Financial Management Transformation
Financial Management Transformation
The Financial Management Transformation (FMT) initiative is a multi-year project to modernize the University of Dayton's financial management infrastructure. The FMT project will allow for better tools and processes to help accurately record the University's financial transactions, comply with legal and regulatory requirements and strengthen internal controls. It will also enable the University to be more efficient, transparent and accountable towards its resources.
purpose of fmt initiative
The University of Dayton has been taking steps during the past several years to modernize our financial management systems. Since the University is growing in size and sophistication, our existing financial and administrative systems are no longer able to meet internal and external demands for accountability, transparency, and efficiency.
Timeline of Fmt initiative
- The FMT initiative was launched on April 9, 2018.
- Wave 0 which focused on quick wins and readiness enablement across the institution wrapped up during the summer of 2018.
- Wave 1 kicked off September 10th and purely focuses on Chart of Accounts redesign. The new Chart of Accounts is expected to go live July 1, 2019.
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FMT Project Team
- Huron Consulting Group, our partner on the Runway (e-Procurement system), will provide support as the University looks at ways to improve our processes, consider best practices, address financial and technological support functions, and develop a redesign of the University's chart of accounts. Huron will be led by Directors, Dave Klipa and Marisa Zuskar.
- Executive Sponsors, Andy Horner, Executive Vice President for Business and Administrative Services and Paul Benson, Provost are the ultimate supporters and backers of the FMT initiative; responsible for critical decisions that will frame and guide the overall direction of the project.
- Core Team will include Huron and University resources (across Accounting and Reporting, Budget and Planning, and Information Technology among other areas) dedicated to the CoA redesign project as part-time or full-time resources.
- Advisory Group/Extended SME's include a broad range of staff from across the institution including, but not limited to, representatives from administration, research, academic and auxiliary units and may be considered Subject Matter Experts. Being the largest group, members may not have a formal role and may be identified throughout the course of the project. Members will participate as needed in meetings, interviews, and workshops through the development of the proposed CoA Prototype, and participate in Proof of Concept testing.