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Faculty Salary Savings Process for FY17 Year-End Close

Friday, August 11, 2017

Faculty Salary Savings Process for FY17 Year-End Close

 

Download the memo: https://finance-humsci.stanford.edu/sites/default/files/faculty_salary_savings_process_for_fy17_year-end_close.pdf

 

Dear department administrators,

 

This is to inform you about the upcoming year-end close process for faculty salary savings transfers for eligible grants and contracts salary charges.  Overall, the process will be substantially the same as in previous years with one exception.  This year, the Faculty Salary Savings report is now available on-line in the OBI environment. The report content and format are virtually identical to past versions.  This new OBI report allows users to run the report at any point during the fiscal year. For example, you could run it in November to easily verify that labor schedules are running as anticipated.  Please note this initial report version can only be run for the current fiscal year. Future enhancements to the report will allow users to run the report for prior fiscal years and for all pay types.  This report is the first of a series of reports to enhance and simplify management of faculty salaries.  The report is easy to run, with users specifying the department and fiscal year. 

 

Report Location

To access the report, click the link:

H&S Faculty Salary Dashboard

 

If this link doesn’t work, copy and paste the link below in your internet browser and hit enter:

https://bi.stanford.edu/analytics/saw.dll?Portal&PortalPath=%2Fshared%2FFinance%2FShared%2FHS%2FDepartment%20Dashboards%2FFaculty%20Salary%20Savings%2FH%26S%20Faculty%20Salary%20Dashboard

 

We highly recommend saving the report as to Favorite in OBI.

 

Faculty Salary Savings Report

This report contains data on all academic (9 month) salaries for faculty for the current fiscal year and calculates any amounts of savings to be recovered if faculty academic salaries were supported by sponsored research sources during the fiscal year.

There are two versions of the report, each of which is run at the position-owning department level.  A Detail version includes all fiscal year academic salary data by PTA and savings calculations due to charges to grants and contracts.  The Summary version omits the PTA detail. 

Departments should download the Detail report and annotate it with any anticipated additional charges or corrections to the amounts charged to grants and contracts and your year-end transfer instructions,

 

  1. Download the Detail report to Excel
  2. Verify the charges are accurate
  3. If correct:
    1. Annotate the report with the PTA(s) for savings transfers (right-hand columns)
    2. Post the annotated report to the Finance Web Repository WIP
  4. If adjustments are required:
    1. Project any August adjustments to grants and contract charges
    2. Annotate the report with adjustments and the PTA(s) for savings transfers (right-hand columns)
    3. Post the annotated report to the Finance Web Repository WIP

Key Process Steps and Timelines

 

Friday, August 11

Faculty Salary-Savings Report available on-line in OBI

August 11 - 18

Department staff review FY savings calculations, calculate adjustments and prepare instructions for liaisons

Friday, August 18

Deadline for departments to upload annotated Report/FYE Close Instructions to Repository WIP

 

Your Finance liaison will then process faculty salary G&C savings transfers to faculty and/or department accounts before fiscal year-end close.

For more information, please feel free to contact your Finance liaison.