Fiscal Year 2021: Base Budget Loaded to Oracle Financials

Fiscal Year 2021:  Base Budget Loaded to Oracle Financials (viewable in OBI and FFIT)

Dear Finance Partners,

Fall weather is upon us, and we hope that the start of the academic year and the fiscal year has been as smooth as possible.  It has been a challenging time and we miss seeing you in person.

The base budget has been loaded into Oracle Financials and is viewable in both OBI and FFIT at this time.  The first quarter of the fiscal year (2021) is a good time to double-check the budget load by reviewing funding and expense control using either OBI or FFIT as follows: 

  1. Review your restricted fund balances using the Non-OB report on the H&S Financial Dashboard.  See below for further information about this important task. 
  2. Check the funding of your FY21 budget by running the OB report on the H&S Financial Dashboard.
  3. Check that your expense control (budget) information has been loaded correctly from BPS into Oracle by running the Expenditure Balance Summary report from the Expenditure Balance tab of the Consolidated Expenditure Reporting dashboard in OBI.  If you use FFIT, your budget information can also be easily confirmed there as well. 
  4. Download an excel copy of your BPS base budget summary (either salary or non-salary) from the H&S Repository, located on the H&S Finance site, or by following this link directly: https://finance-humsci.stanford.edu/repository.

 

Restricted Fund Balances

This is an especially good time to review restricted fund balances.  By reviewing restricted fund balances in the 1st quarter, following the November transfers that support your Operating Budget, you will be able to identify potential funding shortfalls as well as available funding opportunities for the year.

Context:

In mid‐July, during the budgeting process, each unit identified the amount of restricted funding required to support projected operations in the upcoming fiscal year.  Forecasting year-end fund balances is an essential part of that exercise to determine if there is enough funding in restricted sources to cover the needed expenses in the new fiscal year.  Because forecasting is done in June and the fiscal year ends in September, there may be a difference between what was forecasted and what occurred at year-end.  Now is the time to confirm that there are enough funds in your restricted balances to support the intended expenses for FY21.     

When checking restricted balances, if you encounter projected deficits (shortfalls), you can identify alternate funding sources or adjust expenditure levels early in the year to avoid year‐end emergencies.  Similarly, larger‐than‐expected projected balances (surpluses) may highlight opportunities for additional spending or the building of reserves, etc., during the current year.

The Non-OB report, which is available on the H&S Financial Dashboard, can assist in identifying potential issues and opportunities regarding your restricted funds. This report reflects: beginning fund balances; transfers in of new revenue, gift receipts, endowment payout, and support from other units; transfers out to support your operating budget; expenses; and a projected (calculated) ending fund balance, including anticipated endowment payout for the year and outstanding expenditure commitments. Understanding the reasons for any projected deficits (or surpluses) in an ending fund balance, such as an unanticipated smaller (or larger) beginning fund balance or inflows that have not yet posted, will enable you to take appropriate actions now rather than waiting until fiscal year-end.

We have posted a user guide to running the Non-OB report from the H&S Financial Dashboard. This user guide is available on the H&S Finance site in the Training section or by following this link: Restricted Funding Analysis OBI Report - Job Aid.

Please contact your Finance Liaison to arrange a time to discuss any projected restricted fund balance deficits, or if you have any questions or concerns about running the reports, and thanks for your attention to these start-of-year activities.

Best,

Blake Grenier

Associate Director of Finance

The School of Humanities and Sciences