CHART OF ACCOUNTS REDESIGN PROJECT November 13, 2017
AGENDA 1 5 Overview Timeline Session Format and 2 Definition and Benefits 6 Guidelines 3 7 Stakeholder Contributions Project Team and Website 4 Cross-application Impacts 8 Questions
OVERVIEW • Challenge 2020 Goal – increase research awards to $250 million • November 2016 – Project Wahoo authorized, including Grants • March 2017 – Chart of Accounts Change Information session and survey • June 2017 – Executive Forum Session • Executive decision-makers select comprehensive redesign option • November 2017 – CoA Redesign project initiated
DEFINITIONS AND BENEFITS
CHART OF ACCOUNTS (CoA) - DEFINED • The basic structure used to record financial transactions • The CoA is used to organize the finances of the university and to segregate expenditures, revenue, assets and liabilities in order to provide an understanding of the university’s financial status • The CoA supports financial and management reporting and serves as the basis for the fiscal administration of the university’s organizations, funds, programs, projects and activities
CURRENT COA
POTENTIAL DATA ELEMENTS IN A NEW COA Capturing the data elements in a multi-dimensional CoA 711101 21028 5C0000 11 24036037 00000 01 XX Location GL Account Fund Org Program Project Activity Cost Center What? How? Who? Why? Where? • Multiple segments – each recording a different element of information about the transaction • Best reporting/fiscal management capacity is obtained when a sufficient number of fieldsare established to ensure that one field is not used for more than one purpose • Important to strike a balance between confirming the uniqueness of each field, yet managing the number of segments
BENEFITS • Provides multi-dimensional reporting capability • Facilitates fiscal management and budgeting process • Enables flexibility in tracking fiscal activity and program management across disciplines and units • Accommodates growth and adapts to changing business requirements
PROJECT TEAM & WEBSITE
PROJECT TEAM & WEBSITE Executive Sponsor: Christy Tant (F&A) Sponsor: Becky Vilsack (FSS) Steering Committee: Project Managers (PM): Project Core Team: Tracy Clark (F&A) Varsha Das (FSS) Reggie Besana (FSS) Ozlem Garibay (ORC) Mark Wray (FSS) Varsha Das (FSS) Joel Hartman (ITR) Donna DuBuc (F&A) Elizabeth Klonoff (ORC) Huron Consulting Group: Brad Hodum (F&A) William Merck (A&F) David Klipa, Managing Dorann Mullins (FSS) Michael Sink (UCF IT) Director Steve Omli (COM) Christy Tant (F&A) Richard McCaulley, Manager Brad Smith (FSS) Becky Vilsack (FSS) Diane Wagner, Associate Rich Strohfus (FSS) Christy Tant (F&A) Becky Vilsack (FSS) Mark Wray (FSS) Website link on F&A homepage
CROSS-APPLICATION IMPACTS • Administration and Finance • Facilities and Safety • Human Resources • Institutional Knowledge Management • Office of Research and Commercialization • Provost/Academic Advising/Colleges • Student Development and Enrollment Services • UCF IT • University Services
TIMELINE
CHART OF ACCOUNTS (CoA) REDESIGN PROJECT TIMELINE 2017 NOVEMBER DECEMBER 2018 JANUARY FEBRUARY MARCH 2019 JUNE JULY INTERVIEWS/WORKSHOPS PROOF OF CONCEPT/VALIDATION FINAL CoA DESIGN IIMPLENTATION COA/WAHOO JULY 2019 CoA /WAHOO GOLIVE
SESSION FORMAT AND GUIDELINES
SESSION FORMAT • Interactive sessions led by Huron consultants, project core team, UCF team leads and subject matter experts (SME’s) • Team oriented discussions that build upon each other and are expected to continue through December • White board and MS Excel used as team tools • The following will be recorded, assigned, tracked and available for future reference: • Action items • Detailed meeting notes • Shared drive
SESSION GUIDELINES • Discussions should stay focused and on topic • Active participation is expected and questions are encouraged • Minimize jargon and abbreviations • All perspectives are encouraged and respected to ensure successful collaboration • Have FUN!!!
STAKEHOLDER CONTRIBUTIONS
YOUR INVOLVEMENT • Your contribution is critical to end users acceptance of the new technology and new business processes • Designers must understand: • Information needs • Reporting requirements • Training resources and guidance • Overall experience and design impact • To make meaningful improvements to your business processes, we need to hear your perspectives and your ideas/visions for the future • Timely review and revision of minutes so that the comments can be considered for future sessions • Homework
STAKEHOLDER CONTRIBUTION • Knowledge and experience • Voice and perspective • Insight and ideas
THANK YOU FOR ATTENDING
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