
• If you have any new hires after January 13th please make sure they are either entered into Compensation or set up as an open position if not hired by budget deadline
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• All employees (both staff and faculty) must have 100% funding for 12 months• Proposed salary reduction: 98‐0000‐0000‐0000• Funding outside KSOM: 99‐0000‐0000‐0000
• Cross funded employees should be released early to allow other department to enter their share of funding
Salaries and Wages (cont’)
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• Merit increases must be entered for both faculty and staff
• Employees must have performance review completed in Workday to be qualified for merit increases
• Consult with Faculty Affairs before requesting any changes to faculty core salary in Beacon
Salaries and Wages
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• Budget open positions individually instead of in one pool
• Clinical faculty incentives must be seasonalized(quarterly, bi‐annually or annually)
Salaries and Wages (cont’)
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• Merit pool• Assume a merit pool of 3% for staff compensation until confirmed. Salary pool will be evaluated against University guidance and Project Renewal
• Any merit increase over 5% for an employee must be accompanied with a separate justification
Salaries and Wages (cont’)
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Generic Budget Accounts• Generic budget accounts are available for each department
• 22‐XXXX‐0000‐9999 – Current Use Gift/Restricted• 23‐XXXX‐0000‐9999 – Endowed Gift/Restricted• 51‐XXXX‐0000‐9999 – Clinical Trials• 53‐XXXX‐0000‐9999 – Grants
• Generic accounts are used to identify the funding type when an account has not yet been established or identified
• This will be interfaced to USC Workday and translated to USC designated budget account 22‐XXXX‐8888• At transition of new fiscal year, all expenses or pending payroll from this account must be removed
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• Expense/Revenue Reports• Budget by Fund Type• Budget Data Extract• Budget with Projections• Allocation/Expenses by Account• Clinical Productivity Dashboard• Department Dashboard
• Compensation Reports• Compensation Plan• Costing Allocation• Costing Allocation by Fund Type
Beacon Budget Planning ‐ Reports
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• New clinical collection and productivity module • Net Collection and wRVU budget by division/billing
area/account
• Net income Clinical service will be able to budget profit/loss as a transfer
in/out of clinical reserve Department must have positive reserve in order to budget loss
in FY 21
• Research support and capital expenditure Transfer should come from clinical reserve instead of current
fiscal year operating budget Startup support for faculty, cost shares, etc.
Clinical Budget
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Clinical Growth
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Clinical Tax RatesFY 20 FY 21
Dean’s Tax 5.0% 5.0%USC Care MSO Tax (Prof) 6.5% 6.5%USC Care MSO Tax (Tech) 1.0% 1.0%CBO Fee (Prof) 5.3% 5.3%CBO Fee (Tech) 5.3% 5.3%CBO Fee (Pharm) 1.0% 1.0%CBO Self Pay 8.0% 8.0%CBO Pass Thru (coding and PK) Variable Variable University Development 1.0% 1.0%USC Care Ambulatory Overhead 22.5% 22.5%
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Helpful ReportsBeacon Report
• Data Extract by Financial Statement CategoryWorkday Report• HCM Data Validation Report
• Calculate annual salary• Check for new rates, employees, etc
Cognos BI Report• Labor Distribution Detail ‐ December
• Record of how people were paid by accountFaculty Affairs
• FY21 Budget Planning Sheet
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TO THE BUDGET
BALANCE WILL YOU BRING
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Questions?