What is nVision?
nVision is software used by the University of Maine System to create monthly and annual budget reports for CBOs and/or CFOs (Chief Business/Finance Officers).
Report Names and Descriptions
Stats1 - Shows actuals for all funds but does not give any budget information. If you aren't trying to compare to budgets or view encumbrances, this gives you the quickest snapshot of actuals by fund.
Stats2 & Stats3 - These reports are constructed very similarly...the only difference being that the Stats2 rolls up expenses at a lower level than the Stats3. Anything that goes to the Board of Trustees basically follows the Stats3 format, so that is the format that is used for forecasts and rolled-up budgeting. Campuses prefer Stats2 in order to see more detail without seeing every account.
Stats4 - This report is not recommended because it does not conform with Board format and is less aligned with the audited financial statements. However, some campuses still like to use this report because it reflects the "old" way - which is about 15 years ago! Because of the differences in this report compared to the other 3, you should use caution when using it or sharing it with others as it will show a different operating result than anything that would be presented to the Board.
The difference in Stats 4 from the other reports is:
- All Transfers in are shown as revenue - regardless of whether the transfer was from current operations or reserves
- All Transfers out are shown as expense - regardless of whether the transfer was from current operations or reserves
- Depreciation is not included anywhere on the report
- Scholarships are shown as an expense rather than a contra revenue - this one isn't as problematic as the other 3 because at least it is being accounted for as a reduction against revenue regardless of contra revenue or expense.
Data Fields Generated
Below is an image of a sample Stats2 nVision report showing revenues and expenses down the left and funds across the top.
