Financial Summary

 

The Financial Summary page displays a list of all the funds that users have access to in their portfolio.  Updated nightly, it displays summary information for each research fund account regarding budgets, revenues, expenses, salaries, cash and budget balances, open purchase orders, payments due to vendors, salary obligations on grants and other project specific information, like project and budget start and end dates.

 

The Financial Summary page also has search capabilities to allow the users to look at the fund data in different ways such as a listing of all subcontracts awards or sundry accounts.  In addition, the Financial Summary page has a current and projected balance for each fund.  Because certain funds such as clinical trials and sundry accounts are revenue generating, users can manage those fund types through cash balances.  Other accounts, such as grants and subcontracts are budget-based accounts (money is deposited at the beginning of each budget year) which allow the users to track expenditures according to the fund’s budget and track the fund’s overall budget balance. 

 

With purchase orders, travel expenses and salary obligations updated nightly, the funds can also ‘encumber’ expenses that have not yet been paid out and reflected in the expense category.  By factoring the current cash or budget balance plus outstanding obligations that have yet to be paid, each fund will also have a project balance from which the user can manage and make decisions regarding future expenditures.

 

At the bottom of each page, there is a summary row that totals each column.  This allows the users to look at their total budget amounts, expenses to date, collective cash and budget balances and their overall projected balances.

 

Financial Summary Screen Shots

Search Collapsed

The screen displays in a collapsed mode by default and all records are returned within an individual’s portfolio.  In this view, users can search on project Fund Number (Fund #), Principal Investigator (PI Name), View (by Agreement Type), or Organization (ORG).  The default sort on this page is based on those funds with the largest cash deficits (displayed in red) at the top.

 

 

Search Expanded

Expanded searching is available by clicking on the “Advanced Search Options” link.  In this view the user has the capability to search on many different fields to have a more defined view of information within their portfolio.  Based on the user’s profile, information available behind the search elements is tailored to the specific user.  Sponsor types, investigator names, and other information is returned based on the records that the user has access to eliminating the need to search on data that is not relevant. 

 

Once the search criterion has been entered, it is displayed below the search criteria.  The user can then select the ‘Clear Selections’ button in the search area to remove the criteria and begin again.

 

 

Financial Summary Search Screen Elements

 

 

 

Collapsed Search Options

The following fields or criteria can be searched by default on the Financial Summary page:

Caption

Type

Description

Fund #

Text

User needs to key-in the PeopleSoft fund # for searching specific fund.

PI Name

Text

Search based on the Principal Investigator’s last or first name.  A minimum of three letters are required for the directory of names to be listed.

View

Drop Down List

Filtering view capability by sponsor groupings – View All, NIH, Other Federal, Industry/Corporate, Not for Profit, and Sundries

 

Advanced Search Options

By clicking on the arrow icon below sponsor number (‘Advanced Search Options’), the following expanded search criteria are available:

Caption

Type

Description

Agreement Status

Drop Down List

Filtering view based on the status of the agreement

Fund Status

Drop Down List

Filtering view based on the status of the fund

Sponsor #

Text

The sponsor number assigned by the research project’s sponsor (ex. 5R01)

Sponsor Name

Text

Search on the research sponsors name on the agreement

Sponsor Type

Drop Down List

Type of sponsor grouping based on how the research sponsor has been classified by Research Finance – DHHS, Industry, Internal, Miscellaneous, Non-Profit, Other Federal (Other Fed), Private Foundation (Private Fund), and Public Foundation (Public Fund) and State/Local

Program Projects Only

Checkbox

A selection to view an entire program project listing.  This is used in combination with fund number or sponsor number to view all of the funds or projects established as part of an overall program project.

Project Title

Text

Search based on the name of the project’s title

Project Start Date From/To

Text or Calendar Control

Search based on a range of project start dates 

Project End Date From/To

Text or Calendar Control

Search based on a range of project end dates 

Project Ending In

Drop Down List

Filtering of Agreements for which the projects are ending in 30/60/90 days from current date.

Budget Start  Date From/To

Text or Calendar Control

Search based on a range of budget start dates 

 

 

 

Budget End  Date From/To

Text or Calendar Control

Search based on a range of budget end dates 

Budget Ending in

Drop Down List

Filtering of Agreements for which the budgets are ending in 30/60/90 days from current date.

Funds Created Within

Dropdown

Funds created within the last 30/60/90 days

Balance Less Than

Text

Search based on the remaining balance on the fund

Agreement Type

Drop Down List

Filtering view based on the type of agreement that has been established – Contract, Exchange, Gift, Grant, Misc/Other, Subcontract

Activity Type

Drop Down List

Filtering view based on the activity associated with an Agreement for further granularity (e.g.  Training (T32s), Faculty (K’s) and Research).

Location

Drop Down List

Lists the location where research is being carried out within Partners research facilities

Walker #

Text

Walker # from the MGH associated with the fund

BICS #

Text

BICS number from the BWH respective cash system for associated with an agreement.

InfoEd Proposal #

Text

Number assigned by the central InfoEd system within Grants and Contracts

View

Drop Down List

Search for five different options:

Agreements with subcontracts assigned to their budgets

Agreements with Patient Care Expenses but have no Budgets

Agreements with Patient Care Budgets but have no Expenses

Agreements with Subcontract Budget but have no Expenses

Agreements with Subcontract Expenses but have no Budget

 

Icon Search Options

Sometimes referred to as a search within a search, the following criteria are available by selecting the corresponding icons.  Click on the icon and a pop-up window appears with items for selection – Organization (Chief of Service) codes or Principal Investigator names.  Once selected, the window will close and the selection criteria displays.  Select additional search criteria from the collapsed or advanced search options, and when finished with selections, click the ‘Search’ button on the right to complete the process.

Caption

Type

Description

Org

Search agreements based on the department and unit hierarchy (Chief of Service codes) that a user has access to and for which the agreements have been assigned.  Multiple codes can be selected across institutions if necessary.

Search

Button

Performs the search based on all entered search criteria and returns the results to the search results grid section of the page.

Clear Selections

Button

Clears all records that were displayed based on the search criteria and the picker selection.  Shows the default view of the page.

Financial Summary Main Screen Elements

Information viewed is by default for the current date/current month-close date unless dates have been entered in the search criteria.

 

Caption

Type

Description

Type

Text

Classification of fund as established by Research Finance within the General Ledger.  Types include: Gift, Grant, Misc/Other, Subcontract and Trial.

Fund #

Link

The PeopleSoft fund number.  The link leads to Budget Details page for the selected fund.

PI Name

Text

Name of the Principal Investigator

Total Budget Amount

Text

Total budget amount awarded and updated for the fund as of the previous business day.

Last Month Expenses

Link

Total expenses charged to the fund for the month determined by the ‘Last GL Post’ date.  The link leads to the Expense Details page for the selected fund.

Expenses To Date

Link

Current total expenses charged to the GL for the fund up to the ‘Last GL Post’ date.  The link leads to the Expense Details page for the selected fund.

Budget Balance

Link

The calculated difference between the current expenditure total on the fund minus the current awarded budget amount. The link leads to Budget Details page for the selected fund

Revenue

Link

Total revenue (including cash deposits, investment earnings, budget draw downs) deposited into the account based on the ‘Last GL Post’ date.  The link leads to Revenue Breakdown page for the selected fund.

Current Cash Balance

Text

The calculated difference between the current total revenue deposited minus total expenses to date. 

Open PO/AP Orders

Link

Current total amount of open purchase orders and accounts payable activity that has not yet been expensed based on the previously night’s data. The link leads to Transaction Details page for the selected fund.

 

Planned Salary

Link

Planned salary expenses to the end of the budget/project period based on current commitments from the prior data.  The link leads to the Salary Details page.

Projected Balance Remaining

Link

Calculated estimated ending balance including encumbrances based on fund type:

  • Grants and Subcontracts are calculated using the budget balance amount minus encumbrances (open purchase order and salary commitments)

  • Sundries, Trials and Exchanges are calculated using the cash balance amount minus encumbrances (open purchase order and salary commitments)

 

The link leads to the Projections page for the selected fund.

Project Start

Text

Start date of the project

Project End

Text

End date of the project

Budget Start

Text

Start date of the budget for the project

Budget End

Text

End date of the budget for the project

Totals

Text

The Total Line sums up all financial columns.  It is displayed on the bottom of each page of the search results grid and reflects the total of the complete search results set.

  • Total Budget Amount

  • Last Month Expenses

  • Expenses to Date

  • Budget Balance

  • Revenue

  • Current Cash Balance

  • Open PO/AP Orders

  • Planned Salary

  • Projected Balance Remaining

 

 

View by

Caption

Type

Description

Direct Costs/Total Costs

Radio Buttons

The information by default is shown for total costs. User can select the Total Costs radio button to view Direct Costs or Total Costs.

 

Feed Dates

Caption

Type

Description

Last GL Post

Label

The last date when the General Ledger data was received

Last PO/AP Post

Label

The last date when the Purchasing and Accounts Payable data was received

Last Salary Post

Label

The last date when the Salary data was received

Financial Summary Export Options

Reports can be downloaded by clicking on the available download links.

When download to excel, formulas are also downloaded (see table below)

 

 

Fields

Formula if any

Type

Classification of fund as established by Research Finance within the General Ledger.

Fund #

The PeopleSoft fund number.

PI Last Name

Principal Investigator last name listed on the research fund

PI First Name

Principal Investigator first name listed on the research fund

Total Budget Amount

Total budget amount awarded to date and updated for an agreement with the PeopleSoft General Ledger.

Last Month Expenses

Total expenses charged to the fund for the month determined by the ‘PeopleSoft GL data as of date’ located on top of the report.

 

Monthly total expenses charged to the fund for the last month end close (if current date is 2/15 then the last month expenditures would be for January)

 

Expenses To Date

Sum of all General Ledger expenses charged to fund as of last GL close.

Budget Balance

Total Budget Awarded to date on the project minus the expenses as of the last General Ledger close.

Revenue

Sum all income generating accounts from the PeopleSoft Actual; total revenue charged to fund to date

Current Cash Balance

Sum of total revenue deposited against the fund minus the total expenses to date.

Open PO/AP Orders

Sum of all PO/AP records not yet expensed and estimated indirect charges.  Indirect charges are determined by looking at what account number the PO’s are charged.

 

Formula:

Sum of all (PO/AP Order Balances * the IC rate of the fund on accounts charged indirect charges based on fund cost basis)

Planned Salary

Sum of all "Committed Salary + Committed Fringe"

 

Formula:  Sum of all current committed salary:

(monthly rate + committed fringe from the Labor Distribution + open PO/s in salary accounts) * IC rate for salary accounts charged based on the fund cost basis

Projected Balance Remaining

Calculated balance including encumbrances based on fund type

  • Grants and Subcontracts (Budget Balance - Planned Salary - Open PO/AP Orders)

  • Sundries, Trials and Exchanges minus (Cash Balance - Planned Salary - Open PO/AP Orders)

  • Federal Contracts (budget balance minus encumbrances)

Project Start

Research project overall start date

Project End

Research project overall end date

Budget Start

Research project current budget start date

Budget End

Research project current budget end date

Title

Listed long title of the research project according to the grants and contracts system

Sponsor Number

The identification number assigned to the research project by the research’s sponsor

Sponsor Name

Research sponsor name

Department

Hospital department

Unit

Hospital division or unit under the department

IC Rate

The indirect cost rate agreed upon with the research sponsor

IC Basis

The indirect cost basis for which the indirect cost rate will be applied – total cost (TDC), modified total indirect cost (MTDC), etc.

Chief Code

The code assigned to the hospital department in which the grant has been authorized (example: 30CA)

Accounting Cycle

The accounting cycle of the research fund – fiscal or project.  All research grant projects are accounted on a budget basis (project) with sundries accounted for on an annual basis (fiscal)

Activity

The code assigned to the project to identify the main focus of the research – clinical, non-clinical, etc.

Status

The overall status of the project such as pending or awarded

Total Row

Total Line will be displayed on the bottom of the page summing up the information for all returned records.  This sums up all financial columns:

  • Total Budget Amount

  • Last Month Expenses

  • Expenses to Date

  • Budget Balance

  • Revenue

  • Current Cash Balance

  • Open PO/AP Orders

  • Planned Salary

  • Projected Balance Remaining

Financial Summary Navigation

The Financial Summary page can be accessed from the following pages:

 

By clicking the Financial Summary tab from the following pages:

 

From Financial Summary the user can navigate to the following: