Monthly Close Improvement Plan

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Monthly Close Improvement Plan

18 to 36 points

1Fi) Match incoming emails to items in YOOZ to ensure invoices not missing for more appropriate data

3Bii) Develop and rollout metric reporting on errors and rework to overcome rework and lack of required feedback from CAER.

3Bii) Develop, document, communicate, and enforce process standardization and documentation for consistency to overcome rework and lack of required feedback from CAER.

1Fiii) Create a dashboard from YOOZ for more appropriate data

1Fii) Improve training and reporting from YOOZ for more appropriate data

40 to 50 points

1Eiii) Include Mgr approvals of invoices into their annual goals

5Di) Establish cutoff for changes with exceptions only to be approved by director(s)

5Ci) Create report based on posted date to detail any changes made (with original and new transaction numbers) for exception reporting

3Bv) Improve contributions reporting from Vitech (PID already submitted)

Subtopic

1Ci) Set future contracts with vendors (and/or currently amend them) so payments are made within a certain timeframe instead of specific dates.

60 to 80 points

6B) Develop process and tools for reporting budget variances (possibly using smartsheets)

1Ei) Educate managers of downstream consequences

1Dii) Educate associates on timeliness of bills and downstream consequences.

1Eii) Turn escalation process back on in YOOZ

Communicate to managers within the fund how the YOOZ escalation process works

Determine effective date and document

Update Accounts Payable policy to reflect escalation

Investigate possibility to add history trail to message for escalation

Review process with Matthew/ELT

5Ai) Develop, document, communicate, and enforce clear processes for contributions included end of day balancing.

Design the best practice for all cash receipts at the fund including internal controls

Review ADS/Vitech reports for appropriateness for balancing

Document process flows for cash receipts

Seyforth Shaw Billing Issues

1Ciii) Have Seyforth provide excel summary with details

1Ci) Amend Seyforth contract so bills are due minimally in 30 days or our payments start decreasing.

1Cii) Put Seyforth on a retainer with details due every 60 days

1Bi) Develop process parameters for accruals and ability to manage accountability

Accrual Policy Complete

Finalize policy and send out final document

Run policy by McNell (Auditors)

Review new policy with Joel and Staff

Document new policy for accruals

Research best practices for accruals

100 to 125 points

3Cii) Develop cash management module within INTACCT- Interface between bank and INTACCT

Upload file to USBank

Approve File

Create file for checks to be produced by USBank

Coordinate with Joe Thomas and Cloudtask

Create process of weekly standups with Finance leadership to review FLOQAST and determine status and issues

3Biv) Develop routine and scheduled meetings between CAER and Finance to share issues, best practices, and improvements

2Ai) Develop program within INTACCT to automate allocation for Hospitality RX LLC.

1Fiv) Work with YOOZ to create an accrual report

6Ai) Create Administration Expense Tabulation Macro

3Ai) Develop macro to format data from report download into check register

1A & 4Ai) Close AP within 20 days

AP Close of 20 days complete

Update Floquast with new parameters

Notify AP staff

Document new policy

Notify LV for consensus