We have made an innovative change in our financial reporting which begins in the new financial year starting August. This change has been planned collaboratively with all Finance teams across the University. This financial year, the University has introduced a new approach to reporting Tuition Fee income and SFC Recurrent Grant income received in eFinancials, the core finance system. From August 2018, tuition fee income will be reported in the General Ledger against the school where the student is matriculated with an adjustment to reflect cross-school teaching. SFC Recurrent Grant income will reported in the General Ledger against school cost centres following Income Attribution Principles established by Governance and Strategic Planning (GaSP). In prior years, the bulk of tuition fee income (c. £305m) and SFC recurrent grant income (c £189m) was reported in central pots in Budget 7 in eFinancials, and we reported a school reporting view within spreadsheets. This meant that users couldn’t view this information in the finance system and had limited ability to understand the financial impact of its teaching and research portfolio. This is a big step forward in financial reporting terms as it improves the quality of business information available to management and increases the transparency of our financial record. It means schools have greater visibility on their income and variance to plans. It will not affect the schools agreed financial plans as approved by Court in June, nor will it affect the fee payment or collection processes run through Income Section and Student Admin. We will circulate guidance on the new process to all stakeholders in the coming weeks. If you have any queries or concerns regarding the changes, please don’t hesitate to contact FIRST. Contact FIRST This article was published on 2024-07-01
