October 2021 Finance Town Hall

Mike Gower, Executive Vice President – Chief Financial Officer and University Treasurer, hosted a Finance Town Hall on October 26 for more than 500 people to share the latest developments in finance and other universitywide initiatives. The video on demand, presentation, and Q&A are available on the University Finance and Administration (UFA) website.

Office for Research

Michael Zwick, Senior Vice President for Research, explained how the guiding values and strategies for leadership in the Office for Research promote teamwork, efficiency, and innovation. FY 21 was a record year for research and innovation, with $907.8M raised for sponsored research, and $42.6M gained in licensing revenue. Next, he shared the accomplishments and impact of each department within the Office of Research, including Research Administration, Innovation Ventures, University Cores/RUBRIC, Animal Care, Corporate Engagement, Research Development, and Support Services. During his presentation, he identified opportunities for collaboration within the finance and administration space and recommended critical strategic initiatives for the future.

FY 2022 Budget

David Moore, Associate Vice President and Chief Budget Officer, shared the quarter actuals for the FY 22 budget. The total adopted budget of $4.8B is spent primarily on Rutgers’ core missions of student instruction, research, public service and patient care. Other costs include administration, operation and maintenance, auxiliary enterprise, and athletics. Moore also shared the FY 22 revenues, which are on track with the established university budget and show a positive position when compared to prior years. He stated that most expense categories are aligning to prior year actuals while some are trailing behind prior year actuals due to the overall effort to reduce discretionary spending.

Year-End Close and Annual Audit

Ernie DiSandro, Associate Vice President and University Controller, announced that the year-end close is substantially complete pending information from the state of NJ regarding Rutgers’ share of the postemployment benefits outside of the pensions amount. The annual audit plan is on schedule and on pace with last year, and will be presented for approval at the next Audit Committee meeting on October 27. Monthly accounting closing dates are available on the UFA website.

Dr. Samuel DeWitt Proctor Hall and Student ABC Annual Report

Anthea Jeffrey, Associate Controller, explained the role of Student Accounting, Billing, and Cashier Services (Student ABC) services, which helps students resolve any financial issues that they might encounter with their student account. This includes services related to tuition and fees billing, payment centers, delinquent account and collections, and accounting and reconciliation. She announced that the department has moved from Records Hall to the new Dr. Samuel DeWitt Proctor Hall and shared photos of the new space and payment center. The new payment center will provide an in-person and virtual One Stop Student Experience. Lastly, Anthea shared highlights from the Student ABC FY 21 annual report.

Human Capital Management (HCM) and Payment Services Migration

Mankit Tsui, Senior Business Manager, presented the status of the Payment Services Migration and Human Capital Management (HCM) projects. The payment services migration was created to manage the replacement of the ScholarChip payment system. A new platform was implemented using NelNet Business Solutions, which impacted over 60,000 students, 77 university departments, and 256 subunits. The Project Management Office (PMO) is continuing a phased migration of departmental payments to NetlNet, with remaining releases are expected to be completed by May 2022. The HCM project is designed to transform the way Human Resources and payroll services are delivered and to refresh legacy business processes and replace legacy systems with new technology in the Oracle platform. Tsui shared the goals, overview, and scope of the project, which will begin in fall 2021. More information about the PMO and active projects can be found on the UFA website.