Transcription
The Keck School of Medicine of USCFinance Manager’s MeetingJanuary 15, 20201
Agenda1. Introduction2. FY 21 Budget Kick Off3. IMAGINE Team Update on WorkdayFinancial Implementation2
FY 21 Budget Kick Off3
KSOM Budget Timeline for Budget FY20214
FY 21 Budget TimelineDateDec – Feb 2020ProcessClinical department hospital support meetings1/13/20Tuition Unit Projections Due1/15/20Budget kickoff meeting with department finance managers1/15/20KSOM budget systems open for budget input2/3/20Deadline to complete staff performance evaluations2/12/20All department budgets due. KSOM budget systems close2/18 – 3/6/20Department budget hearings3/9/20KSOM budget submission due in TBO5
KSOM Finance & Budget WebsiteWebsite: http://keck.usc.edu/finance/budget‐2021/6
Budget Website Contents Timeline with key dates Budget partners and contact information Clinical Departments—Jeff Sawada, Mylam Le Basic Science and Research Institutes— Catherine Velazquez, CharlesAlbrecht, Yolanda Mora Training and open lab session dates/times Presentation materialsHelp! Beacon quick links Training manual and other resources7
Open Labs SessionsPlease 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 Classroom8
University RatesFY 20FY 21 (subject tochange)Undergrad Tuition Increases3.5%3.5%Participation9.6%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 Rate17.65%17.65%Federal IDC Rate65%65%CAP RIC19.7%19.8%TCC increase2.5%2.5%HSC IT FeesTiered RatesTiered Rates9
Salaries and Wages (cont’) Salaries from December 2019 pay periods arerolled into Beacon Compensation fromCognos BI Labor Ledger/Workday HCMValidation Please review to make sure everyone rolled overcorrectly Pay particular attention to employees on disability,sabbatical, other leave If you have any new hires after January 13th pleasemake sure they are either entered into Compensationor set up as an open position if not hired by budgetdeadline10
Salaries and Wages (cont’) All employees (both staff and faculty) must have100% funding for 12 months Proposed salary reduction: 98‐0000‐0000‐0000 Funding outside KSOM: 99‐0000‐0000‐0000 Cross funded employees should be releasedearly to allow other department to enter theirshare of funding11
Salaries and Wages Merit increases must be entered for both faculty andstaff Employees must have performance reviewcompleted in Workday to be qualified for meritincreases Consult with Faculty Affairs before requesting anychanges to faculty core salary in Beacon12
Salaries and Wages (cont’) Budget open positions individually instead of inone pool Clinical faculty incentives must be seasonalized(quarterly, bi‐annually or annually)13
Salaries and Wages (cont’) Merit pool Assume a merit pool of 3% for staffcompensation until confirmed. Salary pool willbe evaluated against University guidance andProject Renewal Any merit increase over 5% for an employeemust be accompanied with a separatejustification14
Generic Budget AccountsGeneric 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 typewhen an account has not yet been established or identified This will be interfaced to USC Workday and translated toUSC designated budget account 22‐XXXX‐8888 At transition of new fiscal year, all expenses or pendingpayroll from this account must be removed 15
Beacon Budget Planning ‐ Reports 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 Type16
Clinical Budget New clinical collection and productivity module Net Collection and wRVU budget by division/billingarea/account Net income Clinical service will be able to budget profit/loss as a transferin/out of clinical reserve Department must have positive reserve in order to budget lossin FY 21 Research support and capital expenditure Transfer should come from clinical reserve instead of currentfiscal year operating budget Startup support for faculty, cost shares, etc.17
Clinical Growth18
Clinical Tax RatesFY 20FY 21Dean’s Tax5.0%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 Pay8.0%8.0%CBO Pass Thru (coding and PK)VariableVariableUniversity Development1.0%1.0%USC Care Ambulatory Overhead22.5%22.5%19
Helpful ReportsBeacon Report Data Extract by Financial Statement CategoryWorkday Report HCM Data Validation Report Calculate annual salary Check for new rates, employees, etcCognos BI Report Labor Distribution Detail ‐ December Record of how people were paid by accountFaculty Affairs FY21 Budget Planning Sheet20
TO THE BUDGETBALANCE WILL YOU BRING21
Questions?22
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
