About Us
Project Timeline
Stage 1 kick-off deck
Stage 2 kick-off deck
Project History
During one of the university’s annual audits, it was determined that it would be difficult for the university to comply with upcoming changes in accounting regulations based on its current financial structure. With the amount of change anticipated, both from an accounting perspective and a campus-wide growth perspective, it was decided that conducting a financial management transformation (FMT) was necessary. The implementation of a new chart of accounts is the first wave of the FMT process which focuses on the five goals listed below.
Project Goals
- Growth - Ability to accommodate growth and adapt to changing business requirements
- Budgeting - Analytical review of operational budgets & overall enhanced budgeting abilities
- Reporting - Timely & transparent financial reporting for leadership
- Consistency - Ability to use a consistent financial language across organizations
- ERP - Optimized functionality and intended use of our ERP which is Banner
Guiding Principles
- Each CoA segment will be comprised of standard, meaningful grouping structures (hierarchies) to facilitate timely, accurate and comparative financial reporting.
- The CoA will be simple, intuitive, and logical while still capturing a meaningful level of detail for assessing and reporting financial performance
- The CoA will be scalable and flexible to accommodate future growth and strategic shifts in the University’s business operations while minimizing maintenance efforts and promoting interdisciplinary, cross-campus initiatives.
- The CoA will provide a comprehensive, multi-year, all-funds view into the financial health and sustainability of the institution, its academic, research and administrative divisions, departments, and programs
- The CoA will ensure sufficient flexibility to employ the development of a new budget model that highlights internal economies and promotes strategic decision-making and accountability.