NOTICE TO READER:
Segments of this document in bold, italic print represent policy which can be changed only by authorization of the VMI Board of Visitors. All other segments represent procedures which may be changed by authorization of the Superintendent.
TABLE OF CONTENTS
25200 Using Entrinsik for Budget and Financial Information
25300 GCPay System for Pool Bond Funded Capital Projects
25400 Inquiries Concerning Financial Report
25100 Introduction [Return to top]
Financial reports are only useful if the information incorporated within those reports is accurate and up to date. It is each department head's and/or Colleague account budget officer's responsibility to assure the transactions posted to their accounts are posted correctly and accurately.
There a number of reporting tools available to capture and sort the large amount of data that is entered into the Colleague Finance module. One reporting tool the Institute currently uses is Entrinsik. With Entrinsik, department heads and Colleague budget officers have access to reports that will retrieve budget balances, encumbrance information as well as revenue and expenditure information. Entrinsik reports can be created in PDF format or exported to Excel to allow further analysis of data. Departments have the ability to create both summary level reports and reports that provide detail transactions. Departments have the capability to view these reports at any given time.
We strongly encourage each department to reconcile their accounts as reflected in Colleague, to supporting backup maintained within their department on a monthly basis.
25200 Using Entrinsik for Budget and Financial Information [Return to top]
Current account information is available to departments through Entrinsik. Entrinsik will provide up-to-date budget balances, encumbrance and detail transactions for each account. To access Entrinsik budget information users must already have access to Colleague. A short presentation on using Entrinsik for finance is available on the sidebar menu. To arrange Entrinsik finance training contact Comptroller@vmi.edu.
25300 GCPay System for Pool Bond Funded Capital Projects [Return to top]
The Department of General Services for the Commonwealth of Virginia contracted with a vendor, GCPay, to provide a web-based service to track costs associated with capital projects including the processing of pay applications and tracking of expenses for construction projects. Use of this system is mandatory for all designated pool bond funded projects.
It is the responsibility of the Director of Construction to ensure this system is used for submitting, reviewing, and approving construction contractor's CO-12 (Schedule of Values) forms and architectural and engineering (A/E) invoices. Procedures for utilizing GCPay can be found in the GCPay Users Guide.
25400 Inquiries Concerning Financial Reports [Return to top]
Individuals having questions concerning the financial reports of their accounts should contact the Comptroller’s Office. If you have questions concerning account budget amounts, please contact the Treasurer’s Office.
The Budget Officer for each account shall send any changes or adjustments to the data, (i.e., a completed purchase order still being reported as outstanding) to the Comptroller’s Office in writing or by E-mail. Departments must review their accounts on a timely basis, especially near the end of a fiscal year, in order to ensure that all charges to accounts are correct and to reconcile all outstanding purchase orders. Failure to conduct such a review could result in the budget balance available being inaccurate.