Financial Review Checklist updates - biannual edits

    June 28, 2023

    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 departmental feedback received during the FRC QA process as well as reports available on the PBI server. These revisions include adding additional language to the Focus On, Objective, and Activity Description sections as well as adding PBI Interactive reports to the Recommended Workday Report section to the following steps:

    Monthly Tab

    • Review Open Advances and Spend Authorization
      • Added additional language to the Focus On section.
    • Review Payroll Expenses
      • Added additional language to the Activity Description and Focus On sections.
      • The new Payroll Comparison dashboard (PBI Interactive reports) has been added to the Recommended Workday Report section.
    • Review Account Activity
      • Added additional language to the Focus On section.
      • Detailed Transactions Trend dashboard (PBI Interactive reports) has been added to the Recommended Workday Report section.
    • Review Fund Activity and Net Balances
      • Added clarifying language to the Objective section.
      • Net Balances dashboard (PBI Interactive reports) has been added to the Recommended Workday Report section.
    • Review Variances to Budget/Plan
      • Budget Variance Analysis dashboard (PBI Interactive reports) has been added to the Recommended Workday Report section.
    • Review of New and Amended Awards
      • Awards and Grants dashboard (PBI Interactive reports) has been added to the Recommended Workday Report section.
    • Review Sponsored Award Balances
      • Awards and Grants dashboard (PBI Interactive reports) has been added to the Recommended Workday Report section.

    Quarterly Tab

    • Review MEI (Business Assets)
      • Added additional language to the Activity Description section.
      • Added additional language to the Objective section.
      • Added additional language to the Focus On section.
      • Financial Transactions – Yale and Find Supplier Invoices – Yale reports (Workday) have been added to the Recommended Workday Report section.
    • Review MEI Composite and Accessories (Business Assets):
      • Clarified language in the Activity Description section.
      • Clarified language in the Objective section.
      • Added clarifying language to the Focus On section.

    Departments are expected to use the revised FRC on a going forward basis effective with the July 2023 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.

    For further questions, please contact Financial Compliance at financial.compliance@yale.edu.