MAS NEWSLETTER

A quarterly publication distributed by UMBC Management Advisory Services

Web Site: http://www.umbc.edu/mas

 

VOLUME 2, NUMBER 1

JULY, 2001

 

WEB SITE

If you are reading this newsletter, then you have found our Web site! We invite you to take a look around and let us know what you think. We will be updating it with new information periodically and want to include topics that interest you.

 

DID YOU KNOW?

MAS is responsible for monitoring audits conducted on campus and coordinating UMBC’s response to the resulting audit reports. To adequately carry out this responsibility, we need all departments to contact us when an audit is being conducted in your area. Your timely notification will help us do our job better.

 

SUMMARY OF AUDITS ON CAMPUS

UMBC is periodically audited by the University System of Maryland Internal Audit Office (IAO) and the State of Maryland Office of Legislative Audits (OLA), as well as independent accounting firms like Ernst &Young. The results of their audits are reported to groups like the Board of Regents, the Maryland General Assembly or State and Federal agencies, to assist them with their oversight responsibilities. The following is a summary of the audit reports UMBC has received and responded to in 2000 –

2001.

 

May 2000

Aug 2000

Oct 2000

Nov 2000

Feb 2001

Jun 2001

 

The reports included comments on new audit issues as well as follow-up work. We are happy to say that UMBC made significant progress in each report toward clearing previously identified audit items. For both new issues and remaining follow-up items, UMBC has committed to certain corrective actions. Lets make sure we continue to progress toward clearing those items too. If you have any questions about these reports or any other audits conducted on campus, please contact MAS.

 

AUDIT REMINDERS

 

Inventory Addition Forms

We have found in our purchasing card reviews that some departments have not been preparing inventory addition forms for sensitive equipment, i.e., computer equipment and audio-visual equipment. An inventory addition form is required for VISA card purchases of computer equipment costing between $750 and $4,999 and audio-visual equipment costing between $1,000 and $4,999. When cardholders purchase these items they are to request a form from Inventory Control at x2315 or x2678 and return the completed form to Inventory Control so the item(s) can be sighted, tagged and recorded in the inventory records.

 

Legislative Auditors Return

We are expecting the legislative Auditors to return to campus in the Spring or Summer of 2002. That gives us plenty of time to make sure we are in compliance, right? Well, not really. The Legislative Auditors do a post audit, which means they are interested in what we’ve done since they left to implement agreed upon corrective actions. The sooner we make the necessary improvements, the better our audit results will be. If your department had to implement corrective actions as a result of the May 2000 report (see summary of audits on campus), please ensure you are still on track. If you are not sure, please contact us so we can advise you accordingly.

 

BE A “SCHOOL WITH A MISSION” BUT DON’T THROW

CAUTION TO THE WIND . . . .

Newsweek described UMBC as a “school with a mission”, and that we are. Just look around campus and on public television and you can see growth and change everywhere! This is great and we will all benefit from the improvements being made. We would just like to remind everyone that being in the public eye means there are heightened expectations about institutional accountability. We are aware that with change often comes chaos. Please don’t let that chaos lead you astray of established policies and procedures. Remember, the Legislative Auditors will return in the near future, so let’s keep our eyes on the ball.

 

CHECK OUT FINWEB

Financial Services has notified the campus that FINWeb is available for use. Please contact Financial Services at siemer@umbc.edu for access and training. For those of you familiar with Reflections, FINWeb is a new and improved way of accessing department budget information, as you did with Reflections, but with a whole new flair. It is online, up-to-date, and has expanded capabilities like report generation and ability to download to Excel and Quicken. It should be a great management tool for all our departments. Also, paper copies of your monthly reports will not be printed after September 30, 2001…so get online.

 

MANAGEMENT ADVISORY SERVICES

Michele L. Evans, CPA

Manager

Email: mevans@umbc.edu

Extension: 1354

 

Frances Toth, CPA

Management Analyst

Email: ftoth@umbc.edu

Extension: 6257

 

Sharon D. Doherty-Ritter, CPA

Management Analyst

Email: doherty@umbc.edu

Extension: 1620

 

Shared fax: 1009