Division of Finance & Administration

Financial Reporting

The Division of Finance & Administration makes a range of financial reports available to meet the various needs of business and financial managers, department and unit leaders, and external stakeholders.

Budget-to-Actual Reports

Budget-to-actual reports are available in both the Axiom and PeopleSoft systems. The Axiom reports offer drilldown capability and formats more friendly for a non-financial audience, but do not include sponsored research funds (fund 300). The PeopleSoft reports are recommended for those who want to download the source data and manipulate it themselves in Excel.

Operating Budgets

All reports below contain net position and chartstring detail.

Report	Level of Detail	Historical Data	Income Statement
Axiom All-Funds	Summarized by fund net position; no transaction data	3 previous FYs included	No
Axiom Summary by Fund (100,130,131,150,305,900)	Summarized by revenue and expense; no transaction data	3 previous FYs included	No
Axiom Summary by Fund (108)	Summarized by revenue and expense; no transaction data	3 previous FYs included	No
Axiom Detail by Fund	Summarized by E-level with drillable GL, PO, and payroll transaction data	3 previous FYs included	Yes
PeopleSoft Operating Budget	Summarized by E-level with GL, PO, and payroll transaction data as separate output files	Run report separately for prior FYs	Yes

Projects

Both reports display project-to-date information with chartstring detail.

Report	Sponsored Projects	Net Position	Transaction Data (GL, PO, Payroll)
Axiom Non-Sponsored Projects	No	Revenue-less-expense calculation	For all fiscal years; drillable
PeopleSoft Monthly Budget Rpt-Projects	Yes	Yes	For one fiscal year at a time; separate output files

Gifts & Endowments (funds 310, 311, 320, 321, 370, and 371)

Both reports contain net position.

Report	Level of Detail	Historical Data	Chartstring Detail	Transaction Detail (GL, PO, Payroll)
Axiom Summary by Fund (3xx)	Summarized by Fund, Reporting Unit, Department, and/or Source	2 previous FYs included	Yes, drillable	No
PeopleSoft Endowment & Gift	Summarized by Fund, Operating Unit, Department, and/or Source	Run report separately for prior FYs	Yes	Yes, separate output files

Investigatory Tools

PeopleSoft Financials has a variety of reports, queries, and inquiries for deeper investigation of transactions or activity.

Purpose	Report/Inquiry/Query	Type of Tool	Notes
Find transactions that are outstanding, have budget-checking errors, or require action	PeopleSoft Closeout	Diagnostic Report	Provides a picture of current activity and any issues with a specific project or chartstring.
Quickly see a chartstring balance and drill into the details	PeopleSoft Budget Overview	Inquiry page	Same data as the Budget Status report, but shown online, without having to run a report. Shows budget, pre-encumbrances, encumbrances, revenue or expenses, and remaining balance for valid transactions.
See budget-to-actual status for a chartstring, part of a chartstring, or a project - in report format	PeopleSoft Budget Status	Report	Shows budget, pre-encumbrances, encumbrances, revenue or expenses, and remaining balance for valid transactions.
See what has posted to the General Ledger and drill to detail	PeopleSoft Ledger Inquiry	Inquiry page	Shows what has been posted to the General Ledger by accounting period and fiscal year and drill to detail. The ledger period comparison allows you to compare activity across periods.
See journals that have posted to a specific chartstring during a specific time period	PeopleSoft Ledger Activity	Report	Shows the journal and journal line activity for journals that have posted to the selected chartstring during the selected accounting periods. Also lists the beginning and ending ledger balances by chartfield combination and account.
Retrieve specific data from PeopleSoft	PeopleSoft Queries	Query	Many queries are available to end-users in PeopleSoft to retrieve data for a specific purpose. See the list of Available Reports & Queries (PDF).

Audited Financial Statements

The annual financial statements of the University of Vermont and State Agricultural College are official documents prepared in accordance with U.S. generally accepted accounting principles set forth for public colleges and universities by the Governmental Accounting Standards Board.

Understanding the Source Data

Budgets: PeopleSoft Commitment Control

Commitment Control (KK) enables UVM to track or control commitments, obligations, or expenditures for revenue and expense accounts. The commitment control (KK) ledgers are used for internal management reporting and allow for budget-to-actuals comparisons.

Budget-Checking

All revenue and expense transactions are budget-checked. Different funds have different budgetary controls defined in Commitment Control: track, track with budget, and control. The budget errors or warnings that the system generates depend on the control in place on the fund that a given transaction is using. See the Commitment Control User Guide (PDF) for more information on budget controls and errors.

PeopleSoft system's budget-checking equation:

Expense budget
    - Actual expense
    - Encumbrance
    - Pre-Encumbrance
    = Available Funds

Posting to KK Ledgers

Transactions post to the Commitment Control ledgers as soon as a valid budget check is achieved. There are many groups of ledgers in Commitment Control to support the various budget control rules UVM needs to govern spending.

Since all revenue and expense transactions (except for payroll journals) are budget-checked before they are posted, transactions and their effect will be seen in the commitment control ledgers before they are posted to the general ledger. This means that there can be differences between the data in the commitment control ledgers and the general ledger due to timing.

Actuals: PeopleSoft General Ledger

The PeopleSoft General Ledger (GL, also known as the ACTUALS ledger/table) is where all non-budgetary financial transactions are posted after approval. Accounting entries are posted to the GL via journal entries that are created either (1) directly by end-users, (2) various PeopleSoft sub-modules (such as Accounts Payable, Accounts Receivable, Travel & Expense, Grants, and Project Costing), or (3) interfaces between PeopleSoft and other UVM systems.

The GL contains activity for revenues, expenses, assets, liabilities, and net position (net asset). The GL does not contain any budget, pre-encumbrance, or encumbrance data.
All financial transactions are recorded in the General Ledger based on the fiscal year and accounting periods.
Since most transactions are budget-checked before they are posted to the GL, there can be a difference between what you see in Commitment Control (KK) vs. the GL due to timing. The one exception to this is payroll journals, which are posted to the GL independent of budget checking.

Axiom

Axiom is updated with budget and actuals data from PeopleSoft every night. Therefore, a transaction posted in PeopleSoft today will not appear in Axiom until the following morning.
Revenue and net position surpluses are displayed as positive in Axiom (unlike PeopleSoft); net position deficits are displayed as negative.
Axiom reports are run by "Reporting Unit" (the set of departments that roll up or report to a Dean or Vice President/Provost), not by the Operating Unit chartfield.