Establishing Internal Financial Reporting for Higher Ed

duke.fokuo · August 3, 2021, 6:49pm

I am the Director of Financial Planning and Analysis at Dunwoody College of Technology in Minneapolis, MN. I am also new to higher education. I am working to establish for my senior management team an internal financial reporting package. Currently, I am building the following reports: P&L, balance, cash flow, working capital – MTD, QTD, YTD vs. budget and/or vs. forecast, plus variance commentaries.

Do you have any monthly internal financial reporting template that you would be interested in sharing with me? I would like get a sense of what other colleges are including in such a package and also the looks and feel of those reports. Thank you.

navin.sadarangani.1 · August 4, 2021, 4:50pm

Hi Duke,

I have seen clients using a Trial Balance, Fund report (showing beginning balance, rev, exp, closing balance) in addition to your list.

jason.norman.1 · August 9, 2021, 2:02pm

Hi Duke,

I am also relatively new to higher ed, and I work at Bethel University, which is just a few miles from Dunwoody. I have been implementing Prophix reports at Bethel for the past few months, and in addition to the reports that you listed (along with Navin’s suggestions), I have my organizations assigned to senior leaders in my Prophix org dimension. I would be happy to share notes with you, because I am guessing that we are facing many of the same issues.

Regards,
Jason

duke.fokuo · August 9, 2021, 3:17pm

Thank you very much Navin. I appreciate your suggestion.

duke.fokuo · August 9, 2021, 3:20pm

Hello Jason,

So good to meet you on the Red Carpet. Yes, I would definitely like to connect so that I can learn from what you doing at Bethel. My number is Direct: 612.381.3429; e-mail: dfokuo@dunwoody.edu. Otherwise, I can call you was well so please send me your contact number and best time to reach out. Look forward to speaking. Many thanks.

Duke

jason.norman.1 · August 9, 2021, 9:48pm

Hi Duke,

I will send you a private message. I look forward to connecting in the near future.

Have a great day,
Jason

judy.correia · August 12, 2021, 9:20pm

Hi @duke.fokuo and @jason.norman.1! If you are interested in learning how to leverage Prophix for higher ed, there are a few higher ed specific sessions planned for our virtual summit taking place Sept 21-23. Session sign-up will open in a few weeks but you can view the list of planned sessions and register for the summit here. Hope to see you there, and happy knowledge sharing . It always makes my day when I see customers connect!