Quarterly Updates

Deficit Curing:

• The working group and Huron partnered with divisions to cure deficits by FY24 close. Deficit reduction plans were requested for remaining deficits at the discretion of the Controller’s Office.  

• The working group and Huron deficit curing entries for divisions as requested, as well as by holding meetings to review balances and discuss deficit curing approaches.

Fund Type Alignment:

• In May 2024, after review and approval by divisions, accounts that were organized differently than the Fund Type Alignment Matrix below were realigned in SAP. 
• With over 8,000 university accounts realigned, the fund type alignment effort brought consistency to the chart of accounts across the university.  

Automated Closeouts:

• During FY24 close, the automated closeout process took place. This involved automatically creating a journal entry to transfer balances in Fund Types 10, 11 and 12 as identified by divisions. Automated closeouts will continue to be a tool available to divisions in FY25 and beyond to reduce administrative burden during fiscal year-end close.

Balance Monitoring Dashboards:

• DBOs and divisional finance managers were provided dashboard access in April, 2024 after Q3 was closed and uploaded. 
• Trainings were conducted with DBOs and divisional finance staff in August 2024. 

Deficit Reduction Plans:

• Deficit reduction plans were distributed to divisions following the Controller’s Office balance review in FY24 PD16.  
• Divisions completed deficit reduction plans that provided details regarding the cause of the deficit and remediation plan.  
• Divisions and the Controller’s Office worked together to provide additional context and details, or cure deficits when possible.  

Stakeholder Engagement:

• Met with central divisions and Academic and Cultural Centers (ACCs), while continuing working sessions with Tier 1 and Tier 2 divisions to:  

• Continue reviewing deficits, identifying funding sources, and crafting strategies to cure deficits at the lowest levels of management by year end 
• Introduce fund type alignment exercises to achieve consistent university-wide regarding the types of accounts recorded within each fund type (see matrix below) 
• Introduce automated closeout exercises to automate accounts that are cleared at the end of the year in Fund Types 10 (General Operating), 11 (Clinical) and 12 (Auxiliary) 

• Shared status update with Audit Committee 

Balance Monitoring Dashboards:

• Conducted Dashboard demo with university leadership and DBOs 
• Moved the dashboards to the Production environment 
• Provided access to pilot divisions for additional feedback 

Project Management and Governance:

• Convened first Steering Committee meeting in November to obtain helpful feedback regarding the path forward for implementation 
• Organized divisions into three tiers based on size and complexity 

Stakeholder Engagement:

• Conducted a meeting with all pilot divisions, during which we achieved consensus regarding the path forward for implementation  
• Presented the implementation plan to the Faculty Budget Advisory Committee (FBAC)  
• Started working sessions for Tier 1 (largest size and most complexity) / Tier 2 (medium size and medium complexity) 

• Discussed current funds management practices and overviewed the implementation plan 
• Introduced Deficit Curing exercise reviewing deficits, identifying funding sources, and crafting strategies to cure deficits at the lowest levels of management by year end 

Project Management and Governance:

• Organized informational sessions with divisions to introduce the new funds management policies and implementation plans 
• Established Steering Committee to provide direction for the implementation 
• Created and revised Guiding Principles per stakeholder feedback to clarify objectives and facilitate decision making throughout the implementation 
• Established and met with pilot divisions to partner with the working group and provide divisional perspectives on how to implement the policies in an effective and actionable way 

In May 2024, after review and approval by divisions, accounts that were organized differently than the Fund Type Alignment Matrix below were realigned in SAP.

Fund Type Alignment Matrix