Vice President for Finance
In 2008, general Accounts Receivable focused on ensuring all processes were fully documented and consistently administered across its customer base. Improvements were made to the billing and dunning creation program, allowing local printing of one- time bills, flexible messaging on bills for various customers, and enhanced presentation of payment options—all of which enable an improved payment cycle.
Sponsored Projects Accounting
Sponsored accounting generated approximately 7,400 invoices this year to industrial and government sponsors with an average of 1,000 open customer accounts each month; over the year, 2,644 accounts were closed out and 2,376 new accounts were opened. Business changes included implementation of the newly established Department of Defense (DOD) cap in collaboration with OSP.
Accounts Payable (A/P) instituted a feed process for the MIT Press on Non PO Royalty payments, eliminating the need to keypunch approximately 4,000 manual RFPs. A/P also instituted a Goods/Receipt invoicing arrangement with the Plasma Science and Fusion Center (PSFC). This has cut down on paper flow between A/P and the PSFC and is better utilizing SAP. PSFC was designated for this process due to it having a central receiving area (like the Broad Institute, where A/P first used this three-way match method).
Electronic Data Interchange invoices processed through A/P in FY2008 totaled 83,762, a 16.68 percent increase from FY2007.
Property is responsible for the accounting and management of campus and Lincoln Laboratory equipment and capital assets with a fiscal year end value of over $4.2B.
In FY2008, the group was involved in a number of collaborations:
Cooperation between Finance, Property, and OSP resulted in a successful completion of a life-study change for buildings, space changes, and software on campus. The results produced a reduction of over $25,000,000 in depreciation expense for FY2008.
Property’s work with the Grant Committee of the Independent Residence Development Fund Program Administration resulted in over $1.3M in new grants in FY2008. This was a new high for the program. The Grant Committee is currently working toward funding and approving a community network project for all of the houses. This project is expected to add high quality internal telecommunications wiring, enabling excellent computer network connectivity.
Property supported the efforts of various Lincoln Laboratory areas to insure the accountability and physical security of Haystack Ultrawideband Satellite Imaging Radar materials during receipt, transfer, and storage while the Haystack Radar Upgrade program transitioned.
Property supported the efforts of the Department of Facilities that resulted in a significant reduction in trailer and container storage, improvements to
MIT Reports to the President 2007–2008