CHART OF ACCOUNTS REDESIGN PROJECT - UCF Financials · • November 2016 – Project Wahoo authorized, including Grants • March 2017 – Chart of Accounts Change Information session

CHART OF ACCOUNTS REDESIGN PROJECT

November 13, 2017

AGENDA

1 Overview 5 Timeline

2 Definition and Benefits 6 Session Format and Guidelines

3 Project Team and Website 7 Stakeholder Contributions

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

• Multiple segments – each recording a different element of information about the transaction

• Best reporting/fiscal management capacity is obtained when a sufficient number of fieldsareestablished 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

POTENTIAL DATA ELEMENTS IN A NEW COACapturing the data elements in a multi-dimensional CoA

What? Why? Where?How? Who?

711101GL Account

21028Fund

5C0000Org

XXCost Center

11Program

24036037Project

00000Activity

01Location

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 & WEBSITEExecutive Sponsor: Christy Tant (F&A)

Sponsor: Becky Vilsack (FSS)

Steering Committee: Tracy Clark (F&A)Ozlem Garibay (ORC)Joel Hartman (ITR)Elizabeth Klonoff (ORC)William Merck (A&F)Michael Sink (UCF IT)Christy Tant (F&A)Becky Vilsack (FSS)

Website link on F&A homepage

Project Managers (PM):Varsha Das (FSS)Mark Wray (FSS)

Huron Consulting Group: David Klipa, Managing DirectorRichard McCaulley, ManagerDiane Wagner, Associate

Project Core Team:Reggie Besana (FSS)Varsha Das (FSS) Donna DuBuc (F&A)Brad Hodum (F&A)Dorann Mullins (FSS)Steve Omli (COM)Brad Smith (FSS)Rich Strohfus (FSS)Christy Tant (F&A)Becky Vilsack (FSS)Mark Wray (FSS)

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

INTERVIEWS/WORKSHOPS

PROOF OF CONCEPT/VALIDATION

IIMPLENTATION COA/WAHOO

2017 NOVEMBER DECEMBER 2018 JANUARY FEBRUARY MARCH 2019 JUNE JULY

CHART OF ACCOUNTS (CoA) REDESIGN PROJECT TIMELINE

FINAL CoA DESIGN

CoA /WAHOO GOLIVE

JULY 2019

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