Welcome to the Treasurer’s Office News section
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New Financial Information System to be Implemented in Trinity College Dublin
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TCD Finance from Bank of Ireland
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Treasurer's Office Annual Report 2010/2011
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New Finance Manual
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Treasurer's Office Quick Reference Guide
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Treasurer's Office "Workshop" service on offer
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The Treasurer's Office Outreach Programme... a success story for all involved
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Confidential Salaries & Wages Drop-in Service
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EUA Conference
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Reminders
1. New Financial Information System to be Implemented in Trinity College Dublin
A new College-wide integrated financial information system (FIS) is being introduced in Trinity College Dublin. The contract was recently signed by Trinity College Dublin, Patech Solutions Limited and Oracle Ireland following College Board approval earlier this year.
The new financial system will provide functionality to support ‘end-to-end’ process automation with a unified information repository, which will in turn enable access to high quality financial information. This will also provide Trinity with the ability to produce timely, accurate and appropriate reporting of financial information empowering its many stakeholders to make effective decisions and ensure efficient financial management. The new system will ultimately support the College in delivering on its strategic objectives including reducing costs, improving quality controls and managing risk.
The FIS project will now proceed to implementation, beginning with a comprehensive discovery and design phase. A series of College-wide design consultation workshops, hosted by the FIS Project Team and the Patech Consultants, will be held throughout October and November. This is a critical phase as it will determine how the Oracle system will be configured and how the standardised financial processes and procedures will be implemented across the College. Given the transformational nature of this project it is essential that all stakeholders and users are fully involved in its design to ensure the completed system meets with the College requirements.
L to R: Ben Hartnett, Procurement Officer (TCD), Ian Mathews, Chief Financial Officer (TCD), Tony Bird, Managing Director (Patech Solutions), Darina Kneafsey, Chief Operating Officer (TCD), David Fitzgerald, Account Manager (Oracle Ireland), Paddy Naughton, Project Manager, FIS Project (TCD)
The FIS website can be found at the following link:
2. New Student Loan Initiative at Trinity College Dublin Aims to Help Students Access Higher Education
‘TCD Finance’ Enables Parents to Spread the Cost of Student Contribution Charges with Payments of €100 per Month for the Duration of Study
A student loan initiative for current and new undergraduate students at Trinity College Dublin, provided by Bank of Ireland, was announced today. The initiative, ‘TCD Finance’ aims to assist students and parents in easing the burden of payment arising from the Student Contribution Charge during the students’ undergraduate College years. The new loan will enable parents to spread the cost of university with payments of €100 per month for the duration of study.
Welcoming the initiative, TCD Provost, Dr Patrick Prendergast said: “Trinity is conscious of the difficulties faced by students and their families in financing a university education as a result of the current economic downturn, coupled with the increases in the cost of the Student Contribution Charge. This initiative is the first of its kind offered by an Irish university and it is hoped to help students access a quality education at Trinity.”
TCD Chief Financial Officer, Ian Mathews, outgoing Students’ Union Welfare Officer, Louisa Miller, Group Chief Executive, Bank of Ireland, Richie Boucher, TCD Provost, Dr Patrick Prendergast, outgoing SU President, Ryan Bartlett, Dean of Students, Dr Amanda Piesse, SU President, Rory Dunne, SU Welfare Officer, Aisling Ní Chonaire.
Bank of Ireland, Trinity College and its Students’ Union worked together to explore and develop ‘TCD Finance’; an innovative solution to support students and parents with the cost of the annual undergraduate Student Contribution Charge. ‘TCD Finance’ is a loan for parents or guardians of undergraduate students of Trinity College. The loan is available to cover the full cost of the Student Contribution Charges for the undergraduate course, with approval for the full amount up front but payments made annually to TCD directly from Bank of Ireland. The Student Contribution Charge is currently €2,250 per year therefore for a 4 year undergraduate course; parents can apply to borrow a maximum of €9,000.
The loan is designed to provide low repayments of €100 per month for the duration of study, at a rate of 5.1% APR variable. When students complete their studies, the loan will revert to the Bank of Ireland standard graduate rate of 9.7% APR variable for a further 3 years.
Commenting on the new product Group Chief Executive, Bank of Ireland, Richie Boucher said: “Bank of Ireland has an absolute focus on deploying its capital, funding and resources to ensure that it is the leading Bank in Ireland. A critical part of this is anticipating our customers’ needs and coming up with solutions to meet those needs which work for our customers and work for us. The development of the ‘TCD Finance’ offering has been a true partnership with the team in Trinity College who have really helped us understand the needs of students and strongly challenged us to come up with an offering to meet those needs. We are very excited to have been able to rise to the challenge and we will work very hard with Trinity College to ensure its success.”
“This development will help a lot of students who were struggling with the annual increase in the Student Contribution Charge. The Students’ Union is delighted to have worked on an innovative scheme that will maintain access to Trinity College for current and prospective students. The partnership with Bank of Ireland has delivered a creative option to ease the problems of student financing,” continued TCD Students’ Union President, Ryan Bartlett.
Notes to Editor
Based on the 2012-13 Student Contribution Charge, parents will be able to budget for a €100 per month repayment schedule for the duration of undergraduate study. On completion of study, the parent can continue to repay the loan, or the student can apply to Bank of Ireland to take over the remaining 3 years of the loan (subject to standard assessment criteria). At a rate of 9.7% APR variable, the typical monthly repayment on a €9,000 loan to cover a 4 year course would require monthly repayments of €155.24 per month on the balance for the remaining 3 years.
While the vast majority of TCD’s courses are run over four years, the new product also allows for a 5 year undergraduate course, with the Graduate rate applying in years 6-8. Parents and guardians can apply for ‘TCD Finance’ upon receipt of their annual TCD Fees Remittance Invoice in August, and a closing date of 28 September applies to applications for ‘TCD Finance’. ‘TCD Finance’ is available from the Bank of Ireland Trinity College branches, who are on hand to service the needs of students throughout their time in Trinity College. For further information please visit www.tcd.ie/tcdfinance or contact the Bank of Ireland Trinity Campus branches on 076 623 2645.
‘TCD Finance’ is not a financial services entity and does not require a banking licence or regulatory approval. Trinity College will not be involved in the contractual relationship between the bank and its customers. Bank of Ireland is regulated by the Central Bank of Ireland.
3. Treasurer's Office Annual Report 2010/2011
The 2010/2011 Treasurer's Office Annual Report can be found at the following link:
Treasurer's Office Annual Report 2010/2011
The New Finance Manual is currently being updated and the revised version will be uploaded shortly. In the meantime, please use the following link as a guideline on current financial procedures.
Treasurer's Office Finance Manual
5. Treasurer's Office Quick Reference Guide
The Treasurer's Office have compiled a "Quick Reference Guide" aimed at providing financial information at your fingertips.
Treasurer's Office Quick Reference Guide
Please contact Lisa Orpen at orpenl@tcd.ie to order Quick Reference Guides for your area.
6. Treasurer's Office "Workshop" service on offer
The Treasurer’s Office offer a “Workshop” service which is aimed at facilitating staff members who require an overview on various College financial procedures and policies. We are happy to provide an informal session with individuals or groups who wish to recap or learn more about areas such as coding, reimbursements, managing a research account, invoices, procurement etc.
You can book your session on-line at the following link: Treasurer's Office Workshops and Pamela Buckley will contact you to make the necessary arrangements.
We look forward to hearing from you.
7. The Treasurer's Office Outreach Programme
The Treasurer's Office Outreach Programme was developed in late 2008 with the aim of providing Treasurer’s Office staff with a fundamental overview of “a day in the life of” an academic. As a service provider, the Treasurer’s Office liaises with every Faculty, School and Discipline in College and the concept of the Outreach Programme was considered a unique way in which to gain an insight into the type of environment academics and their support staff work in.
The feedback has been extremely encouraging from both the academic teams kindly hosting the visits and the Treasurer’s Office staff, with many citing the programme as a mutually beneficial exercise which allows for positive interaction in an informal setting.
The Treasurer’s Office is extremely grateful for the time and effort made by the academic teams so far to accommodate us and we hope to further develop this programme over the coming months. We are always on the look out for academic volunteers/participants so if you are interested, please contact Roisin Stapleton on Extn 1942 or email stapletr@tcd.ie to arrange a visit.
8. Confidential Salaries & Wages Drop-in Service
Please also note that a Special Payroll box has been set up in reception of 3 College Green for any post or forms specifically for the Salaries & Wages Section. This post box is cleared and all forms are processed on a daily basis.
Day |
Time |
Location |
Tuesdays |
9.30am – 11am |
3rd Floor, Treasurer’s Office, 3 College Green |
Thursdays |
9.30am – 11am |
3rd Floor, Treasurers’ Office, 3 College Green |
Staff members with a query regarding their pay can now drop in anytime between the hours above to meet directly with a staff member from the Salaries & Wages Section. This provides a better quality, more private service to staff members in College who are unable to address their payroll queries via phone or email.
Please also note that a Special Payroll box has been set up in reception of 3 College Green for any post or forms specifically for the Salaries & Wages Section. This post box is cleared and all forms are processed on a daily basis.
Deirdre Dempsey |
1928 |
Monthly Payroll |
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Fiona McDonald |
1856 |
Casual Payroll |
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Niamh McKeown |
1037 |
Weekly Payroll |
9. Study Visit Highlights Ways to Support Financial Sustainability of European Universities
A study visit, organised by Trinity College Dublin’s Treasurer’s Office, in partnership with the European University Association (EUA) and Irish Universities’ Association (IUA), offered European university leaders, managers and administrators the opportunity to learn about full costing from an institution well advanced in the practice. The study visit, “Implementing Full Costing to Support the Financial Sustainability of European Universities” took place between January 23-25 last at Trinity College Dublin, and marked the last of a series of events throughout Europe which aimed to enhance the development of full costing in European universities.
Opened by Trinity Provost, Dr Patrick Prendergast, the event highlighted how European universities are increasingly faced with growing demands and expectations on teaching and research in the face of rising costs. The event featured a key-note address by the Secretary General of the Department of Education and Skills, Brigid McManus. Head of the EUA’s Governance, Autonomy and Funding Unit, Thomas Estermann, spoke to the European delegates about the importance of identifying the full costs of universities’ needs and ensuring that these are placed at the very core of the institutional reform agenda to provide a better understanding of the actual costs incurred in all university operations and facilitate strategic decision-making in areas crucial to the fulfilment of their institutional missions.
Participants learned about the Irish approach to implementing full costing as a nation-wide coordinated process among all relevant stakeholders led by the IUA and supported with funding from the Higher Education Authority. Details of this approach were presented by experts from Trinity College Dublin and other Irish universities as well as a wide range of stakeholders. This advice was complemented by expert perspectives from other European universities. The event also highlighted the key strategic issues involved in setting up full costing at a university and the key skills required for managing such a complex change process. These issues included how to arrange costing methodologies, data collection and how to design effective communication strategies. A particular focus of this study visit was the cooperation among the seven Irish Universities, the Government and funding agencies.
10. Reminders
Audit Information
Below are some frequently asked questions during audits both in terms of the administration of your research grants and to ensure the efficient progress and best results in relation to audits on your research accounts.
- Timesheets: Timesheets and hourly rates should match the staff contract and any subsequent staff transfer forms
- Reimbursements: Relevant supporting documentation should be supplied with reimbursements; i.e. Meeting Agenda; Attendees, Conference Flyers, etc.
- Supplier Invoices: Supplier invoices should be processed in a timely manner so that invoice transactions do not incur interest/late penalty charges
- Suppler Invoices: Supplier invoices should be billed/charged to the correct research account code at the time of processing and should only be transferred to other research account codes in exceptional circumstances
Financial Management of Research Grants and Contracts
Please note that a copy of the “Explanatory Guidelines for the Financial Management of Research Grants and Contracts” is available on the Treasurer’s Office website at the following link:
We in the Treasurer’s Office aim to assist you as much as possible and we welcome comments and suggestions for improvements that may be made to the site. Please email us at treasurers.office@tcd.ie