Download Mission and Goals - University College Cork

University College Cork
Strategic Plan for
Finance
2009 - 2012
Contents
1.
Background
3
2.
Organisation of the Office
3
3.
Institutional Priorities
4
4.
Aims / Objectives
4
5.
Department Initiatives
5
2
1. Background
The University is a major financial enterprise with annual income in excess of €260m.
The President as accounting Officer is formally responsible for the financial performance of the
University. The Universities Act in turn reserves certain financial function and decision exclusively for
Governing Body and its committees. Day to day management of the University finances is delegated to
the Bursar/Chief Financial Officer.
The University has invested in a new financial system to develop financial management throughout the
University. In turn, financial responsibility has been devolved via a new Resource Allocation Model from
the centre to Colleges.
The revised accountability arrangements requires the Office to put in place policies, procedures and
structures to ensure overall University financial control and management is not compromised in an
environment of greater devolution.
2. Organisation of the Office
The Office of the Bursar/Chief Financial Officer is a Central Service Department which is organised
along functional lines in order to achieve its objectives. Discrete sections within the Office are as
follows.
Research Contracts
Financial Accounting
Accounts Payable
Payroll
Management Accounting
Fees
Capital & Treasury Management
Financial Systems
Procurement Office
Print Office
3
3. Institutional Priorities
The University’s Strategic Plan sets out 5 strategic priorities within the context of the University’s
Mission. These are to :
1. Enhance Teaching, Learning and the overall Student Experience
2. Enhance and increase Innovation, Commercialisation and Research output of the highest
quality
3. Strengthen External Engagement
4. Strengthen and diversify the Resource Base
5. Improve the Staff Experience
It can be difficult for a Central Office to readily incorporate its objectives into the 5 key overall goals for
the University. As well as specific objectives under these headings, the Office will be engaging in
University wide objectives to enhance overall financial management across the University.
Section 5 below sets out various initiatives the Office intends to implement to ensure the overall
University financial management is enhanced over the life of this plan.
Specific section objectives will also be put in place to help deliver on the 5 goals identified by the
University. These objectives are not ranked in order of importance nor are they intended to be
exhaustive. The objectives listed are, however, intended to cover the broad sweep of activities which
take place within the Finance Office. They are also intended to underpin the University’s central mission
statement and goals.
4. Aims/Objectives
Overall Aim:
To ensure the University’s continued financial health through a system of financial management which
provides dedicated financial expertise at the point of decision making and which recognises the
requirements of public sector compliance and accountability.
Specific Key Objectives to underpin the overall aim include:
1.
Develop an appropriate University business model for enhanced financial planning and analysis
2.
Develop and enhance effective financial control and risk minimisation systems
3.
Identify and evaluate financial opportunities for the University to strengthen its position in
capital, revenue and treasury terms.
4.
To develop an appropriate value for money culture across the University
5.
Optimise the use of Agresso and other technologies in financial processes
6.
To develop an appropriate service ethos within the Office
4
5. Department Initiatives
At office level, specific initiatives will include the following across the various offices:
Research Contracts
1. Work with the Office of VP for Research to support researchers when submitting a research
proposal which includes project costing and contractual issues. Currently there is no dedicated
finance resource within the Office of VP for Research which hampers both Offices being able to
offer a seamless service to the Research Community.
2. Work with the IUA to streamline National Funding Body Auditing Requirements. Currently all
National Funding Bodies are appointing separate auditors to 100% audit numerous individual
research projects.
3. Through the appointment of research business analysts provide greater support and training to
Researchers at College level to manage their research project portfolios.
Financial Accounting
1. Maximise Agresso functionality to reduce the length of time to complete the University financial
statements for University Management and external stakeholders –
2. Increase UCC representation on national committees e.g. IUA Committees, Tax etc to ensure
that the views, issues and concerns of UCC are voiced and that we optimise the use of UCC
expertise.
Accounts Payable
1. Ensure that the improved processes in Agresso deliver the benefits to users in terms of more
frequent payment runs, elimination of the need to maintain dual systems, and better quality
information.
2. Develop online videos to assist in understanding the various procedures relating to the office.
3. Provide training sessions for new staff members on procedures and refresher training sessions
for existing staff members.
Payroll
1. Develop technology to assist all users to submit payroll information/details to the office eg. On
line completion of hours worked
2. Roll out Employee self service options available on Core e.g. introduction of on line pay slips for
staff
3. Continue our strengthen links with Educore, IPASS .
4. Seek to have the Revenue to appoint a dedicated liaison officer to deal with UCC and its
specific requirements i.e. Exclusion Orders, sabbatical leave and non national employees.
Currently it is difficult to make contact with the individual dealing with UCC staff within Revenue.
Management Accounting
1. With AGRESSO implementation provide more timely and relevant management financial
information to all users throughout the University
5
2. Provide support to Financial College Analysts to include a dedicated person for Central
Administration Financial Support.
Fees Office
1. Continue to develop technology to enhance service delivery and develop e-learning tools to
assist students access information on On-line Fees Payment process e.g. instruction video
links
2. Extend counter and back office opening hours to facilitate students attending night classes.
3. Extend lunch time opening to all periods during term.
4. Continue to progress direct lodgement of maintenance cheques by Local Authorities to student
bank accounts. (VEC’s should be operating all maintenance schemes from 2009/10 and this will
allow direct lodgement).
5. The provision of a “One Stop Shop” for all student administration services is seen as a
necessity and the Fees Office would see itself as a key player in this initiative.
6. Reconvene the IUA Fees Managers group meetings to progress sectoral issues/policies for
consideration by FMG and UCFOG
Capital & Treasury Management
1. Provide dedicated financial support to the Buildings Office.
2. Implement the Fixed Asset functionality within Agresso and roll out fixed asset register to all
users in UCC
3. Review and update the treasury management policy to ensure UCC continues achieves the
maximum return on its investments within an acceptable level of risk.
Financial Systems
1. Deliver to Agresso users a quality support service in timely and efficient manner.
2. Review and develop Agresso functionality in line with users needs
Procurement Office
1. To procure high-quality teaching equipment to complement the College’s status as a centre of
excellence in teaching and learning
2. Support all departments in the quest for improved services that impact directly and indirectly on
the quality of student experiences
3. Provide a focused approach to dealing with suppliers, identifying and managing supply chain
costs, encourage competition and avoid fragmented procurement
4. Actively encourage further initiatives that re-shape and manage vendor relationships
5. Implement Quality Vendor Management programme
6. Identify new cost saving opportunities with the support of intelligence from Agresso.
6
7. Reduce contract leakage and consolidate spend with chosen vendors to achieve greater value
for money within existing contracts
Print Office
1. Enhance and market the Print Unit services
7