Financial Review Checklist updates

Summary

The Financial Review Checklist (FRC) (Form 1101 FR.01) has been reviewed and updated. The FRC has undergone revisions based on departmental feedback received during the FRC QA process as well as minor updates for the purpose of clarifying existing language. A new step has been added to the quarterly tab, requiring units to review open purchase orders for completeness and validity, as well as to ensure commitments are accurate.

Additionally, a new FRC Activity training has been created to address the steps “Review Invoices in Progress” and “Review Subaward Invoices in Progress” from the FRC. You can find this training, as well as our previously published trainings, by searching for the Financial Review Checklist channel on Stream or via this link. You can also access the PDF version of these trainings on the Financial Compliance site on It’s Your Yale.

A new FRC Certification Deadline Schedule has been added to the Financial Compliance site. Lead Administrators should utilize this schedule to ensure they are completing their certifications on a timely basis.

Details

Financial Review Checklist updates

The Financial Review Checklist (“FRC”) (Form 1101 FR.01) has been reviewed and updated. The FRC has undergone revisions based on feedback received during the FRC QA process as well as necessary clarification on existing language.

New steps

• Review Open Purchase Orders on the Quarterly tab: As a result of feedback received during the FRC QA process and to enhance control reviews over purchase orders, this step was created to ensure  PO’s are monitored, for completeness and validity.

Edits to existing steps

• Monthly tab:
  • Review Invoices in Progress: minor updates for the purpose of clarifying existing language. Updates to align with University payment terms of Net 45.
  • Review Subaward Invoices in Progress: minor updates for the purpose of clarifying existing language.
  • Review Account Holder Report with Principal Investigators to enhance the last focus on item to emphasize important areas of review
• Quarterly tab:
  • Review MEI (Business Assets) to address MEI assets and Cost Center best practices that was recently published in the Yale Business Update from the MEI team.
  • Perform Reconciliation for Subaward Prepaid Expenses to include a new Workday report, “Subaward Prepaid Advances-Yale” to help complete the step.

Departments are expected to use the revised FRC on a going forward basis effective with the October 2022 month end close. To easily identify these changes, the FRC has been published with revisions denoted with yellow cells and green text. This will be temporary and will be posted as such for the next 30 days, at which time the highlighted changes will be removed.

New FRC Activity Training

A new training has been created to assist in completing the FRC. This training has been created to address two activity steps, the “Review Invoices in Progress” and “Review Subaward Invoices in Progress” steps on the checklist. These trainings will provide further detail on how to complete these steps utilizing Workday Reports and Excel, as well as any possible follow-up actions. You can find this training, as well as our previously published trainings, by searching for the Financial Review Checklist channel on Stream or via this link. You can also access the PDF version of these trainings on the Financial Compliance site on It’s Your Yale.

FRC FY23 Lead Administrator Certification Deadline Schedule

The FRC FY23 Certification Deadline Schedule has been updated for the new fiscal year deadlines. Please reference the Financial Compliance site for the most up to date schedule. As a reminder, lead administrators are required to attest to their unit(s) completion of the FRC’s activity steps on a quarterly basis. They should utilize this schedule to ensure they are completing their certifications on a timely basis. Note, the next certification will be for the first quarter activities and is due on November 7, 2022. Please note, this certification is still automated through Salesforce. You will receive an email when your certification page is ready.

Questions?

For additional information, please contact Financial Compliance at financial.compliance@yale.edu.