Pause for the month of May on COVID-19 Financial Impact Reporting Spreadsheets
Dear H&S Finance Colleagues,
Thank you for your prior help reporting the financial impact (both savings and losses) of COVID-19 on your area(s). As you may have deduced, we have not been asked to report for May, so will pause this month and not collect data. It is possible tracking the impact will continue in later months if needed and we will keep you posted as we hear more from the University Financial Impact Team.
Note that you should continue to mark relevant expenditure transactions in university systems with “COVID” if they are the result of current circumstances.
“Financial impact from COVID-19 is defined as a specific instance of a financial loss or gain directly attributed to the outbreak and/or associated measures taken by the university. Financial impact tracking is essential so that the university can accurately and effectively track COVID-19 impacts, continue to make informed decisions and request available insurance and federal disaster relief funding.” – Fingate (https://web.stanford.edu/group/fms/fingate/staff/bulletins/allstaff/covid-19.html)
COVID Financial Dashboard in Oracle Business Intelligence (OBI):
The information already collected was forwarded to the Team and compiled to capture the total impact to the university. As some of you may have heard at the recent Financial Management Forum, the information was then used by the Board of Trustees and to help inform the University’s budget planning process. In addition, an understanding of the financial impact will allow for Stanford to track future potential relief options if expenses qualify. Thank you again for the information you have already provided and for continuing to help track expenses in Oracle.
Associate Director of Finance
The School of Humanities and Sciences