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Volume 2 • Issue 7
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August 2009
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In This Issue ...
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A perfection of means, and confusion of aims, seems to be our main problem.
Albert Einstein
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At this time of year, there is so much discussion about the Finance Department's role in preparing the AFR. We thought it would be appropriate to clarify what exactly takes up so much of our time and effort during July and into August.
The Annual Financial Report is a comprehensive review and analysis of the College's and the Foundation's financial activities and their results during the year. It includes 10 different statements reporting on various aspects of revenue, expense, and assets.
The Management Discussion and Analysis provides an overview of the College's financial activities for the fiscal year. It highlights the major changes which occurred throughout the year and includes a comprehensive comparison with last year's figures.
The Statement of Net Assets and the Statement of Revenues, Expenses, and Changes in Net Assets report information on the activities that generate revenues and expenses and the net results of those activities at the end of the year. When revenues and other support exceed expenses, the result is an increase in net assets. When the reverse occurs, the result is a decrease in net assets. Net assets, the difference between assets and liabilities, are one way to measure the College's financial health, or financial position.
The Statement of Cash Flows provides relevant information about how changes in balance sheet and income and expenditure accounts affect cash and cash equivalents. The statement also breaks down the movement of cash into operating, investing, and financing activities.
The AFR also includes Notes to the Financial Statements. This section details our Accounting Policies and any significant changes to those policies. It also provides explanatory notes on significant activities, assets and liabilities, contingencies, and any subsequent events that may affect our future financial strength.
The AFR includes a report on Expenditures by Function. As required by the State, this report re-categorizes all expenses into different broad classifications such as instruction, research, public service, academic support, student support, institutional support, plant operation and maintenance, student aid, transfers and, contingencies.
Student Fee Exemptions and Waivers constitute another section of the report.
Finally, there is a report on Expenditures from Federal Financial Assistance Awards which reports expenditures for the year by federal program.
Finishing the AFR is like putting all the pieces together to complete a puzzle. One piece hinges upon another. Believe it or not, it can be fun. It can also be challenging. The magnitude of the project is one main reason why Finance is so serious about year-end deadlines. A word of caution: just don't ask John Begeer if he's having fun any time during the first 2 weeks of August. Ask him in September. He'll probably be on a well earned vacation by then.
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The Importance of PCard Statement Signatures
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 This is a MUST READ if you sign the "Manager Signature" line of a PCard Statement. You are an important part of preventing and identifying fraud and misuse of college funds. Signing the statement is your way of certifying the overall legitimacy of all of the transactions on the statement. You may have recently seen in the news that the Palm Beach County School District is having an outside auditor come in and review their Purchasing Card Program because of multiple instances of misuse. (http://www.palmbeachpost.com/search/content/local_news/epaper/2009/07/16/0716sims.html)
With our requirements of having Supervisors review statements, along with our online approval system, we can identify and investigate questionable expenditures before we become the next feature story on the evening news.
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PantherNet - Finance News Corner
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 Linux_HB (pan2.pbcc.edu)
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Important: PantherNet PCard Upload changes
Beginning in August, the information that is uploaded into PantherNet will no longer have a default General Ledger Code (GLC). The user will be required to enter the GLC that best describes the item or service that was purchased. The user should review both the Organzational Unit (Org Unit) and the GLC prior to sending the PCard transaction for approval in PantherNet. Remember to refer to the budget booklet for a complete listing and description of GLCs. PCard transactions are uploaded by the PCard office daily, in most instances. If you have any specific questions relating to PCard transactions, please contact the PCard Office at 1-3091.
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1 | Sess-1 | 216.114.95.94
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Important Payroll Dates - August 2009
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Pay Date
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8/14/2009
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8/31/2009
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Cut Off for Assignment Changes to HR
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Aug 3
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Aug 19
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Cut Off for Direct Deposit Changes
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Aug 5
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Aug 21
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Time & Attendance Due in PantherNet
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Aug 6
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Aug 24
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Pay Period for Full-Time & Salary Employees
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Aug 1 - 15
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Aug 16 - 31
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Pay Period for Adjunct Salary Employees
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Aug 1 - 4
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N/A
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Pay Period for Hourly Employees
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Jul 23 - Aug 5
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Aug 6 - 23
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Overtime to be paid for dates worked
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Jul 18 - 31
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Aug 1 - 21
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Online Leave Requests may be processed through
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8/15/2009
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12/31/2009
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Profile: Christine Krulcik
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Join us in congratulating Christine Krulcik on her 10 year anniversary at PBCC!
Christine handles all of the health insurance payments for PBCC. When you consider how many employees we have, the different types of benefits we offer, and the many changes that occur each month - you have to realize that Christine is one busy lady. Although we have an open benefit period each year where we are allowed to make changes to our coverage, there are also quite a bit of unscheduled changes throughout the year due to new hires, retirements, and COBRA payments.
Christine has a great deal of bookkeeping experience. Before coming to PBCC, Christine worked at Southern Ornamental Plants and then Hardrives of Delray. At PBCC she has worked in Travel Reimbursement and PCard areas. Christine is a veteran with respected "institutional knowledge."
Christine is an avid gardener. How did this West Virginia native become such an expert on tropical gardening? Christine enjoys being outdoors tending to her property. She has many different plant varieties and can rival Mounts Botanical Garden with her knowledge of gardening. Christine went green before it became trendy. Which came first, the chicken or the egg? Was this a result of working at Southern Ornamental Plants? Or did she gravitate to that company because of her love of plants?
PBCC is a family affair for the Krulciks. Christine's husband Snapper also works at PBCC. He's an air conditioning specialist. They are the proud parents of Josh, soon to be a high school senior. Christine enjoys spending time at home with Snapper, Josh, and their 3 dogs.
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Accounts Payable - MS #59
Phone: 868-3104 (or dial 1-3104 internally)
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Finance Updates and Reminders
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What is an Alias and why should I have one?
An alias is someone who has the authority to approve things in your absence. When an approver is out of the office and has not set up someone to be their Alias it slows down the Department Request and PCard approval. A good rule of thumb is to review the person and period you assign your Alias to as a routine every beginning of a semester or beginning of the month and keep at least one Alias active. That way if you have an unexpected leave for illness, etc. or forget to assign your Alias when you are out of the office, the approval process will not stop. See this site for Alias assignment procedure. How Do I ... Assign your Alias.
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Contact Us
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Our Mission
The mission of the Finance Department is to provide prompt, accurate, and courteous business and accounting services to students, faculty, staff, and administration.
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4200 Congress Avenue, MS #11
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