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Peninsula Medical School (PMS) Accounting

By Matthew Hall,2014-05-17 10:54
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Peninsula Medical School (PMS) Accounting

    Peninsula Medical School (PMS) Accounting

    Aspects of service

    The provision of Research, Management and Financial Accountancy services to the

    Peninsula Medical School.

    Level of Service:

    Research:

    ? Provide advice (in conjunction with the Research Services Team within the

    School) on the costing of grant applications and other research proposals, to

    include assistance in:

    o the interpretation of grant terms and conditions and eligibility of

    expenditure

    o the interpretation of the Full Economic Costing guidance

    o the application of VAT to research projects ? Review where necessary the robustness of the costing calculations for grant

    and other project applications

    ? Sign all applications as the administrative authority

    ? To interpret the financial implications of all grant awards and research

    contracts and to advise the grant holder accordingly

    ? Deal with the transfer of grants to/from the University for academics leaving or

    joining the University

    ? Provide regular standard statistical reports on the number and value of

    research applications and awards and to provide additional statistical

    information on request

    ? Update the income and expenditure reports on all research and other

    services rendered grants to ensure eligibility of expenditure and to provide

    monitoring information to grants holders

    ? Check PMS staff appointment forms for all posts (University of Exeter,

    University of Plymouth and NHS contracts) to be funded from external

    research income to ensure sufficient resources are available to fund the

    proposed appointment and to authorise payments to students when funded

    from external research projects

    ? Calculate overheads, fEC surpluses / deficits and staff recharges and arrange

    for these to be transferred to the School‟s management accounts. Arrange all

    other accounting entries required to ensure the reporting of research income

    and expenditure in line with appropriate accounting standards. ? To complete statistical returns for HEFCE on research activity and to provide

    support to the process of compiling information for the Research Assessment

    Exercise

    ? To compile claims for the reimbursement of expenditure on research projects,

    to authorise such claims where required and to provide final financial reports ? To organise the audit of grant claims as required by sponsors

    ? To process allocations from the University Research Fund

    ? In conjunction with the University of Exeter‟s full economic cost accounting

    team, to advise the School on key strategic / policy messages arising from the

    annual attribution of costs to each of the five activities Teaching (publicly

    and non-publicly funded), Research (similarly split) and Other activities.

    Treasury Management

    ? Treasury Management (in conjunction with Financial Accounting) and

    cashflow of the PMS bank account („Community Chest‟) including investment

    of surplus funds to maximise any interest earned, reconciling all income and

    expenditure occurring within both Universities and termly reporting on

    cashflow/balances to the PMS Finance Committee.

    ? Reimbursing of approved PMS expenditure out of the Community Chest,

    including evidence based overheads

    ? Ensuring invoices are raised to recover any element of SIFT expenditure paid

    by either of the Universities on agreed cost share arrangements Financial and Statutory Accounting

    ? Advise on the treatment of VAT within both core activities and within

    Research accounting

    ? Review the 5 year financial forecast for the School produced by the PMS

    Finance Manager

    ? Prepare the Income and Expenditure account, Balance Sheet and supporting

    notes for the published Statement of Accounts of both Universities (from PMS

    Agresso database including reconciliation to control accounts within

    University of Plymouth Agresso and University of Exeter Aptos system)

    ? Calculate the statistics for the HESA return.

    Management Accounting

    ? Monthly download and manipulation of PMS financial transactions posted in

    the University of Exeter‟s Aptos system into a format suitable to load onto the

    University of Plymouth‟s PMS Agresso system to enable reporting of total

    School activity against budget.

    ? Support to PMS Finance manager for PMS budget preparation (including

    calculation of Exeter staffing baseline), and calculation of an evidence-based

    overhead charge to the School for each discrete administrative service

    provided by the University of Exeter.

    Management of Research and Endowment Funds

    ? Monitoring (in conjunction with PMS Finance Manager) of Research Funds

    and any endowment income held within Exeter for the School with reporting

    of activity to budget holders.

    Committee Support

    ? Provision of financial information for, and attendance at, the PMS Finance

    Committee including a financial statement and notes for publication within the

    annual financial statements of each University, cashflow forecasts, outcomes

    of internal audit reviews, and reports on policy / strategic issues such as the

    implications of full economic costing.

    Audit

    ? Liaison with internal and external auditors. Presentation of reports on PMS

    activities to the University‟s audit committee and PMS Finance Committee.

Background / Scale of Activity:

    The Peninsula Medical School is a joint medical school established as an equal

    partnership of the Universities of Exeter and Plymouth. PMS is not a separate legal

    body but is answerable through the Joint Board of Management to the Council/Board

    of Governors of the University of Exeter and University of Plymouth respectively.

    Service level agreements set out arrangements with NHS institutions.

The financial policies, practices and management of PMS are designed to reflect and

    enshrine the jointness of the School and the equitable and transparent use of funds.

    In particular, HE monies relating to PMS students (undergraduates and

    postgraduates) of PMS received by either of the two Universities will be assigned to a

    common „Community Chest‟ or quasi-trust fund and spent against an approved

    budget, and SIFT or NHS capital funds falling to the NHS institutions in respect of

    PMS will be dispensed within a strategic framework agreed by the Joint Board of

    Management and confirmed by the Council/Board of Governors of the Universities

and relevant NHS authority. The Community Chest is administered by the UoE

    under its financial regulations in compliance with the approved PMS budget.

The UoE and UoP operate different accounting systems. Consequently the

    Universities have agreed that the management of their PMS-related transactions will

    be shared, and that wherever possible only one finance system will be used to

    handle particular transaction cycles, such as invoicing or purchasing. The full set of

    PMS transactions is captured on the University of Plymouth‟s Agresso system to

    enable the preparation of management information and annual financial statements.

During 2003/04, the total income of the School amounted to ?14.6m. including

    ?4.675m relating to research grants and contracts.

Key indicators:

    ? Elapsed time: provision of advice (pre submission) on grant applications and

    other proposals to include advice on terms and conditions, full economic

    costing directives, VAT etc. *

    ? Elapsed time: Sign grant application (or electronic approval via JeS for

    Research Council applications) to include checking or reviewing calculations

    and a review of the financial aspects of the application *

    ? Elapsed time: provide advice (post receipt of award) on financial implications

    of award or contract, and establish appropriate budget monitoring

    arrangements *

    ? Elapsed time on provision of income and expenditure reports to grantholders*

    ? Elapsed time: Check PMS staff appointments *

    ? Calculate overheads, fEC surpluses / deficits and arrange accounting entries

    ? Raise claims and invoices to sponsors *

    ? Interest earned on investments compared to LIBID and the average bank

    base rate

    ? Elapsed time periodic reconciliation of University control accounts and

    dataload to Agresso

    ? Compliance with agreed invoicing timetable for recovery of SIFT expenditure

    from NHS colleagues.

* These indicators are included as a guide to our planned level of service.

    Performance will be monitored based on feedback and through customer surveys.

Performance targets:

    ? Response to requests for advice to be provided on all grant applications

    within 2 days of receiving request *

    ? All applications to be checked/reviewed and approved within 5 days of receipt

    of project costing form and application subject to alternative agreement where

    time allowable *

    ? All awards to be reviewed and appropriate budget monitoring arrangements

    established within 10 days of receipt of award documentation / signed

    contract *

    ? Income and expenditure reports to grant-holders to be provided quarterly *

    ? PMS staff appointment forms to be checked/responded to within three days of

    receipt *

    ? Overheads, surpluses and deficits to be recharged quarterly *

    ? Claims and invoices to be raised according to sponsor requirements

    ? Interest earned on investments to be at least equivalent to the averaged

    weekly LIBOR rate

? 100% adherence to timetables agreed with UoP and PMS for monthly data

    uploads to Agresso (except where circumstances are outside the control of

    UoE)

    ? 100% compliance with formally agreed timetables for the recovery of SIFT-

    related reimbursement from NHS colleagues

    In the event that these service levels cannot be maintained eg. due to unplanned

    staff absence(s) the School will be advised of arrangements to prioritise the

    workload and be given an assessment of when the “normal service” will resume.

    Key contacts:

    ? Catherine Serjeant, PMS Accountant ? Pam Gurney, Accounting Assistant ? Andrea Ward, Accounting Assistant ? Support from other Finance colleagues as necessary (including Deputy

    Finance Director, Financial Accounting, Research Accounting, TRAC team)

    Redress

    Complaints about any aspect of the service should be channelled through:

    ? Catherine Serjeant, PMS Accountant, and if necessary escalated to

    ? Sue Gabbott, Deputy Director of Finance

    Key Dependencies (Internal):

    ? Colleagues from the School, principally:

    o The School finance team lead by Clare Featherstone (PMS Finance

    Manager) regarding liaison on all aspects of Management and

    Financial Accounts

    o Research and Development Services lead by Nick Church (PMS

    Research and Development Service Manager) for support to

    Academics on application process including liaison with Institute

    Directors and calculation of fEC costings; and provision of advice on

    legal and IPR issues.

    o Academics and support staff it is anticipated that research staff will

    submit applications for research projects at least 5 working days

    before the deadline for the submission of the application; obtain

    supporting School approval signatures for all applications, inform PMS

    accounting of any changes occurring through the lifetime of the grant;

    review quarterly grant statements and notify of any problems.

     Key Dependencies (External):

    ? University of Plymouth colleagues

    o Finance colleagues liaison on various matters including support and

    training on Agresso, application of full economic costing to School

    activities, technical accounting requirements, arrangements for

    internal audit, management of the Community Chest and

    administrative computing systems

    o Project Finance Team support and liaison on use of Project Costing

    and Billing Module within Agresso and other application and project

    matters

    o IS support for maintenance of links to Plymouth Server to enable use

    of Agresso

    ? NHS Partners Liaison regarding SIFT income, capital funding, cashflows etc.

    ? The PMS Accounting Section may be affected by the availability of on-line

    electronic submission systems, the timeliness of response of outside

    sponsors to queries on terms and conditions and other contract matters, and

    the timeliness of response of other HEIs to enquiries on research grant

    transfers

    Governing Policies / Strategies

    ? Memorandum of Agreement between the University of Exeter and University

    of Plymouth in respect of the Peninsula Medical School (in particular, Annex

    G, Financial arrangements)

    ? Decisions of the Joint Board of Management and PMS Finance Committee

    ? Financial Regulations and Procedures

    ? Financial Reporting Standards / Statements of Recommended Practice, etc.

    ? TRAC/fEC guidance and decisions of the TRAC Project Group

    ? PMS Initial Financial Plan (prepared by William Jennings)

    Service Monitoring and Review

    Day to day contact with the School and University of Plymouth provides

    opportunities for feedback. It is intended to establish bi-monthly meetings

    with a core team of School / Research staff to improve support and to provide

    a formal forum for user feedback. The core membership will include Clare

    Featherstone (PMS Finance Manager), Nick Church (Research and

    Development Finance Manager), Catherine Serjeant (PMS Accountant), and

    Sue Gabbott (Deputy Director of Finance). Other colleagues may attend for

    specific meetings eg. UoP colleagues for year-end and fEC matters.

    In addition, monitoring is undertaken through the PMS Finance Committee

    which receives routine reports on Financial matters.

    Aspirations for future development

    ? A review of communication processes and workflow to ensure arrangements

    are fit for purpose and meet the needs of the School and Universities

    respectively (to include bi-monthly meetings of core staff to improve planning

    and support to the School, identify key operational issues and as a forum for

    bi-lateral discussion / feedback).

    ? Production of integrated management accounting, cashflow and balance

    sheet information on a quarterly basis to enhance understanding and

    management of HE/SIFT funding streams and their utilisation, cash balances

    and financial performance.

    ? Documentation of administrative and financial procedures within a PMS

    Financial Handbook

    ? Increasing use of IT to improve services and efficiency eg. automated budget

    monitoring reports for research grant holders (reducing manual intervention).

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