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Vice President for Finance

opened

7,271

6,419

852

13%

PO invoices paid

224,192

217,648

6,544

3%

Sponsored and general receivables billings

83,762

71,783

11,979

17%

(ACH) deposits

30,804

30,450

354

1%

Retiree paychecks and ACH deposits

21,953

21,377

576

3%

New equipment purchases tracked

18,524

16,646

1,870,

11%

Transaction Volume 2007–2008

Projects, cost centers, and discretionary funds

2008

2007

Quantity Change

% Change

Paychecks and automated clearing house

General Ledger Operations and Reporting

During FY2008, General Ledger Operations and Reporting (G/LOR) began to provide accounting support to the SMART operation in Singapore, MIT’s first overseas subsidiary. G/LOR worked with IS&T and SMART administrative staff to implement SMART as a separate company in the SAP general ledger, tracking revenues and expenses in two currencies for the first time. This SAP implementation project went live in April of 2008.

A focus of the group was also improving regulatory compliance and data integrity through intensive collaboration with HR. This year significant progress was made in a number of benefit areas, including life and medical insurance programs.

G/LOR participated in a pilot project for financial planning using Hyperion Essbase and Microsoft Performance Point Server software with IS&T and several large labs.

A project was started this year to streamline, review, and document key processes where several offices are involved in tracking and controlling financial information for management’s use as well as for the Institute’s financial statements. This project involved staff in the former Finance and Budget Operations offices, MIT Investment Management Company (MITIMCo), Department of Facilities, and the G/LOR, and resulted in the creation of a framework, a template, and the completion of four process documents.

Accounts Receivable, Sponsored Projects Accounting, and Cashier

Cashier

While continuing to provide excellent customer service, the Cashier’s Office has documented its procedures, enabling cross-training for backup coverage. They have also changed the reimbursement processes for petty cash transactions so that personally identifiable information is not being collected or retained.

In the Merchants Services area, an outsourced credit card processing solution, CyberSource, was implemented for MIT’s approximately 110 merchants as of June 30, 2008, replacing OMARS/Clear Commerce. Working with its vendor, Trustwave, the next phase of the project is completion of self-assessment questionnaires by all merchants, with the goal of achieving Payment Card Industry-Data Security Standards (PCI-DSS) compliance certification.

MIT Reports to the President 2007–2008

21–4

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