Financial Planning and Reporting Transformation Program Overview

Mission Statement “The program’s mission is to support the achievement of the University’s Eyes High Goals by providing reliable and consistent information to decision makers in a timely manner through enhanced business processes and tools for budgeting, forecasting, financial reporting and related analytics.”

Program Goals  New way to approach budgeting, forecasting and variance analysis: Financial Planning & Reporting Transformation Program (FPRT)  All funds budgeting & forecasting — System alignment — Streamlined reporting capabilities — Efficient salary expense management — Timely and accurate information 3

Major Changes  Position Management  All Funds – reporting, budgeting & forecasting  Standard reporting – budget, forecast, variance  All projects budgeted 4

Impacted GroupsKey Changes Budget Owners-Visibility into all funds incl. planned spend for projects – enabled to make decisions based on detailed and consistent information -Consistent reporting for all faculties and units Project Owners/PIs (Principal Investigators) -All projects will be budgeted -Improvements to eFIN as a reporting tool -Ability to see available balance by project -Allowed to spend in advance of receipt of funds Most Affected User Groups

Program Timelines  September 25, 2015: Budget Cycle starts – New budget development using Hyperion; Project Owners will see immediate impact  April 1, 2016: New fiscal year starts – variance reporting and forecasting out of Hyperion available