“The Institute depends on our network of financial professionals who bring a variety of Institutional skills to our business decision-making. To achieve the goal of institutional effectiveness, it is important that we implement transparency and consistency across our financial processes,” states Jeff Scott, senior vice president for Administration and Finance at Georgia Tech. “This helps ensure that we are performing our functions accurately and professionally; it also removes uncertainty, helps build the confidence of our stakeholders, and enhances job-satisfaction among our employees.”
In order to enable the financial community to serve as good stewards of Institute resources, Institute Planning Resource Management (IPRM) has recently deployed several initiatives.
The Financial Council was launched as a way of promoting two-way communication between central Administration and Finance functions and distributed unit finance personnel across the Institute. The Council held its first meeting in May, when more than 40 participants from across campus began to identify and address common finance-related issues.
Three sub-councils have been established to address needs specific to:
These sub-councils have met this summer to begin identify opportunities and develop solutions to address common challenges. The entire group will re-convene in September to share ideas, discuss progress, and identify additional opportunities for collaboration.
The Institute is committed to upgrading its financial controls, communication, and accountability during the fiscal year-end close. To better assist in this process, the Institute introduced the Year-End Checklist last June.
The Year-End Checklist provides an opportunity for methodical review and communication within both major academic and administrative entities as a part of the year-end close. It parallels the checklist the Institute submits annually to the Board of Regents. By design, the checklist helps personnel with financial responsibilities confirm year-end tasks have been satisfactorily completed, and provides an enhanced opportunity for communication of specific questions or concerns.
Subject matter experts from Administration and Finance have been working closely with Human Resources to finalize the Financial Management Knowledge Developmenttraining series. There will be approximately twenty courses, categorized in two modules – Financial Fundamentals and Extramural Sponsored Programs. All Georgia Tech employees with applicable financial responsibilities will be able to take these courses online. A pilot program commenced in August with GTRI financial administrators. The training, which will be provided on-line via a new learning management system, will be rolled out to other campus financial personnel this fall.
For more information on these and other related initiatives, please visit our website at iprm.gatech.edu.
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