Time flies when you are having fun… I can’t believe July 4th is right around the corner.
Week #3 was probably the most hectic one yet… hence the delay in the post. My department spent all last week finalizing the budget for FY16, which on the Corporate Services side alone is over $1 Billion (yes, Billion!). I worked closely with my manager and director to set cost containment objectives, and make sure they were met. In the healthcare industry, to stay competitive, one must decrease expenses, as it is very difficult to create new revenue streams in today’s day and age. As a non-profit organization, we reinvest our “profit” to improve UPMC as a whole.
Currently, we are in the process of “spreading” our budget, which is essentially budgeting for the correct timing of when expenses will hit. Some costs are incurred quarterly, while others hit every few months, with varying amounts in each month. We are comparing last years spread, and using that to find where they missed in the spread process last year to get a better grasp on how we should properly allocate the FY16 budget.
More to come!
This past weekend was filled with beautiful weather and live music. On Friday night, I went to Three Rivers Casino and saw the Michael Jackson Tribute Band, which was fantastic (even though I am not a huge MJ) fan. After sleeping in for the first time in a month (much needed), I headed to Burgettstown, PA and saw The Dave Matthews Band with a fellow Finance Summer Associate. They get better every time.
On Monday, I was assigned a variance analysis project as we continue to budget for FY16. I am currently in charge of analyzing the actual vs. budget for May FY15 YTD and May FY15, for each VP and their respective roll-ups. Pretty neat stuff. I have also had the opportunity to review and edit our financial statements for FY15 Q4 and FY15 as a whole, as we approach year end.
The highlight of my week had to be my “Kick-Off Presentation.” Each Finance Summer Associate was given four minutes to deliver an “about me” presentation and state a few of their goals for this summer. The event was held in the Executive Boardroom on the 62nd Floor of the U.S. Steel Tower. We presented to the CFO, Rob DeMichiei, as well as numerous VP’s, directors, and managers. It was an unforgettable experience and an absolutely incredible boardroom.
Hey guys! I created this blog to keep you up to date on my life in Pittsburgh this summer. I am a Finance Summer Associate in the Enterprise Accounting Department at UPMC.
Time flies when you are having fun. My team is great and I have the pleasure of working with Juniata alum Rob Strauss on a daily basis. So far, I have used my skills to work with an expense package, where we analyzed variances and search for cost reduction opportunties in areas such as legal services, consulting services, and marketing and advertising. I have also had the opportunity prepare our financial statements for May close. The amount of executive exposure that we get is truly unique. On my first day, we went to a Pirates game, where we had the opportunity to interact with our CFO, numerous directors, managers, and fellow summer associates. That’s tough to come by… especially when you work for the largest employer in Pennsylvania.
More to come about weekend fun as I explore the city! Be sure to tune in!