Financial Affairs: University Supporting Strategic Plan Appendix A: Five Year Strategic Plan Priorities and Measures of Success Ref Key Priorities/Actions Responsible Lead(s) Key Consultant Partners Target Date 18/19 Ref # Measure of Success Year 1 18/19 Year 2 19/20 Year 3 20/21 Year 4 21/22 Year 5 22/23 Stewardship Means: Working to protect McMaster assets, ensuring compliance with financial regulations, closing books correctly and accurately. 1. Ensure financial information/ is reliable (timely, accurate, and meaningful). Continue to review, build new, and enhance current reports based on user’s needs. Debbie W – Actuals Lou Mitton – Budget Dee Henne – Reporting Strategy Dept/Faculty Admin Leads UTS/IRA/ EATC 2018/19 1 ¨ Complete existing JIRAs on reports and develop long-term financial reporting strategy to streamline reports, reduce system burden, and promote accuracy (with annual validity review). Include improvements to HR data involving a stakeholder feedback user group. X X Karen McGlynn Dee Henne Dennis Tavares Saad Khan Nancy Gray 2018/19 2 ¨ As Chair of the COFO Reporting Working Group, lead accuracy and consistency discussions within McMaster, and ensure McMaster is in line with the Student Services ratio stated in the SMA. X Stacey Farkas Financial Analysts/ UTS/ SAC/ Accounting & Reporting 2018/19 3 ¨ Ensure work centres standardized queries match accountant needs (query reports for deposits and payments) & support reconciliation work. Includes student bank account auto-reconciliation to improve student records and student experience. X Nancy Gray/ Controller Trust Administrators FSS 2018/19 4 ¨ Work with FSS and Advancement to automate X
Transcript
Financial Affairs: University Supporting Strategic Plan
Appendix A: Five Year Strategic Plan Priorities and Measures of Success
Ref Key Priorities/Actions Responsible Lead(s)
Key Consultant Partners
Target Date
18/19 Ref #
Measure of Success Year 1 18/19
Year 2 19/20
Year 3 20/21
Year 4 21/22
Year 5 22/23
Stewardship
Means: Working to protect McMaster assets, ensuring compliance with financial regulations, closing books correctly and accurately.
1. Ensure financialinformation/ is reliable (timely, accurate, and meaningful). Continue to review, build new, and enhance current reports based on user’s needs.
Debbie W – Actuals
Lou Mitton – Budget
Dee Henne – Reporting Strategy
Dept/Faculty Admin Leads
UTS/IRA/ EATC
2018/19 1 ¨ Complete existing JIRAson reports and develop long-term financial reporting strategy to streamline reports, reduce system burden, and promote accuracy (with annual validity review). Include improvements to HR data involving a stakeholder feedback user group.
X X
Karen McGlynn Dee Henne Dennis Tavares Saad Khan Nancy Gray
2018/19 2 ¨ As Chair of the COFOReporting Working Group, lead accuracy and consistency discussions within McMaster, and ensure McMaster is in line with the Student Services ratio stated in the SMA.
X
Stacey Farkas Financial Analysts/ UTS/ SAC/ Accounting & Reporting
2018/19 3 ¨ Ensure work centresstandardized queries match accountant needs (query reports for deposits and payments) & support reconciliation work. Includes student bank account auto-reconciliation to improve student records and student experience.
X
Nancy Gray/ Controller
Trust Administrators FSS
2018/19 4 ¨ Work with FSS andAdvancement to automate
X
Financial Affairs: University Supporting Strategic Plan
Ref Key Priorities/Actions Responsible Lead(s)
Key Consultant Partners
Target Date
18/19 Ref #
Measure of Success Year 1 18/19
Year 2 19/20
Year 3 20/21
Year 4 21/22
Year 5 22/23
reporting to donors, ensuring consistency in trust fund accounting leading to support statement automation.
Nancy Gray Research Offices/ UTS/FSS
2018/19 5 ¨ Establish an agreed uponmethodology for research reports by Sponsor.
X
Mike Gourlay Debbie Weisensee/ Stacey Farkas Affiliates & Associations
2018/19 6 ¨ Investigate the possibilityfor Mosaic P&L reporting for affiliate’s and associations and prepare a recommendation to the CFO.
X
Controller Elizabeth Zelek – Ancillary
Directors Debbie W.
2019/20 ¨ Identify advanced financialreporting needs for business intelligence related dashboards.
X X X X
2. Ensure financialaccounting control and compliance framework supports University needs.
Donna Shapiro Library 2018/19 7 ¨ Offer copyright and riskmanagement training. (inprogress)
X
Steven Moore Nancy Gray Mike Gourlay Controller
2018/19 8 ¨ Monitor and report on off-balance sheet risk.
X X X X X
Steven Moore Nancy Gray Treasury Controller
2018/19 9 ¨ Review the cost/benefit ofsegregating funds related tothe Investment Pool.
X
Dee Henne Nancy Gray Steven Moore Karen McGlynn Dennis Tavares
2018/19 10 ¨ Respond to new accountingstandards developments(phases 2 and 3)representing the interests ofthe University.
X X X
3. Ensure all ancillaryoperations meet or exceed
See Appendix B – Ongoing Section
Financial Affairs: University Supporting Strategic Plan
Ref Key Priorities/Actions Responsible Lead(s)
Key Consultant Partners
Target Date
18/19 Ref #
Measure of Success Year 1 18/19
Year 2 19/20
Year 3 20/21
Year 4 21/22
Year 5 22/23
sales and contribution targets.
Operator
Means Operating University financial functions efficiently and effectively, providing a variety of services to McMaster, such as financial systems support, financial planning and analysis, treasury, tax, and keeping people/teams trained, engaged and motivated.
4. Support the enterprise ITGovernance Model, Mosaic sustainment and systems related team/stakeholder reviews.
Stacey Farkas FSS Terri Wetton
2018/19 11 ¨ Implement systemexperience enhancements, such as fluid changes for Travel and Expense, work centres and/or navigation collections.
X X
Wendy Finemore Research/ DoFA Stacey Farkas
2018/19 12 ¨ In response to the Research-Finance Review refine some workflows.
X
Nancy Gray Financial Affairs
2018/19 13 ¨ Evaluate/implementFinancial Affairs shared drives and the use/ adoption of MacDrive
X
Steven Moore Treasury 2018/19 14 ¨ Investigate ways to improveand/or streamline cash management processes.
X
Nancy Gray Dianna Creamer Terri Wetton
2018/19 15 ¨ Convert 70% of studentpayments to EFT following the 9.2 Student Module upgrade for refunds to aid bank reconciliation, and reduce costs. Investigate email transfers to enable this goal.
X
Dianna Creamer SAC 2018/19 16 ¨ Ensure information isreadily and widely available about student interest charges, rate, and how interest is applied monthly.
X
Dianna Creamer FSS/UTS/ Campus
2018/19 17 ¨ Implement the collectionsmodule in Campus Solutions
X
Donna Shapiro Mark Russom/ Campus Store tech
2018/19 18 ¨ Change reference on studentaccount from “Bookstore
X
Financial Affairs: University Supporting Strategic Plan
Ref Key Priorities/Actions Responsible Lead(s)
Key Consultant Partners
Target Date
18/19 Ref #
Measure of Success Year 1 18/19
Year 2 19/20
Year 3 20/21
Year 4 21/22
Year 5 22/23
Charge” to “Campus Store Charge”
Dianna Creamer UTS/ FSS 2018/19 19 ¨ Work with UTS to makeavailable to SAC transaction information of charges on student accounts to help student queries.
2018/19 25 ¨ Maintain the budget modeland address concerns as they arise up to the BCPC, and further enhance the consolidated budget toward Excellence in Budgeting 27-
X X
Financial Affairs: University Supporting Strategic Plan
Ref Key Priorities/Actions Responsible Lead(s)
Key Consultant Partners
Target Date
18/19 Ref #
Measure of Success Year 1 18/19
Year 2 19/20
Year 3 20/21
Year 4 21/22
Year 5 22/23
criteria to align budget with strategy.
Dee Henne Nancy Gray Lou Mitton Multi-Disciplinary Task Force
2018/19 26 ¨ Launch the Benefit TaskForce II to set principles for benefit costs and how these should be charged with the objective of keeping the University benefits costs under 30%.
X
Lou Mitton BPCC 2018/19 27 ¨ Incorporate into budgetsubmissions not just alignment to SMA2, but also Okanagan Charter.
X
Phil Poelmans Team 2018/19 28 ¨ Implement new Fleetarrangement to support University needs.
X
7. Employee Engagement &Community: Devote time to matters of importance and value to our people and our community.
Dee Henne Department Leaders
2018/19 29 ¨ Work with Ancillary leadsand H&S (HR) team tounderstand communicationneeds and set action plan
X
Dee Henne Department Leaders
2018/19 30 ¨ Obtain progress informationrelated to the Okanagan Charter University working group and set supporting goals.
X Learn/ Action
Directors/ Ambassadors
ALL 2018/19 31 ¨ Complete 2018 EE surveyand establish reasonable plans. Each Area KPI: Employee Engagement Score - Next Survey Nov. 2018
X
Dee Henne Directors 2018/19 32 ¨ Review and communicateemployee recognition for TMG/all formal and informal programs at McMaster & within departments.
X
Financial Affairs: University Supporting Strategic Plan
Ref Key Priorities/Actions Responsible Lead(s)
Key Consultant Partners
Target Date
18/19 Ref #
Measure of Success Year 1 18/19
Year 2 19/20
Year 3 20/21
Year 4 21/22
Year 5 22/23
Dee Henne/ Directors
Financial Affairs
2018/19 33 ¨ Establish additionalengagement opportunities/ events for OJN and Campus teams, within budget.
X
Dee Henne Directors 2018/19 34 ¨ Plan team building (e.g.lego, true colours) activity
X
Directors Dee Henne 2018/19 35 ¨ Promote staff attendinginternal conferences, e.g. IFW, TMG Forum, Finance Forum.
X
Directors Financial Affairs
2018/19 36 ¨ Adopt, where appropriate,walk and talk lunches, walking meetings, or other healthy options.
X
Directors HR 2018/19 37 ¨ Review/implementopportunities to celebrate/ acknowledge diverse religious and cultural team.
X
Donna Shapiro Financial Affairs
2018/19 38 ¨ Review and communicatestore discounts to staff / staff appreciation events.
X
Dee Henne Directors 2019/20 N/A ¨ Offer mindfulness trainingto employees. Review meditation room cost/benefit.
X
Dee Henne Directors 2018/19 39 ¨ Ensure 360 actions are builtinto 2018/19 development goals and that the 360 program is extended to others.
X
Dee Henne Directors / TMG
2018/19 40 ¨ Review with HR, gymmembership/yoga supplement v. perquisites legislation, and stand-up desk request v. budget.
X
Financial Affairs: University Supporting Strategic Plan
Ref Key Priorities/Actions Responsible Lead(s)
Key Consultant Partners
Target Date
18/19 Ref #
Measure of Success Year 1 18/19
Year 2 19/20
Year 3 20/21
Year 4 21/22
Year 5 22/23
8. Employee Engagement &Empowering others: Understanding the basics of Financial Activities – offer certificate training.
Nancy Gray Dee Henne / Directors
2018/19 41 ¨ Implement FinancialCertificate training forMcMaster (2018/19).
X
Dee Henne Directors 2019/20 ¨ Update or transition to anApp the McMaster’s Financial Journey training game.
X
Nancy Gray Dennis Tavares Terri Wetton
2018/19 42 ¨ Review sales tax resourceneeds/issue/risk and prepare recommendation to address
X
Catalyst
Means stimulating and driving timely change initiatives that support the University. Initiatives aim to improve business processes, reduce cost, improve procurement, help pricing execution, and other innovations that advance McMaster.
9. Change initiatives aimedat integration and alignment that promote efficiency.
Dee Henne Financial Affairs
2018/19 ¨ Undertake the FinancialAffairs Looking Aheadproject involving a newsupport structure for thefinancial departments ofMcMaster.
Chris Roberts Directors 2018/19 43 ¨ Work on One Card Features(virtual / digital card)
X X X
10. Explore initiatives tobridge and close gaps between academic and support services.
See Appendix B – Ongoing Section
11. Explore efficienciesacross multiple Mosaic platforms, prioritized by UniForum and the Research-Finance Review
Dee Henne Research 2018/19 44 ¨ Develop a documentedFinancial Risk Control Framework, supported by system and people processes, include role clarity, SLA/KPIs.
X X
12. Change initiatives thatsupport health and global health thinking: Aligned to the Okanagan Charter
Steven Moore Dee Henne Investment Pool Committee
2018/19 45 ¨ Roll out the President’sAdvisory Committee for Fossil Free Divestment – Action Plan recommendations to reach UNPRI sign-off and process sustainability by 2020.
X X X
Financial Affairs: University Supporting Strategic Plan
Page 15
Ref Key Priorities/Actions Responsible Lead(s)
Key Consultant Partners
Target Date
18/19 Ref #
Measure of Success Year 1 18/19
Year 2 19/20
Year 3 20/21
Year 4 21/22
Year 5 22/23
Dee Henne Financial Affairs, CCE, IRA, Advancement, Yale Properties
2018/19 46 ¨ Reinforce no smokingouside OJN Doors.
X
Angelo DiLettera Facilities 2018/19 47 ¨ Review waste not recycled(consumer packaging) to outsource to sustainability/art/interest companies.
X
13. Change initiatives thatsupport the Accessibility for Ontarians with Disabilities Act.
Phil Poelmans UTS Public Relations
2018/19 48 ¨ Advance discussions, plans,and actions for McMaster AODA/W3C web compliance.
X X
Chris Roberts Facilities 2018/19 49 ¨ Complete actions to addressAODA Audit
X
Donna Shaprio Facilities 2018/19 50 ¨ Initiate an AODA audit anddevelop an action plan.
X
Nancy Gray Simon Oakley Kelly Fisher
Financial Affairs/ MPS
2018/19 51 ¨ Update Financial Affairs –Web Site, incorporating new branding, user-friendly materials, with search capability.
X X
Strategist
Means helping to influence the future direction of McMaster and/or other activities affecting McMaster/Universities. Providing leadership and aligning business and financial strategies together.
14. Support and help shapeMinistry driven projects.
¨ None identified for 2018/19at this time
15. Support and help shapePension Reform
Dee Henne Steven Moore Nancy Gray
2017/18 52 ¨ Provide broad and routinecommunications about the evolution of the Jointly Sponsored Pension Plan to enable understanding and future decision-making.
X
16. Provide good governanceoversight to McMaster University in relation to
Mike Gourlay H&CS Facilities SAC
2018/19 53 ¨ Develop processes relatedto two public-private residence projects as Limited Partnerships.
X X
Financial Affairs: University Supporting Strategic Plan
Ref Key Priorities/Actions Responsible Lead(s)
Key Consultant Partners
Target Date
18/19 Ref #
Measure of Success Year 1 18/19
Year 2 19/20
Year 3 20/21
Year 4 21/22
Year 5 22/23
its Associations and Affiliates.
Mike Gourlay Facilities, H&CS, Hospitality
2018/19 54 ¨ Plan commercial leasingoperations to enable filling/ spporting the LRT, Phase 2 Residence, and GSR commercial spaces
X
Mike Gourlay Dee Henne 2018/19 55 ¨ Draft job description forcost accountant related to P3s and monthly accounting/ reporting activities.
X
17. Expand marketinginitiatives of ancillary operations, including social media presence.
Donna Shapiro Customers 2018/19 56 ¨ Engage customer baseregarding new product offerings.
X
Donna Shapiro PR Chris Roberts
2018/19 57 ¨ Explore/implement pop-upshop during art crawl and/or super crawl (or other off-site locations).
X
Donna Shapiro CCE 2018/19 58 ¨ Examine cost/benefit ofhaving a display case / online ordering platform to facilitate sales to CCE customers and OJN staff.
X
Dee Henne Chris Roberts
PDU 2018/19 59 ¨ Focus on each ancillary’sarea of strength to leverage across. Consider online resource sharing.
X
Dee Henne Ancillary Leaders
2018/19 60 ¨ Explore Ancillary memoupdate and or Policies needed to promote use.
X
Dee Henne Ancillary Leaders
2018/19 61 ¨ Examine whether someancillary operations are core operating fund activities that need base funding.
Financial Affairs: University Supporting Strategic Plan
Ref Key Priorities/Actions Responsible Lead(s)
Key Consultant Partners
Target Date
18/19 Ref #
Measure of Success Year 1 18/19
Year 2 19/20
Year 3 20/21
Year 4 21/22
Year 5 22/23
18. Advance Hospitality,Campus Store, and MPS strategic initiatives.
Chris Roberts Donna Shapiro Phil Poelmans
Team 2018/19 63 ¨ Track, Communicate andupdate Strategic plan objectives.
X X
Responsible: Person or people responsible for getting the objective item done. Consulted: Individuals involved through input or knowledge contributions to the achievement of the objective.
Financial Affairs: University Supporting Strategic Plan
Appendix B – Past Strategies Now Ongoing
Ref Key Priorities/Actions Responsible Lead(s)
Consultant Partners
Annual Target
Measure of Success
Stewardship
Means: Working to protect McMaster assets, ensuring compliance with financial regulations, closing books correctly and accurately.
Ensure financial accounting control and compliance framework supports University needs.
Dee Henne Directors August ¨ Legislative compliance review.
Dee Henne Directors August ¨ Enterprise Risk Management:Financial Risk Assessment.
Stacey Farkas FSS/Directors April/May ¨ Segregation of duty / role review.
Dee Henne Policy Owners
Directors November ¨ Financial Affairs - Policies are up todate.
Ensure all ancillary operations meet or exceed sales and contribution targets.
Ancillary Leads Dee Henne Quarterly ¨ Achieve or exceed sales budget andUniversity contribution target, with focus on both maintaining sales lines and developing new opportunities (internally and/or externally. May final sales, contribution, and budget to actual results).
Quarterly Reporting KPIs Add KPI: % Sales Target Add KPI: GM % Add KPI: Contribution $ Add: KPI: % Sales from new business segments Add: KPI FTEs to Budget target
Ancillary Leads Students, Faculty, Staff
Ongoing ¨ Develop new revenue opportunities.(ongoing): Crested @McMaster, MSU Partner, Print Capture, Pan-Aboriginal games
Financial Affairs: University Supporting Strategic Plan
Ref Key Priorities/Actions Responsible Lead(s)
Consultant Partners
Annual Target
Measure of Success
Chris Roberts Ancillary Leads, + A&R and CCE
Ongoing ¨ Arrange networking opportunitiesfor cross-ancillary knowledge sharing and idea generation. (Revised Partnership group)
Chris Roberts Managers/ Team
Ongoing ¨ Implement / achieve action plan forloss operations (in progress).
Operator
Means Operating University financial functions efficiently and effectively, providing a variety of services to McMaster, such as financial systems support, financial planning and analysis, treasury, tax, and keeping people/teams trained, engaged and motivated.
Support the enterprise IT Governance Model, Mosaic sustainment and post-go-live team reviews.
Nancy Gray Stacey Farkas Terri Wetton
FSS Dennis Tavares
Ongoing ¨ Focus on the provision andcoordination of “how to” approaches and best practice tips, and use of video training.
Dee Henne Committee Monthly ¨ Chair Enterprise AdministrativeTechnology Committee, providing/collecting information from the IT Executive Committee and Finance Committee / other IT working groups.
Employee Engagement & Community: Devote time to matters of importance and value to our people and our community.
Dee Henne ALL May/June ¨ Ensure all employee job descriptions(JDs) are current & evaluated within the last 4 years (April).
Dee Henne Area Leads
Directors/ Teams CCE
Monthly ¨ Examine and plan additional trainingopportunities for staff development (include role clarity). Lunch’n’Learns, A2L video training, and webinars.
Dee Henne/ Ambassadors
ALL Bi-Annual ¨ Twice a year business purposecheck-in meetings Ambassador hosted (breakfasts/luncheons).
Dee Henne ALL Ongoing ¨ Set informal coffee chats withstakeholder group sub-sets to better understand perspectives and integrate into strategies.
Directors Ambassadors/ Team
Monthly ¨ Ensure Employee EngagementAction Plan updates and Health & Safety matters/ergonomic needs are
Financial Affairs: University Supporting Strategic Plan
Ref Key Priorities/Actions Responsible Lead(s)
Consultant Partners
Annual Target
Measure of Success
on each area’s regular monthly team meeting agendas.
Dee Henne Operating Fund Directors
Annual ¨ Conduct operating unit customersatisfaction surveys and use feedback to monitor progress and/or develop new actions.
¨ SAC & Ancillary KPI: StudentSatisfaction Scores (incorporate into reporting)
¨ Administration KPI: CustomerSatisfaction Scores (incorporate into annual budget submission)
Elizabeth Zelek Ancillary Fund Directors
Quarterly ¨ Conduct customer satisfactionsurveys that include 2-3 consistent questions with the same response scale (e.g. 1-5 scale with 5 being the highest/best score) across all ancillaries and use feedback to monitor progress and/or develop new actions. Ancillary KPI Comparative of same questions (incorporate into quarterly reporting)
Dee Henne Each Area Lead
ALL Ongoing ¨ Provide/offer Customer Servicetraining, with consideration of mandatory areas (e.g. Mosaic) and internal/external customer types.
Dee Henne Each Area Lead
Directors May/June ¨ Succession plan exists for all areas.
Employee Engagement & Empowering others: Understanding the basics of Financial Activities – offer certificate training.
Nancy Gray Dee Henne / Directors
November ¨ Host Annual Financial Forum(explore future partnership with HR)
Catalyst Change initiatives aimed at integration and
Phil Poelmans Dee Henne Ongoing ¨ Collaborate with University partnerson projects to enhance the student
Financial Affairs: University Supporting Strategic Plan
Ref Key Priorities/Actions Responsible Lead(s)
Consultant Partners
Annual Target
Measure of Success
Means stimulating and driving timely change initiatives that support the University. Initiatives aim to improve business processes, reduce cost, improve procurement, help pricing execution, and other innovations that advance McMaster.
alignment that promote efficiency.
experience aimed at supporting web design, branding, electronic and print material supply and advancing digitized learning platform. (broad in scope, follow up every quarter)
Explore initiatives to bridge and close gaps between academic and support services.
Dee Henne Directors Teams
Ongoing ¨ Organize 2-3 multi-unit meetings ontopical issues to promote knowledge exchange, shared problem solving, & networking.
Strategist
Means helping to influence the future direction of McMaster and/or other activities affecting McMaster/Universities. Providing leadership and aligning business and financial strategies together.
Advance Strategic Procurement Initiatives, targeting savings and value-adds for McMaster University.
Austin Noronha Faculties & Area Leads
April ¨ Maintain or improve collaborativebuying of 15%.
Provide good governance oversight to McMaster University in relation to its Associations and Affiliates.
Mike Gourlay Nancy Gray Area Leads
Ongoing ¨ Identify/negotiate cost recoveries.
Mike Gourlay GSA Catherine Young
Quarterly ¨ Facilitate/take minutes of PhoenixOperations Committee meetings to optimize operating opportunities
Expand marketing initiatives of ancillary operations, including social media presence.
Donna Shapiro Team Ongoing ¨ Participate in a committee formed toexplore the University’s vision of how course materials will support teaching and learning in the future.
Advance Hospitality strategic initiatives.
Chris Roberts Team 2017/18 ¨ Develop new build concepts to meetthe needs of the McMaster community (to be integrated in Facilities Campus planning for new builds and the annual Ancillary budget submission annually). New
Financial Affairs: University Supporting Strategic Plan
Ref Key Priorities/Actions Responsible Lead(s)
Consultant Partners
Annual Target
Measure of Success
concepts based on satisfaction surveys.
Responsible: Person or people responsible for getting the objective item done. Consulted: Individuals involved through input or knowledge contributions to the achievement of the objective.
