Finance Forum
February 2008

The February 2008 Finance Forums were held on February 19 and February 21. Topics included presentations from IT Training and Cash and Investments.

Esther Nizer, IT Training, gave a refresher on Payroll rollout panels and crystal expenditure reporting features in the HR system. Esther demonstrated the following tabs:

• Employee Profile – contains basic information about the employee, such as the home address, phone, office location, and JMU hire date.
• Job Profile – contains payroll status, position number, department number, job code, and other information regarding the employee’s job profile.
• Job Summary – gives dates of pay rate changes; annual, monthly, daily, and hourly pay rate in US dollars.
• Jhr I9 Data – contains employee citizenship information. This screen should be filled in before the employee has started employment.
• Employee Leave – this screen mirrors J-Ess in that it shows the employee’s earned and taken leave.
• Emergency Contact – gives family contact information in case of an emergency.
• Employee Phone – gives the employee’s work telephone number and/or home/cell numbers (also from J–Ess).

Esther reminded us that only those who have access to the employee’s DeptID will have access to this employee data.

Tish Leeth, Cash and Investments, gave an update on ARMICS, or Agency Risk Management Internal Control Standards.

• The precursor to ARMICS was the Sarbanes Oxley Act 2002 (SOX) which sets strict guidelines in regards to auditing of publicly traded companies. OMB Circular A–123 2004 sets guidelines defining management’s responsibility for internal controls in federal agencies.
• ARMICS 2006 is a suite of compliances that all Commonwealth of Virginia state agencies must certify annually.
• Per ARMICS, internal control includes safeguarding assets of the university, verifying the accuracy and reliability of accounting data, promoting operational efficiency, and ensuring adherence to policies and compliance with federal and state regulations.
• Finance is currently coordinating efforts to implement ARMICS University–wide at JMU.
• Care must be used in safeguarding university assets.
• All payments received must be deposited within one business day unless permission otherwise has been granted to the department. All checks must be restrictively endorsed immediately upon receipt.
• All fiscal contacts within departments must be familiar with the Financial Procedures Manual.
• Petty cash change fund procedures have recently been updated. Refer to Section 4110 of the Financial Procedures Manual.
• Physical assets of departments may only be used to promote the University’s primary mission. Surplus property must be disposed of properly, including Equipment Trust Fund assets.
• Departments are responsible for processing all transactions in a timely manner and promptly verifying the accuracy of such transactions.
• Departments should have a proper organizational plan in place and provide sufficient staff training for departmental processes.
• Written procedures of department–specific business operations should be maintained and securely stored. A guide to writing procedures is available on Training and Development’s website. A business continuity plan should be in place to allow the department to resume operations in case of an emergency.
• JMU departments are not authorized to accept gifts on behalf of the university without first contacting University Advancement. See University Policy 5101.
• FY2008–2009 will see the reemergence of the Annual Internal Control questionnaire that will be sent to all university departments for completion.